What are the Benefits of a Current Account?

[Dowenship]

I was at the bank last week to carry out some transactions and I noticed the sharp decline of Current account holders in my country Nigeria. Majority of people had abandoned their current account and opened a savings account. This lead me to ask what they saw in a current account in the first place. Forum members, can you enlighten I and others who don't know the benefits of a Current account.

Initially that current account I don't know what different it as with other account because I do see current account from the screen of the ATM whereas my first about was savings.

 

[tyrim88]

Cheques, pay-orders, or demand-drafts can be issued via a current account for making direct payments to creditors. Overdraft facilities are also available for current account holders. The presence of small interest earnings on account balance makes a current account all the more attractive for its users.

True that is some of the reason why a current acount is very good ,and also when applying for some official engagement or some loan facility you are require to present a curent account details.

 

[Essy]

A current account is different from a savings account in the sense tgatvit is a zero charge interest account and so one can withdraw any amount without charges.

 

[Immilash]

In my views current account will be of more important to salary earners, as a business individual you are not expected to save your money in a current account because they normally withdraw some charges unlike the savings account.

 

[tyrim88]

A current account provides a proof of payment · Cheques provide more security · Pay bills (or people) easily, and get paid easily · Ease of access with online banking · No transaction limits.

I think that calls for the reason why a lot of corporate firms and organisations go for current account,because most of its features and facility favours coporate outfit,like cheque isuance,overdraft and the likes.

 

[Kaffyfolla]

Benefits of a Current Account
Overdraft: you can ask for an overdraft if you operate a current account. Withdrawals: you can withdraw as much as you want without limitations. You can withdraw across the counter or at cash points. Deposits: there is no limits to what a current account holder can deposit.

 

[Immilash1]

Current account is important but not all time's. The only important of current account is to save enough money . Many entrepreneurs uses current account to save their funds.

 

[tyrim88]

The current account includes deposits, withdrawals, and contra transactions. Such accounts are also called the Demand Deposit Account. A Current account can be opened in most of the commercial banks. A current account being a zero-account, is generally associated with huge transactions on a regular basis.

And also there are some benefits that the holder of a curent account has that a normal savings account do not enjoy,the issuance of a cheque book that can be used to withdraw money over the counter is another advantage.

 

[Immilash1]

Well, for me right now I don't prefer saving money on my bank, I think it will be more better to find a good business idea and invest in it, what do you think?