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

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? (49809 Views)

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What Is The Difference Between A Current Account And A Savings Account? by dottozil(op): 4:14pm On Nov 14, 2019

Any real difference? Pls anyone who knows can explain

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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

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Re: What Is The Difference Between A Current Account And A Savings Account? by dottozil(op): 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.

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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

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Re: What Is The Difference Between A Current Account And A Savings Account? by dottozil(op): 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

.

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

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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

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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

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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

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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

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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.

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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

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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.

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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

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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

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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

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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.

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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

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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

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