Banking

When you pay money into your bank or building society account it is called making a deposit and when you take money out of your account it is called a withdrawal. There are various different types of account, but in general there are:

 
  • Current accounts for day-to-day use. You can deposit and withdraw money and you can access your money by writing a cheque, taking cash from a cashpoint, buying goods on a debit card and by electronic transfer. Some current accounts pay interest, but it is generally at a very low rate.
  • Savings accounts for saving your money in the short to medium term. You can deposit your savings and you can make withdrawals, but the frequency that you can take out withdrawals can vary depending on the account. Interest rates vary again depending on the account.
  • Investment accounts for saving your money for the long term. The rules for depositing and withdrawing your money are strict and usually give little flexibility for making withdrawals, however the interest rates can be much higher.

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