Current Account

Current account

Net flow of goods, services, and unilateral transactions (gifts) between countries.

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Current Account

An account at a bank in which the customer deposits money for immediate use. For example, one may utilize a checking account for one's monthly expenses such as a mortgage payment or groceries. Because most customers keep money in a current account for a longer period than a savings account, a current account pays a slightly lower interest rate. Generally speaking, one may write a check on a current account, and banks expect the customer to do so. The term "current account" is more common in the United Kingdom. In the United States, the common term is "checking account."