Which is better, Current or Savings Account

IamDozzy

Active member
Recently, I was in the bank filling a form to get my ATM card and I noticed the number of Current account holders had declined but that of Savings had increased. For those that don't know what a Current account is , A Current account is an account opened by entrepreneurs and the likes who have regular transactions with the bank. They are usually handed a cheque book for withdrawals. Current account can be opened either in a cooperative bank or a commercial bank.

On the other hand, Savings account is an account that has an interest attached to it every month. That is at the end of the month, a certain amount of interest is added to the account but the interest is usually negligible in my personal opinion.

So as a bank user, which type of account do you operate and what are your reasons for choosing that type of account.
 
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Alexandoy

VIP Contributor
Savings account is a type of bank deposit that can give you a passbook so you can see the transactions - when you deposit, when you withdraw and when your money earns interest. Current account has no interest but you are given a check book so you can issue checks for payments. Now both types of account can have an ATM card which is also called a Debit Card.
 

Chibson

VIP Contributor
Of course it has not declined but that is how it was since. There are more savings account holders than current account holders. This is not far-fetched because not the majority is into business or any kind of big institution. Current account holders are mostly big companies are very rich individuals who usually issue cheque books for payment. Savings account holders are mostly people interested in interest.
 

btaliat

VIP Contributor
It depends on the usage and reason for opening an account. But in general, current account has many access compare to saving account holder. Current account holder can borrow money from the banks. Besides, he can withdraw money without his presence. All these saving account holders can not do them.
 

funmi

Verified member
Well I will say it depends on the individual or the type of business that is involved. If the business is a long term business then a current account may be more profitable. And for a short-term business a account account might be better.
 
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