Types of Bank Accounts

Savings Account
Savings accounts attract a high rate of interest on the current balance in return for allowing the bank to use this money for loans to other people.
This account is specifically designed to encourage saving: access to the money held in savings accounts is generally restricted. There is normally no option for writing a cheque against your savings account or drawing from it directly by using a debit or credit card.

Current Account
The most common form of personal bank account, a current account allows easy access to money deposited into the account, through cheque books, debit card access, over-the-counter transactions, or direct debit authorisations.

Cheque Account
This is a specific account that allows the account holder to write cheques against the deposited funds. Cheque books are now commonly assigned to normal current accounts, but it is still possible to get a specific cheque account if you require one.

Student Account
These are normal current accounts with some specific extra features designed for students. A student account may have a specified overdraft limit and a lower or fixed interest rate, for example.

Children’s Account
Accounts specifically designed for children, these have touches like simple language used in all documents, and often feature bright and colourful savings books, stickers and other items designed with children in mind.

Children’s accounts can have more features added to them in the future. Solo access, for example, lets young people use services similar to standard debit card services at certain establishments.