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Over the years I've never fully understood what the girl meant when she asked me if my account was a "current account". I remember thinking, "well if I'm currently using it then I guess it's my current account", but I was never rude enough to say that. I never used to have a savings account, because I lived by the day and never had any savings to keep in it.



Since I've settled down and got a steady job I've began to wonder the differences between a current account and a savings account, and what a savings account had to offer me. Let's start with the basic differences - a savings account gives you a better rate of interest for your savings and a current account gives you more services to use with your account. A current does accumulate interest, but at a fraction of the interest that a savings account does, plus the money doesn't sit about long enough in a current account to accumulate much interest. If you would like to save a bit of money every month to keep for a rainy day then a savings account is the way to go. You won't have easy access to your money like a current account, so it's not so easy to spend, and it will gain good interest, and so grow for you for the future. The main drawback of a savings account is the benefit I just mentioned: with a savings account you don't have ease of access to your money that you would have with your current account. By this I mean you may not get a bank card for your savings account, so you cant withdraw money at a bank machine; or you may have to give like 3 or 5 days notice to withdraw money from your savings account.



I have a Barclays' current account for my wages to be paid in to, but with bills, paying off debts such as credit cards, and the general cost of living there was never any surplus money there for me to call "savings". Now that I have paid off most of my debts and can start to see a bit of light at the end of the tunnel I have began to thought about doing a bit of saving for the future.



For more information on current accounts and savings accounts you can visit Moneynet's bank account comparison page and find out what different types of accounts, from different banks and institutions, have to offer you.



Disclaimer:

All information contained in this article, is for general information purposes only and should not be construed as advice under the Financial Services Act 1986.

You are strongly advised to take appropriate professional and legal advice before entering into any binding contracts.



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Michael Hanna



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Michael is a keen writer, and internet marketer living in Scotland:



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The building society's new combined current and savings account features a variable AER of 5.1% on credit balances up to 50, 000. "Coventry Building Society is throwing down the gauntlet to the 'Big Four', with its new combined current and savings account. The move has catapulted the mutual to pole position in the current account sector with its 5.1% AER, knocking Alliance & and it also measures up well against the dedicated savings accounts, " said Nick White, head of personal finance at price comparison website uSwitch.com.

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Compare over 30 business current accounts to find the best deals on credit balance interest rates, account transaction fees and more.

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Michael Hanna

1. -> -> Retirement Calculator. The Retirement Calculator dialog box appears. 2. Enter what you've already saved as your current savings. Move the cursor to the Current Savings text box and type your current retirement savings (for example, if you have some Individual Retirement Account money or you' sponsored 401(k) account).

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With most of Abbey's current accounts, simply request it online. You can also use the Abbey 'sweep' if you have a current account and a savings account, Abbey will move any spare cash from your current account into your savings once a month, on a day you choose.

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Compare your current savings account with others in the market using our Saving Calculator. Find the best savings rate from a selection of high interest savings accounts (including accounts available by phone, by post, via the branch or via the internet) and in many cases apply online.

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