Types of Bank Accounts

Basic Accounts

No cheque book with these. A cash card and a pin number allows access to your money from a cash machine. Direct debits and standing orders are allowed.

No interest is paid on credit balances. These are not intended for you if you want to earn interest on excess balances.

Current Accounts

Cheque book, cheque guarantee card, credit/debit cards, interest paid on credit balances, direct debits and standing orders are allowed. Overdrafts can be arranged.

Savings Accounts

Savings accounts provide a higher rate of interest. If your bank account is generally in credit, there is no point in holding excessive credit balances in the account.

The interest you get paid is too low. The savings accounts can be used to hold this money and allow you to earn more money from it.

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