What happens if you select savings account instead of current account?

To be precise if you have mistakenly selected savings account instead of current account during a bank transfer the transaction will be rejected or failed. The reason being there is no such account number in savings bank logically.

What is HKD current account?

Manage money and issue cheques for day-to-day payments.

Is it safe to save money in current account?

A current account is usually the best option for managing everyday transactions, such as paying bills and withdrawing cash, whereas a savings account is more suitable for keeping spare cash safe and earning interest on that money.

What are the benefits of current account and savings account?

Current Account: There is no cap on number of transactions. Savings account: Suitable for individuals to deposit salaries and also for saving funds for emergencies. Current account: Suitable for business enterprises and institutions that make frequent transactions.

What is current saving account?

A current account savings account (CASA) is aimed at combining the features of savings and checking accounts to entice customers to keep their money in the bank. The CASA is a non-term deposit, meaning it is used for the everyday banking and savings needs of the consumer.

What is the current account in bank?

Current bank account is opened by businessmen who have a higher number of regular transactions with the bank. It includes deposits, withdrawals, and contra transactions. It is also known as Demand Deposit Account. Current account can be opened in co-operative bank and commercial bank.

What is the difference between a current account and savings account?

A savings account allows you to earn interest on your money, while still being able to access your funds when you need to. A current account allows you to manage your money and write cheques for day-to-day payments. When will I get my principal back after I place my Time Deposit?

What is the average interest rate on a savings account?

Interest. Savings Account: Will usually earn you an interest between 4\% to 6\% on a pre-specified basis. Since these accounts do not allow unlimited transactions, it is easier to accumulate more funds over a period of time. Current Account: In the case of current accounts, banks usually do not provide any interest.

Which current account is better HSBC or Citibank?

This leaves Citibank or Standard Chartered – neither current account is perfect, but both beat HSBC in terms of features. Standard Chartered is great in that all bank transfers within HK are free, no matter who the recipient banks.

Why do banks charge so much for current account?

Here is the explanation why. Current account is a “general-use” account on which you can write checks, use ATM/Debit cards and have unlimited transactions. It can also have negative balance (if your bank agrees to let you overdraft, they usually charge huge fees for that though).