what is the difference between the current and savings account?
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What is the Difference Between Current and Savings Accounts? While a Savings Account is one wherein you deposit your savings with the bank and earn interest on the same, a current account is one where you deposit money to carry out business transactions.
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Saving refers to an activity occurring over time, a flow variable, whereas savings refers to something that exists at any one time, a stock variable. This distinction is often misunderstood, and even professional economists and investment professionals will often refer to "saving" as "savings".
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A current account is a type of bank account that keeps your money secure and helps you manage your finances. Current accounts facilitate the making of payments (direct debits, standing orders) and they let people, businesses and organisations pay you easily.
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Stated interest is the specified rate on your savings account or loan. Effective interest is the true rate you earn or pay. There is a difference because a stated interest rate does not take into account the effect of "compounding," which increases the rate you earn or pay.
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In the current account, goods, services, income and current transfers are recorded. In the capital account, physical assets such as a building or a factory are recorded. And in the financial account, assets pertaining to international monetary flows of, for example, business or portfolio investments are noted.
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The current account deals with a country's short-term transactions or the difference between its savings and investments. These are also referred to as actual transactions (as they have a real impact on income), output and employment levels through the movement of goods and services in the economy.
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At a glance The terms are often used interchangeably, but there are key differences between the two. A savings account will typically pay variable rates of interest, whereas a bond is normally fixed for a set term.
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Savings account is a personal bank account maintained by individual customers to deposit their personal savings and undertake their personal monetary transactions. Fixed deposit account is an account in which a customer deposits money for a specified fixed tenure and at a specified interest rate.
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Savings accounts offer easy access to your money in the event of an emergency, while your money is in a savings account, it can earn interest, allowing your money to grow, and finally keeping your money in a savings account means that your money is safe.
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The Definition of a Long-Term Savings Account In general, a long term savings account is designed for saving over an extended period. Depending on the account, there may or may not be restrictions on when you can withdraw the money, and some long-term savings accounts offer tax advantages.
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Savings accounts give you more flexibility to make withdrawals, but CDs often offer a higher interest rate. ... Savings accounts give you more flexibility to make withdrawals, but CDs often offer a higher interest rate if you're willing to leave your money alone for a set amount of time.
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From the perspective of the customer/depositors, it is an asset. The current account is a liquid instrument equals to cash money which in some banks may generate interest or profits sharing for you, thus it is an asset.
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Fixed deposit is operated by those individuals and organisations who have excess or surplus or idle money. Current account is operated by businessmen and other organisations to facilitate their regular transactions.
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Whereas savings is the part of the disposable income left after the consumption of goods and accumulated or invested to fulfill capital requirements. In an economy, households earns income and some amount of this income is spent on buying goods and services produced by the firms. The residual income is saved.
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So in the case of savings accounts, interest is compounded, either daily, monthly, or quarterly, and you earn interest on the interest earned up to that point. The more frequently interest is added to your balance, the faster your savings will grow.
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Savings –Pressing savings will mean money will be taken from your savings account, if you have one linked to your Cheque (everyday) account. If no account is linked, funds will simply be taken from your Cheque account.
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Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account. A Current Account is actually a no interest-bearing deposit account. When you withdraw more money from the account, than is actually there, then your account is said to be overdrawn.