It is always important to understand the terminologies of any field of life before attempting to dive into it.
It would be counter-effective or tedious to arrive at a banking hall without having any fore-knowledge of the differences between an ATM card, a debit card and a credit card
, which was properly explained on my former tutorial.
Certain processes possess certain simple terminologies that are virtually easy to understand, even the complex ones appear so but down within are mere identifications.
The most popular accounts offered by Nigerian banks are the savings and current accounts. As already said, it won't look nice throwing tons of questions to any bank's staff when many people are yet to be attended to.
Even with their friendly faces, it isn't ever proper so it's better you to know the real difference between them once and for all thereby saving yourself some shame. Current account
Accounts like these are usually created by small businesses, public people, companies, and individuals who need to use bank transactions. It doesn’t mean the transactions have to be regular ones.
In this type of account, money comes and go. A person who has such a bank account can work at a company or be a businessperson whose number of transactions through the current account is not limited to a particular figure. This account comes with a cheque book and an unlimited amount of daily withdrawal. Savings account
The name clearly says it all. This type of bank account allows users to save their money. It is a great option for workers and businesspersons who have regular solid income. This account makes sure their financial dreams they visioned comes true.
Such accounts can be used to save money for a purchase of a car or apartment etc.
In savings account, there is only a limited transaction allowance per month. It is impossible to earn any interest rate on such accounts but you can withdraw everything you have earned till your account touch down to 0 Naira.
A savings account is for saving of money. It helps customers manage their finances for the future. On the other hand a current account helps customers actualise daily transactions without any restriction.