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 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.
