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 an account which keeps a record of individual partner's share of profits or losses, and amounts withdrawn, in a PARTNERSHIP.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 ?
Across the three aforementioned countries, the IIF projected their respective current account deficits to be within the range of 2.1-2.5 percent of GDP next year.
The Central Bank of Ireland has published its seventh Consumer Protection Bulletin, which analyses the level of current account switching using data gathered from credit institutions.
But the figures show that current account switching has been creeping up this year so far.
"Comparing current accounts is not easy, but if consumers have a good idea on how they will use the account then this will be a good starting point."
The watchdog found that by switching to the cheapest personal current account product, customers would save PS70 a year on average.
Current accounts are seen as a "quick win" for fraudsters as they enable them to launder money and rack up debts in someone else's name by maxing out overdrafts or using the account as a springboard to make other bogus credit applications.
Summary: PowerPlus is the only current account that also works like a fixed deposit -- offering unlimited liquidity without compromising on returns
LESS than two per cent of bank current account customers have switched provider since a costly shake-up was launched a year ago.
RBS (LSE: RBS) and Banco Santander (SAN.MC) are believed to have scrapped interest payments on current accounts. As current account credit interest rates have dropped, more banks are looking to stop paying interest altogether.
Helen Bierton, head of Santander current accounts, said: "For many people enjoying a successful long term relationship in whatever form is more rewarding than chopping and changing.
Although they have been slagged off for years for paying a niggardly interest rate on account balances, Barclays, Lloyds TSB, RBS/NatWest and HSBC still hold around 65% of current accounts.
Moneyfacts magazine lists more than 80 current accounts with an overdraft facility.