What is a personal current account? –
What we're covering..
A current account is a type of bank account that you can use to manage day-to-day money.
You can use current accounts for things like:
- Keeping money safe
- Receiving money – e.g. getting paid from your job
- Transferring money somewhere else – e.g. paying for shopping, paying bills
Personal current accounts are some of the most common types of account in the United Kingdom.
These accounts allow you to use online banking services to deposit and withdraw money, pay in wages and make payments to other people.
Disclaimer: This website provides information for guidance and educational purposes only. The Grown-Up School does not provide regulated financial advice. You can seek independent financial advice from a suitably qualified and regulated professional advisor. Check out our disclaimer policy for more information.
Current accounts are called “current” accounts because they are set up to look after the money you’re “currently” using.
Are current accounts free? 💰
There are lots of free current accounts available, but there are also lots of current accounts that have a monthly fee.
Where can I get a current account? 🏦
It’s a good idea to do some research to pick the current account that’s right for you and your situation.
Websites like Money Saving Expert can be really helpful when comparing current accounts. https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/
What about checking accounts? 💵
Checking accounts are very similar accounts that are available in the USA.
Each country might have specific features for checking accounts, but they remain very similar to current accounts – such as letting you use them to pay bills etc.
Hopefully you’re feeling more confident about understanding personal current accounts.
If you know any friends or family members who might benefit from learning about personal current accounts, share this post with them!
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