The benefits of a Current account


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Posted by on Thursday October 17, 2013 at 12:26:7:

A current account is an account that can be opened and run by a private individual or a business corporation who perform higher number of transactions than ordinary savings account holder. They are always issued a cheque book and their mode of payment is either by personal withdrawal over the counter or presentation of a cheque. This article would concentrate on telling you about the features and benefits of opening and running a current bank account:

Features Of A Current Account includes:
- A current account holder is issued a cheque book, for easy withdrawals.

- It allows the Holder to get access to overdraft and may charge you interest on such over drafts

- The minimum balance for opening a current account is higher than that of a savings account.

- Current account does not advocate the concept of savings. Because, it is meant for the day to day running of a business venture not for saving.

- Interest may not be paid to current account holders

- It allows the owner to have access to internet banking facilities and online money transfer.

Some benefits of having a Current Bank Account includes:

- A current account is generally good for business men and corporate organizations that make large amount and frequent number of transactions daily. This is because, a current account allows them to make such transactions easily and hassle free and promptly.

- It grants the account holder the ability to obtain an over draft, which is also referred to as a short term loan.

- A current account holder is deemed to be credit worthy, and can stand as a shorty for another person who is applying for a loan or who generally needs a shorty.

- Having a current account makes some transactions to be easy. So, instead of going to the bank to withdraw and payoff somebody, as a Current Account holder, can simply write a cheque for the person, and the person is paid on the presentation of such cheque

- This type of account allows a bank to collect money on behalf of Account holder’s and credits the same in their customers' current accounts.

This article have listed some benefits of running a current account and if you are a business owner still operating a savings account, this article has pointed out the major benefits of running a current account.

    Re: The benefits of a Current account Reply by Harrison on Wednesday February 12, 2014 at 6:1:51:

    Please sir kindly enlighten me about the ESA (executive savings account) available at Ecobank what's the interest on this kind of account.
    Thank you

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