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 an account which keeps a record of individual partner's share of profits or losses, and amounts withdrawn, in a PARTNERSHIP.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 Competition and Markets Authority (CMA), which is part-way through an investigation into the banking sector, has found that current account customers could be between PS70 and PS260 a year better off by moving to a deal that really suits their needs.
A BANK has pledged to make it clear to customers if they have money sitting in their current account that is not earning credit interest.
Experian said at least 89 in every 10,000 applications for a current account are made by an imposter.
Despite initiatives taken by banks to retain customers, the current accounts market in developed economies recorded growing instances of account switching.
This is justifiable as former is conducted for G-7 countries where the exchange rate and current account are determined jointly, while later is conducted for D-8 countries where assuming exchange rate relatively exogenous seems more plausible.
RBS and NatWest new and existing current account customers with a VISA debit card can register online for Cashback Plus.
CHANGEs being introduced by banks and building societies aim to take the hassle out of swapping your current account.
Many people are put off switching current accounts by the perception that it can be a complex process.
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.
This has a zero per cent overdraft rate in the first year, so if you are frequently overdrawn, moving to this account is a no-brainer, especially as the average authorised rate on current accounts is 17.
Moneyfacts magazine lists more than 80 current accounts with an overdraft facility.