A current account, also known as a checking account or transaction account in various countries, is a type of bank account that is primarily used for everyday financial operations.. It is comparable to savings accounts in many aspects, as both are places where you keep your money, have minimal minimum deposit amounts, and are largely accessible via debit cards or online banking services. However, there are several distinctions between them:
Additional accessibility: Current account has the option of a cheque book facility, which savings account does not have to facilitate deposits and withdrawals.
Purpose: Current account is used to manage daily financial transactions. As such, current accounts typically can be performed with unlimited transactions daily or monthly, compared to savings account which may have limited transactions on a periodical basis.
