Bank Accounts
Bank accounts can help you manage your everyday money. There are different types to suit your personal situation.
All bank accounts are deposit-based, which means you will get at least £1 back for every £1 in your account, subject to any charges (or unless the bank or building society gets into serious financial difficulty).
The are three main types of bank accounts:
Basic Account
Basic accounts are also for managing day-to-day money. They don't usually allow you to go overdrawn by more than £10, if at all, and often do not have a cheque book. Most basic accounts do come with a debit card for easy cash access and to make payments. See Basic bank accounts.
Current Account
A current account is usually used for managing your day-to-day money. There are special accounts for students. Some current accounts pay you interest if you are in credit, but a savings account will usually pay a higher rate. Some accounts provide a range of additional benefits, usually different types of insurance, in return for a monthly fee. See Current accounts.
Savings (or Deposit) Account
Savings accounts are for putting away money that you'd like to save, say for furniture, a holiday or emergencies. They normally dohave a cheque book or debit card. Savings accounts often pay a higher rate of interest than current accounts, so your money grows quicker. See Types of savings products.
