A3 Current Accounts
Current accounts are bank accounts where you can deposit and withdraw money easily. Most adults have a current account that they use to help manage their finances and have their salaries paid into. Different current accounts have different features.
Standard current accounts have features such as being able to receive and make electronic payments, a debit card and chequebook for spending and an overdraft facility.
Basic current accounts have restricted features and are targeted at people who have a poor credit history. Users can deposit money and take out cash from the ATM (cash machine). They may also be allowed to set up standing orders or direct debits. However, they will not be allowed any debt such as an overdraft facility.
Packaged or premium current accounts offer additional features to standard accounts such as insurance for holidays and phones, 24 hour helplines and shorter queues at branches. However, you usually have to pay a monthly fee.
Student accounts are targeted at people in higher education. Features include interest free overdrafts, discounts and vouchers such as rail card and financial advice. These must be converted to normal current accounts once the user has left university.
Managing Personal Finance
The financial services sector consists of organisations that offer financial products and services. Depending on what you are buying or what your financial situation is, you may choose to use some of these at different times in your life.
Organisations in the financial services sector include banks, building societies, credit card companies, lenders, investment brokers and insurance companies.
