Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,223,958 members, 8,057,018 topics. Date: Sunday, 19 January 2025 at 03:22 PM

What Is The Difference Between A Current Account And A Savings Account? - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / What Is The Difference Between A Current Account And A Savings Account? (48534 Views)

Which Bank Is The Best For Savings Account In Nigeria? / Stamp Duty Charges Extended To Savings Account / Best Bank To Open A Savings Account In Nigeria? (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

What Is The Difference Between A Current Account And A Savings Account? by dottozil: 4:14pm On Nov 14, 2019
Any real difference? Pls anyone who knows can explain

1 Like

Re: What Is The Difference Between A Current Account And A Savings Account? by Solsix(m): 4:20pm On Nov 14, 2019
Current account is a business account in carious forms. It charges COT in various forms according to the bank while savings account is use to save money. It pays interest depending on the type and bank. Savings account cannot be used for loan application, but it can be used by small businesses onwers who don't want to be charged

22 Likes 4 Shares

Re: What Is The Difference Between A Current Account And A Savings Account? by dottozil: 4:47pm On Nov 14, 2019
Solsix:
Current account is a business account in carious forms. It charges COT in various forms according to the bank while savings account is use to save money. It pays interest depending on the type and bank. Savings account cannot be used for loan application, but it can be used by small businesses onwers who don't want to be charged

Thanks alot, how do the COT work, cos am interested in upgrading my savings account into current and I won't want unnecessary charge.

1 Like 1 Share

Re: What Is The Difference Between A Current Account And A Savings Account? by Solsix(m): 8:57pm On Nov 14, 2019
dottozil:


Thanks alot, how do the COT work, cos am interested in upgrading my savings account into current and I won't want unnecessary charge.
Ask your account officer

44 Likes

Re: What Is The Difference Between A Current Account And A Savings Account? by dottozil: 6:50am On Nov 15, 2019
Ok, thanks
Re: What Is The Difference Between A Current Account And A Savings Account? by nototribalist: 7:20am On Nov 15, 2019
My savings account balance is N90.

Experts in the house, it's there a way I can withdraw N50 from it?

I need it



.

451 Likes 31 Shares

Re: What Is The Difference Between A Current Account And A Savings Account? by Brandstudio01: 7:20am On Nov 15, 2019
Ok

1 Like

Re: What Is The Difference Between A Current Account And A Savings Account? by RiyadhGoddess(f): 7:21am On Nov 15, 2019
The way dem dey deduct money from current account no be here ooo.
Team Savings Account or Kolo (Piggybank). Call me old school, ko kan mi

Until you know your Moses, you cannot be a Joshua.
If you don't know the things that the prophet carry, you won't be able to place a demand on it. 2 Kings 4:9-12
Once you have a revelation of the office of your Prophet, you are able to respect and reap the reward of the Prophet's office.
Good Morning FAM.
Thank God it's Friday...

Please click on the link on my signature and vote for my son. Thank you.

22 Likes

Re: What Is The Difference Between A Current Account And A Savings Account? by helinues: 7:21am On Nov 15, 2019
Savings is for personal use while current is mostly for business.. They both have limits of depositing and withdrawing
With current account, you could get a reasonable loans compared to Savings account

7 Likes 1 Share

Re: What Is The Difference Between A Current Account And A Savings Account? by eleojo23: 7:21am On Nov 15, 2019
OP, this is the kind of question you ask Google.

18 Likes 1 Share

Re: What Is The Difference Between A Current Account And A Savings Account? by yomalex(m): 7:21am On Nov 15, 2019
Progressively those differences are being blurred

28 Likes 2 Shares

Re: What Is The Difference Between A Current Account And A Savings Account? by sonature1: 7:21am On Nov 15, 2019
The new generation banks have introduced lots of similarities between the two accounts, making it difficult to spot a difference.

By and large, individuals own savings account while businesses own current/account.

More importantly, opening a current account comes with more headaches because you will be asked to provide references grin

18 Likes 3 Shares

Re: What Is The Difference Between A Current Account And A Savings Account? by Ekehwinz: 7:22am On Nov 15, 2019
Solsix:
Current account is a business account in carious forms. It charges COT in various forms according to the bank while savings account is use to save money. It pays interest depending on the type and bank. Savings account cannot be used for loan application, but it can be used by small businesses onwers who don't want to be charged

Whats the highest amount that can be deposited in current and savings acccount?
Re: What Is The Difference Between A Current Account And A Savings Account? by olioxx(m): 7:22am On Nov 15, 2019
.
Re: What Is The Difference Between A Current Account And A Savings Account? by RichDad1(m): 7:22am On Nov 15, 2019
With the advent of e-banking, Online transfer etc, there’s no difference between both type of accounts.
Before, having to issue a check to a third party is an edge that Current account holders had over Savings account. But it’s longer a relevant thing because you can always make a transfer.
Savings account is also valid for issuance of Visa now.
To me , it’s just a status symbol. Nothing much.
I pay far more charges on my current account compares to the savings account.
Aside Corporate Account, I don’t see anything special in issuing a check when you can actually make a transfer.

46 Likes 2 Shares

Re: What Is The Difference Between A Current Account And A Savings Account? by Brandstudio01: 7:22am On Nov 15, 2019
Solsix:
Current account is a business account in carious forms. It charges COT in various forms according to the bank while savings account is use to save money. It pays interest depending on the type and bank. Savings account cannot be used for loan application, but it can be used by small businesses onwers who don't want to be charged
this man just nailed it.
He sounds like an ex Banker

6 Likes 1 Share

Re: What Is The Difference Between A Current Account And A Savings Account? by omoadeleye(m): 7:23am On Nov 15, 2019
In layman's explanation



On a norms, current account is created for people who are earning correct money, cause there are some charges that would be deducted from the account type most times and they may qualify for bank overdraft (to withdraw above the limit in their account) and they are also using cheques to drawn on them, but savings account is created for low income earners, it was set up to encourage low income earners to also save or have a bank account, and you can maintain a little amount on savings account compare to current account... And savings account most time are always given some interest amount based on their balance... And cheques are not really drawn on them.

11 Likes

Re: What Is The Difference Between A Current Account And A Savings Account? by legalwealth(m): 7:23am On Nov 15, 2019
Nice

2 Likes

Re: What Is The Difference Between A Current Account And A Savings Account? by XploreLife(m): 7:24am On Nov 15, 2019
.
Re: What Is The Difference Between A Current Account And A Savings Account? by ednut1(m): 7:24am On Nov 15, 2019
Difference is in the name grin

1 Like

Re: What Is The Difference Between A Current Account And A Savings Account? by Wasky101: 7:25am On Nov 15, 2019
All join

1 Like

Re: What Is The Difference Between A Current Account And A Savings Account? by Oluwashola1100(m): 7:25am On Nov 15, 2019
nototribalist:
My savings account balance is N90.

Experts in the house, it's there a way I can withdraw N50 from it?

I need it
Go and use withdrawal slip

17 Likes 3 Shares

Re: What Is The Difference Between A Current Account And A Savings Account? by Nobody: 7:25am On Nov 15, 2019
Which kind question b this ?
Re: What Is The Difference Between A Current Account And A Savings Account? by mcwilliams7(m): 7:25am On Nov 15, 2019
Current account is far better to me. grin

1 Like 1 Share

Re: What Is The Difference Between A Current Account And A Savings Account? by donMIG(m): 7:25am On Nov 15, 2019
Goes well
Re: What Is The Difference Between A Current Account And A Savings Account? by vincent10(m): 7:26am On Nov 15, 2019
Current account charges account maintenance fee of N1 par mille. It also has stamp duty charge also. It does not pay interest on funds.

Savings account has no charges and interest payable is when you do not exceed more than three withdrawals in a month.

5 Likes

Re: What Is The Difference Between A Current Account And A Savings Account? by PastorandMentor(m): 7:26am On Nov 15, 2019
I agree with you.
I don't even do current apart from our business current account
RichDad1:
With the advent of e-banking. Online transfer etc, there’s no difference between both type of accounts.
Before having to issue a check to a third party is an edge over Savings account.

1 Like

Re: What Is The Difference Between A Current Account And A Savings Account? by Instinged: 7:26am On Nov 15, 2019
current: No interest
Savings; There is interest but when u withdraw more than 3 times you forfeit the interest for the month.
Current; Can get a POS and can withdraw to zero naira
Savings: Cant get a POS and some banks you cant withraw all

8 Likes 2 Shares

Re: What Is The Difference Between A Current Account And A Savings Account? by Abdulquadrimuha(m): 7:28am On Nov 15, 2019
Great Enlightenment!!!
Re: What Is The Difference Between A Current Account And A Savings Account? by Paulo3ree(m): 7:30am On Nov 15, 2019
yomalex:
Progressively those differences are being blurred

2 Likes

(1) (2) (3) (4) (Reply)

Lagos Shuts Shoprite Over Breach Of Safety Law (Photos) / Tony Elumelu Shares His Throwback Photo (How It Started Vs How It Is Going) / If You're Owing A Loan App... What To Do.

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2025 Oluwaseun Osewa. All rights reserved. See How To Advertise. 22
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.