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Types of Current Account - Coggle Diagram
Types of Current Account
Standard current account
Advantages:
Free to open
Provides a range of Banking facilities
Available to all age groups
Disadvantages:
Doesn't offer additional features
Bank charges can be high
Low rates of interest are paid
Basic current account
Advanatges
Provides basic bank facilities
Enables Banking access to all
Free to open
Disadvantages
No overdraft limit / chequebook
No interest paid on balance
Restricted Banking features
Student current account
Advantages
free to open an account
Provides offers and incentives
Reduced borrowing fees
Disadvanatges
Only available for students
Low interest paid on balance
High charges once account converts
Premium current account
Advantages
Improved rates of interest paid
Improved customer service
Wide range of additional features
Disadvantages
Could still face Bank charges
Monthly membership fees
Not all features will be used