| Over the years I've never fully understood | | | | bank card for your savings account, so you |
| what the girl meant when she asked me if my | | | | cant withdraw money at a bank machine; or you |
| account was a "current account". I remember | | | | may have to give like 3 or 5 days notice to |
| thinking, "well if I'm currently using it | | | | withdraw money from your savings account. |
| then I guess it's my current account", but I | | | | |
| was never rude enough to say that. I never | | | | I have a Barclays' current account for my |
| used to have a savings account, because I | | | | wages to be paid in to, but with bills, |
| lived by the day and never had any savings to | | | | paying off debts such as credit cards, and |
| keep in it. | | | | the general cost of living there was never |
| | | | any surplus money there for me to call |
| Since I've settled down and got a steady job | | | | "savings". Now that I have paid off most of |
| I've began to wonder the differences between | | | | my debts and can start to see a bit of light |
| a current account and a savings account, and | | | | at the end of the tunnel I have began to |
| what a savings account had to offer me. Let's | | | | thought about doing a bit of saving for the |
| start with the basic differences - a savings | | | | future. |
| account gives you a better rate of interest | | | | |
| for your savings and a current account gives | | | | For more information on current accounts and |
| you more services to use with your account. A | | | | savings accounts you can visit Moneynet's |
| current does accumulate interest, but at a | | | | bank account comparison page and find out |
| fraction of the interest that a savings | | | | what different types of accounts, from |
| account does, plus the money doesn't sit | | | | different banks and institutions, have to |
| about long enough in a current account to | | | | offer you. |
| accumulate much interest. If you would like | | | | |
| to save a bit of money every month to keep | | | | Disclaimer: |
| for a rainy day then a savings account is the | | | | |
| way to go. You won't have easy access to your | | | | All information contained in this article, is |
| money like a current account, so it's not so | | | | for general information purposes only and |
| easy to spend, and it will gain good | | | | should not be construed as advice under the |
| interest, and so grow for you for the future. | | | | Financial Services Act 1986. |
| The main drawback of a savings account is the | | | | |
| benefit I just mentioned: with a savings | | | | You are strongly advised to take appropriate |
| account you don't have ease of access to your | | | | professional and legal advice before entering |
| money that you would have with your current | | | | into any binding contracts. |
| account. By this I mean you may not get a | | | | |