What is a current account? Current accounts are the same as cheque accounts. They are transactional bank accounts that provide you with more functions than normal savings accounts. Current accounts generally have higher monthly fees, but they include electronic transactions, allow for internet and cellphone banking and some also have free cash withdrawals and deposits included each month.
Besides, from Capitec’s Global One Account, no other current accounts pay any interest on positive balances. Most current accounts offer overdrafts and even credit cards. You must have a good credit record in order to open a current account as well as meet the product specific income criteria. Generally speaking, the current account that you can apply for is based on your income, but you may also apply for products in lower income categories. You are able to access your current account to withdraw money from an ATM or to do shopping (Not Online). Sadly with a current account you are not able to do any form of internet purchases. However, you can make transfers into accounts within South Africa, but will have to wait for the money to clear first before the transaction is done.
Having a current account provides a safer way to store your money and provide instant access to your cash whenever you need it. If you have suffered from bad service, or if you find that you’re paying too much for your current account, or if you’re not making the most of the benefits from your current bank deal, then it’s time to switch banks.
It is very easy to change your current account, with most banking taking care of the switching process for you, so you could have a new bank account within weeks. Depending what type of current account you are looking for, you can easily cut monthly fees in half, or even benefit from a range of rewards and benefits, often giving you access to internet banking when you are on the move.
With the Absa Gold Cheque account, you get a bundle of free transactions, 5 Absa ATM withdrawals, 5 Absa ATM cash deposits, unlimited card swipes, unlimited electronic payments and any unused transactions will roll over for one month. You also get a gold Absa MasterCard debit chip card with a unique PIN (Personal Identification Number) for added security.