a current account is a an account with a financial institution that is used frequently, money can go into and out of the account without any notice.

rate of interest paid on any positive balance, rate of interest charged on negatively balance, overdraft limit , charges on unauthorised overdraft, additional incentives

standard, basic, student, packaged premium 

a normal account offered to customers that have a reasonable credit rating. pay and withdraw money cheque book debit card interest on positive balance and pre agreed overdraft limit 

no charges on credit balance, offers account holder wide range of facilities.

high charges on overdraft facilities, standard features only.

disadvantages of a standard current account

same as current account but holds additional features such as car and home insurance credit card protection breakdown covers and cash back on some transactions.

no charges on credit balance, offers holder with additional perks such as insurance 

additional monthly charge, account may not meet the needs of the consumer 

disadvantages of packaged premium account

this account offers limited features for consumers who might find it difficult to open an account or have a bad credit rating, it will not have an overdraft and will not give interest on positive balances 

available for customers with low credit rating, consumers can gain access to basic facilities 

an account designed to meets the needs of students, features of student account include overdraft limit, incentives to join bank e.g. free rail cards.

students maintenance loan and tuition fees can be easily handled, bonuses are offered e.g. travel discounts

overdraft could cause overspending, charges for overspending are high.

English (UK)

explained each and disadvantages and advantages 

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United Kingdom

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Business

BTEC business unit 3 current account !

Learn about the benefits and drawbacks of different current accounts in BTEC Business Unit 3. Discover the pros and cons of basic accounts, student accounts, standard accounts, and more. Get to know about the advantages and disadvantages of banks and building societies. Check out our easy quiz and PDF to understand everything!

BTEC Business Unit 3: Current Account Pros and Cons Quiz

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BTEC Business Unit 3: Current Account Pros and Cons Quiz

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