MAJOR TYPE OF ACCOUNTS OPENING

You will be wondering on the type of account you want to open. Whether the account type should be savings or current and you wouldn’t know which to go for. Never bother anymore because here, we are going to explain the major type of account should have.

To make the decisions, it will be helpful to first understand the differences between the two (2) major accounts; which are common bank account types.

Below are some definitions that will explain better and also will help you to make your banking needs choice:

Two (2) Major types of accounts – We have two major types of account.

      1.  Checking of Current account

      2.   Savings Account

• Type 1 - Checking account or Current: A checking account allows you and gives the easy access to your money for your daily transactional needs and also helps to keep your cash secure. You can use a debit card or checks (depending on the bank) to make purchases and to pay bills.  This type of Accounts gives you different options of packages that help waive certain monthly service fees. To make the most economical choice, kindly compare the benefits of different savings account packages with the services you really need. Note: Checking account of Current account as Duty Charge, COT (Cost of Transfer) at the end of the month.

• Type 2 - Savings account: A savings account allows you to accumulate interest on funds you’ve saved for future needs. Interest rates can be compounded on a daily, weekly, monthly, or annual basis. Savings accounts vary by monthly service fees, interest rates, method used to calculate interest, and minimum opening deposit.

• Understanding your bank account’s terms and benefits will allow you for a more informed decision on the account best suited for your needs.