Difference Between a Savings Account & a Current Account

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Difference Between a Savings Account & a Current Account
Both savings accounts and current accounts can have debit cards attached to them. (cash machine image by Debbie Torkelson from Fotolia.com)

Both the savings account and the current account are banking options for most people, though the current account is not as readily available. Current accounts are found in Western Europe and also in southeast Asia while savings accounts are found in most parts of the world. Current accounts and savings accounts typically offer different interest rates, terms and accessibility.

Interest Rates

The interest rate for a savings account tends to be minimal. The purpose of the savings account is to allow someone to put away small sums of money to be used in urgent situations. The savings account is not an investment account while the current account also has small interest rates, if it is interest-bearing at all, because its purpose is to allow people a place to keep their money for a short time.


Savings accounts typically come without checking privileges, meaning there are no checks associated with these accounts. The same is true for current accounts. The money in these accounts is accessible through debit cards or electronic transfers, though there typically are limits on the number of times that a savings account can be accessed without fees.


The current account is a potential money management tool for people who have trouble with their finances. In most cases, getting a current account means demonstrating that one has a good credit score and some income while savings accounts tend to be easy to open if you have the money on hand for the initial deposit.

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