Flashcards in Bank Accounts Deck (8):
What is a standard account?
This is the typical free current account that most customers receive.
Positives and negatives of standard account
- Entitled to a debit card, cheque book, sometimes an overdraft limit
- You are able to set up direct debits however they are no added extras.
What is a premium account?
This account offers additional features to a standard account, for example car and house insurance, credit card protection, breakdown cover and cash back on certain transactions.
Positive and negative of premium account
- Offers the holder additional perks at a packaged price cheaper than acquiring them individually.
- Additional monthly charge is frequently applied.
What is a basic account?
Limited version of a standard account for people with a poor credit rating. Does not pay out overdraft and does not pay interest on positive balances.
Positives and negatives of basic account
- Available to customers with a low credit rating
- Limited facilities, e.g no debit card or overdraft facility
What is a student account?
Designed specifically to meet the needs of learners. Features include an agreed overdraft limit and incentives to join the bank, for example free rail cards or cash.