A savings account is generally designed for holding money and earning modest interest, and often comes with limits on how many free withdrawals or transactions you can make per month before fees apply. A current account is built for frequent day-to-day transactions - salary deposits, bill payments, and card spending - typically without earning interest, but with unlimited or high-volume transaction allowances and sometimes an attached chequebook facility that most savings accounts don't offer.
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Frequently Asked Questions
Can I have both a savings and current account with the same bank?
Yes, this is common - many people use a current account for daily transactions and a separate linked savings account to hold surplus funds.
Does a savings account always pay interest?
Most do, though the rate and how it's calculated (average monthly balance versus other methods) varies by bank and account type.
Is a chequebook only available with a current account?
Generally yes - chequebook facilities are typically a current account feature, though this can vary by bank and account tier.
Which account type is better for receiving a salary?
Most salary transfers are directed to a current account, since it's designed for frequent transaction activity, though some banks also support salary crediting to a savings account.
How can I compare account types across banks?
Use the bank account finder to compare savings and current account features side by side.