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Types Of Savings Accounts
The following types of accounts are:
Current Accounts (with overdraft)
Current Accounts with an overdraft are designed to provide
you with full day-to-day banking facilities, easy access
to your money and an authorised overdraft facility.
Cheque Accounts
Cheque Accounts are essentially 'instant access' savings
accounts with limited banking facilities they are not
always suitable for everyday banking requirements.
Basic Bank Accounts
Basic Bank Accounts are no-frills current accounts aimed
at those people with no credit history or those that
have previously been unbanked.
Student & Young Person Accounts
Student and Young Person Accounts are designed to assist
young people and students to become prudent with their
personal finances. Most of the Student Accounts have
interest free overdraft facilities, free banking and
a 'student adviser' service to help students with their
money management problems. They may also offer a credit
card facility. Both types of accounts offer incentives
to encourage consumers to open an account, which include:
cash payments; mobile phones or gift vouchers; discounts
on CD's, DVD's, computer games, concert tickets, books
and entrance to night-clubs. Some accounts will pay
interest on credit balances.
Graduate Accounts
Graduate accounts aim to assist graduates with their
money and debt management for time periods of up to
3 years after graduation.
Foreign Currency Accounts
Foreign Currency Accounts can be manages like standard
current accounts, but consumers can generally choose
to run then using Sterling, Euros or US Dollar.
Current Accounts (with special offers)
Current Accounts with special offers are accounts currently
offering extra incentives to join.
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Savings
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