Current accounts, known as checking accounts in some countries, are used when money will be deposited and withdrawn regularly. Generally, salaries go into current accounts. The owners arrange for regular payments to come from this account.

If the amount in the current account becomes too low to cover expenditure, the bank may decline payment at the point of sale. Other banks may allow customers to use slightly more money than they have in their account for a short time which is called an overdraft. The bank may charge for this service.

Banks often offer customers incentives. These may include discounts at stores or restaurants. Before opening a current account, it is wise to compare the options from several banks to decide which suits your lifestyle and needs best.

There are several factors to consider when choosing which account to open. Ensure you understand what fees the bank will charge you for specific services. Understand how easy it will be to monitor and withdraw your money (online banking and ATM access).