Types of bank accounts

Savings accounts

• Are used to keep the customer’s money safe.
• Are suitable for small saves with regular incomes.
• Have a low opening and minimum balance usually $0.
• Withdrawals are on demand.
• Cash can be obtained through the ATM or by filling out a withdrawal slip.
• Deposits are made by filling deposits slips.
• Customers are required to fill forms in order to open an account and to present identification documents as well.

Deposit Account

• Keeps money not wanted for immediate use.
• Higher interest is paid on monies held in these account.
• Interest is dependant on the amounts deposited.
• Withdrawals require 7 days notice.
• No ledger fees are charged on these accounts.

Fixed Deposits Accounts

• There is a set minimum deposit amount.
• Deposit are held for a fixed period of 1 to 12 months.
• The customer is not expected to make a withdrawal until this period has lapsed.
• The interest payable on the deposit is fixed for the entire period under which the deposit is held.
• These accounts earn a higher interest rate.

Budget account

• A customer adds up all his/her bills for the whole year.
• The total is then divided by 12 (months) to get the cost of bills for each month.
• At the end of every month one twelfth of the bill’s annual total is transferred from the customer’s current account to his budget account.
• Some banks issue special cheque books for budget accounts.
• The customer uses the budget account cheques to pay their monthly bills.

Current Account

• Opened by both businesses and ordinary people.
• Allows customers to use cheques when making payments.
• Current account holders do not need to carry cash around.
• Account holders can make and receive stop orders, credit transfers or direct debits.
• Cheques may be used as receipts for payments made.
• Account holders have access to overdraft facilities.
• Interest is received on credit balances.
• Banks send statements on a regular basis to account holders.
• Bak offers trade references to account holders.
• Account holders are provided with night safe facilities

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