Current Account vc Savings

gravadlax

Okay people, I am totally clueness when it comes to all things financial. I somehow got conned into opening a bank account plus and flex save but I believe I am being charges £12.50 for the current account which everyone says is expensive since the rate given is also rather low compared to others.
Now what I am thinking of doing is moving to another bank but I am at a loss as to the difference between a current account and a savings accounts?
I already have a cash ISA with HSBC.

Thank you for your opinion in advance

debbie42

A current account is normally one that is used for day to day banking. It can handle standing orders, direct debits etc. People may have their wages paid in, and pay bills from it. It may have a cash card and.or cheque book.

A savings account is used to store cash that you don't need to access on such a regular basis. Having said that, I regularly transfer funds between my savings and current account to maximize my interest.

Which bank are you with> It sounds like you are paying for a premium current account, which normally comes with added extras. Halifax do one which costs something like £10 p.m. Unless you value the benefits at more than they cost you there isn't much point in paying extra for your current account.

You can possibly downgrade your account and keep it in the same bank, if you wish.

gravadlax

thanks Debbie