current account


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Current account

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

Checking Account

An account at a bank in which a 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 checking account for a shorter period than in a savings account, a current account pays a slightly lower interest rate. Typically, one can write a check or use a debt card on a checking account, and banks expect customers to do so. The term "checking account" is more common in the United States. In the United Kingdom, the common term is "current account."

current account

  1. an individual's or company's account kept at a COMMERCIAL BANK or BUILDING SOCIETY into which the customer can deposit cash or cheques and from which he or she can draw cheques or make withdrawals on a day-to-day basis.
  2. a financial record of a country's trade in GOODS and SERVICES with the rest of the world (see BALANCE OF PAYMENTS).
  3. an account which keeps a record of individual partner's share of profits or losses, and amounts withdrawn, in a PARTNERSHIP.

current account

  1. 1a statement of a country's trade in goods (visibles) and services (invisibles) with the rest of the world over a particular period of time. See BALANCE OF PAYMENTS.
  2. an individual's or company's account at a COMMERCIAL BANK or BUILDING SOCIETY into which the customer can deposit cash or cheques and make withdrawals on demand on a day-to-day basis. Current accounts (or sight deposits as they are often called) offer customers immediate liquidity with which to finance their transactions. Most banks and building societies pay INTEREST on current account balances that are in credit. See BANK DEPOSIT, DEPOSIT ACCOUNT.
References in periodicals archive ?
The higher current account deficit was partially financed through the country's foreign currency reserves.
As of end-March this year, the BSP reported a current account deficit of $1.2 billion, higher than same time last year of $335 million deficit.
The projected decrease in the current account deficit, that could be further supported by the recent decline in international oil prices will bring stability in the foreign exchange market.
The current account deficit decreased by 13.7 times compared to 2016 and amounted to $201.4 million in 2017.
This bulletin provides a high level overview of the number and value of consumer current accounts held by personal consumers; the number of consumers using the Central Banks Code of Conduct on the Switching of Payment Accounts with Payment Service Providers (the Switching Code); and the number of consumer complaints received by firms in relation to current accounts.
The watchdog has asked banks to desist from the trend of not offering current accounts. He said that banks feel that the accounts are costly for them to maintain.
Some 248,302 switches took place between January and March 2017 according to payments body Bacs, which oversees the current account switch service.
Positive balance in services, the largest positive item of the current account, was up 10.7% y/y to US$ 1.6bn.
In 2013, a new current account switching service was introduced, which has cut the length of time it takes to switch deals and taken much of the hassle out of switching - so it may not be as hard as you think.
Rachel Springall, a finance expert at financial information website Moneyfacts.co.uk, says: "Customers need to be careful when picking a new current account. It needs to support their day-to-day banking needs, which can include dipping into an overdraft.
IT'S easy to assume it's not worth your while switching your current account.
SWITCHING your current account now could also help to pay for some of your festive season outgoings.