Checking out the Kinds of account offered by Most banks, We will see that the most dominating of them all is the Savings Account and Current Account. Most times people gets confuse on which account to Open that suits my “individual life” of that will be “Suitable for my Business“. Here, the Savings Account Vs Current Account Comparison will let you choose better, Or Know the Reason you are operating that Particular Account You are using Now.
The Article will be looking at the differences between the two type of Accounts, Though they are both important especially in deposits and withdrawal. Let us go into the Comparison and See the difference.
Savings Account Vs Current Account
Looking at the Bank accounts comparison, you will get to understand the following;
- The Savings Account
As the name implies is Primarily for the purpose of Savings. The account in some bank requires just a little amount of money to Open, while sometimes may not require money to open.
If you are looking for an account you can save Money for future Investments or special Needs later, The savings account is the Right one for you.
For the Savings account, the Benefit of having a Cheque-book and a third Party transactions are not available, that is to say Its an individual Savings Account.
Here, you cannot withdraw all the Money in the Account, Interest is accrued
- The Current Account
The current account on the Other hand is best for Business purposes. Unlike the Savings Account, it requires certain Amount of Money to open the Account. It has the benefit of the third party transactions and also the use of Cheque-book.
You can withdraw all the Money in the Account.
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