Hello Nairaland,

So I have been hearing this [/b]Savings and Current Account[b] without knowing what the both really means.
It happens that I and my friends were arguing how both of the accounts worked yesterday and I was hell bent on the Savings Account that it is the Account associated with Cheques while Current Account is just for the daily transactions.

N/B: While arguing about it, I really do not know how it works or why it’s been called titles but I just kept and my friend later heeded to my own Explanation or View

So the question is what does this both Accounts stands for and how it works maybe there’s still a lot of people out here and there that does not know it

So you two were just arguing what you two knew nothing about smh

1. While a Savings Account is one wherein you deposit your savings with the bank and earn interest on the same, a current account is one where you deposit money to carry. However the former has been abused by holders hence resulting to charges from banks.

2.A savings account can only be opened by individuals for their use. It is generally opened for a short term to save money for vacations, make big and small purchases, etc. Current account is opened by businesses or firms who want to conduct various bank transactions according to the need of their business.
For more information kindly visit https://www.aubank.in/blogs/what-is-the-difference-between-current-and-savings-accounts or use the google search engine.

edoairways:
1. While a Savings Account is one wherein you deposit your savings with the bank and earn interest on the same, a current account is one where you deposit money to carry. However the former has been abused by holders hence resulting to charges from banks.

2.A savings account can only be opened by individuals for their use. It is generally opened for a short term to save money for vacations, make big and small purchases, etc. Current account is opened by businesses or firms who want to conduct various bank transactions according to the need of their business.
For more information kindly visit https://www.aubank.in/blogs/what-is-the-difference-between-current-and-savings-accounts or use the google search engine.

Thanks for the enlightenment

tmphoto:


Thanks for the enlightenment

You are welcome

Thanks for this information OP. I recently opened a GTB savings account. it's amazing the stuffs I can do with *737# without physically going to the bank.