Savings account and current accounts are designed for different purposes and have different features. Savings accounts cater to individuals who want to save whereas current accounts are made for regular transactions of firms and companies.
Savings accounts accrue higher interests than current accounts
They cater to individuals while current accounts are more suitable for companies and firms
Such accounts have a monthly transaction limit whereas current accounts don’t
Minimum balance requirement is lower in savings accounts than current accounts
(1) Objective
The main objective of current account is to entertain maximum number of transactions while savings account encourages customers to make more savings.… Read the rest