current account. A current account is a type of banking account that grants a business access to funds through a single account, payment card, and a customer reference number.
Types of current accounts
There are a number of different current account providers and types of current accounts available. This means that you are likely to find several accounts that meet the needs of your business and fit within your budget. While you might be tempted to select the account with the highest interest rate and https://definicionde.org/lowest fees, you need to find the right balance between cost and features. There are four main types of current account: –
Basic Current Account – a core bank account with low or no fees and a low interest rate, designed for businesses with low to moderate transactions.
Business Current Account – a core bank account with low or no fees and a moderate interest rate, designed for businesses with moderate to high transactions.
Business Interest Current Account – a core bank account with moderate fees and a moderate interest rate, designed for businesses with moderate to high transaction volumes and a regular flow of deposits.
Business Premier Current Account – a premier bank account with high fees and a high interest rate, designed for businesses with high transaction volumes and regular flow of deposits.
Features to consider when selecting a current account
When selecting the best current account, you need to consider the following features to ensure that the account meets the needs of your business and minimizes the impact on your cash flow. Current accounts are designed to be flexible, with providers offering a wide range of services and features. These include: – – – – – –