Can someone please tell me the difference between a Current Account and a Savings Account?

current account is usually one wages gets paid into for everyday use, like direct debits and stuff and savings usually higher interest rates for saving :D

Traditionally...

Current account is used for day-to-day transactions, i.e. salary credit, direct debits for bills etc. Comes with a cheque book and a debit card. Traditionally did not pay interest although now current accounts do pay interest at a low rate.

Savings accounts are used for saving ;) . They don't usually come with a chequebook or card (but some do, now). You may have to give notice to withdraw the money. You get interest, at a higher rate than a current account.

Originally posted by Andy
Traditionally...

Current account is used for day-to-day transactions, i.e. salary credit, direct debits for bills etc. Comes with a cheque book and a debit card. Traditionally did not pay interest although now current accounts do pay interest at a low rate.

Savings accounts are used for saving ;) . They don't usually come with a chequebook or card (but some do, now). You may have to give notice to withdraw the money. You get interest, at a higher rate than a current account.

i said all that but in short form :D :D :D lol

A Current account is one which gives you instant access to your money via ATMs, debit cards and cheque books.

A savings account generally pays higher interest, but sometimes requires notice before you can withdraw money, and doesn't have the facility for a debit card. There are lots of different types of savings accounts which pay higher/lower interest according to which features you require. Generally the more notice you need to give to access the money, the more interest is paid.

Edit: Oops too late

Originally posted by savbaby
i said all that but in short form :D :D :D lol

1st law of banking: Don't use one word if you can use 10 ;)

:thumbsup: Thanks everyone i didn't want to set up a wrong account in paypal £14 is alot for a mistake cheers guys :)