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| Current Account |
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A current account deficit
on the Balance of Payments means that the value of imports for
goods and services is greater than the value of exports. A current
account mortgage is a type of flexible mortgage product that
combines several financial products into one single account.
A current account is a vital part of our everyday lives, and
acts as the hub of our financial activities. Our wages are paid
into the account, many of our bills are paid from it automatically,
other bills are paid by checks drawn on it, and it is from this
account that we usually withdraw our cash for everyday spending.
As these accounts are so important, it is perhaps a little surprising
that the number of people who actively look for a better account
with more features is comparatively quite small.
Another feature which more and more current accounts offer is
a cheap overdraft facility. Going overdrawn on a traditional
account can be an expensive business, especially so if your
overdraft is unauthorised. Modern accounts can offer an overdraft
facility as standard, with no fees, and charging interest at
a rate well below the almost punitive rates once charged. In
fact, some accounts even waive interest payments completely
in certain circumstances, such as going temporarily overdrawn
or not exceeding a previously agreed level of debt. |
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