hi i was wondering if you could tell me what is the difference between a savings account and a current account.basically i wana knw what i have, i am 16 and its a visa electron debit card.its card cash so i can put money in and take out the money i have in and no more. Im wanting to transfer money from my paypal account on ebay to my bank account.it asks if i am using a current account or a savings account.does it matter if i put the wrong thing??! please help id appreciate it thanks xxxxxxxxxxxxxxxxxxx
2007-03-11 03:34:05 · 12 answers · asked by sweety 1 in Business & Finance ➔ Personal Finance
its a current account but there is probably a savings account linked to it. the card means u have a current account though.
usually a savings account has a slighly higher interest rate
2007-03-11 03:51:02 · answer #1 · answered by Nilo 2 · 0⤊ 0⤋
Current account (also known as a "checking account" outside the UK) = An account you use for your day-to-day transactions, and don't earn much interest on (in the UK usually about 0.1%)
Savings account = An account you use to stash & save up cash you don't immediately need, and earn decent interest on it (usually about 2.32% - 5.75% in the UK), for example if you have £100 sitting in the account, and it pays an annual interest rate of 5% AER you earn £5 on that money...... you have £1000 saved in that account, you get £50 (in comparison, with a current account £100 would earn you 10p & £1000 would earn you £1).
Furthermore, thanks to compound interest (providing you leep it topped up to that level, or higher).... that £105 you earned the first year earns you £5.25 in interest, while the £1050 = £52.50 (and without hardly lifting a finger).
If you choose the wrong option transferring the money, it'll most likely just tell you that you picked the wrong one, which means it's helped you narrow down the choice (if it wasn't the first one you put in, it must be the other one... merely a simple process of elimination).
2007-03-11 11:09:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
U have a current/checking account
2007-03-14 12:22:03 · answer #3 · answered by 98#$%7 2 · 0⤊ 0⤋
It is a current account
2007-03-11 03:39:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You have a current account.
2007-03-11 03:37:31 · answer #5 · answered by Anonymous · 1⤊ 0⤋
current account is usually the term used for checking account.
2007-03-11 03:46:02 · answer #6 · answered by McDreamy 4 · 0⤊ 0⤋
I'm pretty sure that would be a current account.
2007-03-11 03:48:34 · answer #7 · answered by Phil 4 · 0⤊ 0⤋
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2017-01-04 03:08:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Transfer your money. You have a currant account.
2007-03-11 03:47:42 · answer #9 · answered by Afi 7 · 0⤊ 0⤋
yes they will check your deatails
and wounder why you didnt tell
them witch account you have ie
savers or current
2007-03-11 03:42:32 · answer #10 · answered by S Csparky 6 · 0⤊ 0⤋