Types of Accounts

Types of Accounts

There are a number of different types of bank accounts available. Choosing the right one will depend on your circumstances and why you want an account.

What type of account should I open, and with what bank?

There are different types of account such as:

  • current account - account for day-to-day transactions
  • savings account — account mainly used for savings and where interest is earned on the amount deposited. The interest is normally higher than on a current account.
  • various other accounts with different features.

Once you have chosen which bank to use, talk to the counter staff or the manager who will look at your circumstances and recommend the best account for you.

Do I need more than one account?

Most people use a current account as their main, day-to-day account. You might consider having more than one account for the following reasons:

  • saving
  • business transactions
  • separate accounts for married couples or couples living together
  • making use of better rates of interest

Further information

The FSA website provides tables which compare similar products such as bank accounts, mortgages, loans, ISAs and more from various providers.

www.fsa.gov.uk/tables

The Which? magazine has also an article on bank accounts.


Related Links

In debt and need help?

Call a CCCS counsellor at 0800 138 1111