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Current account jargon buster

Category: Banking
Author: Tim Leonard
Updated: 26/03/2018

What is a current account?

Current accounts are a key part of our day-to-day finances. They provide a place for your salary to be deposited and they also allow you to pay for goods and to settle bills.

A current account may offer some, or all, of the following services:

  • A cash or debit card for withdrawing cash or paying for things in shops or online.
  • Online banking (and, increasingly, a mobile phone application).
  • A chequebook.
  • An overdraft.
  • Direct debits and standing orders.

Some accounts offer a range of extra benefits. You normally have to pay a monthly fee for these (see current accounts with extra benefits for more information).

Current account jargon

There are so many terms and features of current accounts that we've compiled this list to help:

Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.