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Current bank accounts are used as a means of
storing money, for example payment of wages, pensions or other
cash sums. This account, although offering a small amount of
interest is generally thought of as a means of investing money
short term and is used as a main base to withdraw funds, with
regular transactions moving in and out of the account.
A customer is usually issued with a debit card,
credit card, cheque book and more recently internet
identification. All these offer means of using the account,
withdrawing and depositing funds and making transactions.
As an added benefit, a current bank account
usually offers an agreed limit overdraft service. An overdraft is
the opportunity to continue using the account, even though the
customers personal funds have been exhausted. Interest would than
be paid only on the actual amount borrowed and only for the time
with which the money has been borrowed. This is especially useful
just before payday, or to meet the demands of an unexpectedly high
direct debit.
Some financial organisations offer specific
current bank accounts for certain groups of customers, for example
students. As college or university is a financially worrying time
for both parents and students it may be advisable to consider
opening this specific account. Student bank accounts offer much
the same benefits as a current bank account, but with the added
benefit of an interest free overdraft and a credit card. The limit
on this overdraft or credit card usually increases as the year of
studying increases. As the market for student banking increases,
organisations offer free gifts to encourage choice. These may
include student rail cards, mobile phones, CDs or even cash. On
completion of their studies the account will turn to a graduate
account, applying extra benefits for example 100% mortgage with
low repayments and low interest loans.
Another type of a current bank account is specifically targeted
at children. Junior bank accounts are available to children under
the age of 18 years old and are extremely beneficial as a teaching
aid to managing their own finances. Children under 16 years old
are usually issued with a pass book and cash card, allowing them
to access their funds over the counter or from any designated cash
machine. Children over 16 are usually issued with a debit card,
however they will not be allowed access to an overdraft facility
until they are 18 years old, therefore there is no risk of debt.
Junior bank accounts do tend to offer a higher interest rate than
adult accounts, however a savings account would be more beneficial
for long term savings.
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