current account

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current account

Economics that part of the balance of payments composed of the balance of trade and the invisible balance

Current Account

 

a type of deposit operation in banks and savings banks. Deposits in current accounts are not time deposits; that is, the account holder can make deposits and withdrawals at any time. In the capitalist countries, current accounts for the most part hold the temporarily free capital and cash reserves of the capitalists. In the USSR, current accounts in banks may be opened by noneconomic institutions and enterprises, kolkhozes, and public organizations; current accounts in savings banks may also be opened by individuals.

References in periodicals archive ?
Complaints relating to current accounts (24,335 in H1-2017) continue to represent the largest number of consumer complaints about banking products.
The UK's Financial Conduct Authority (FCA) chief executive, Andrew Bailey, has warned banks against closing down operations in the current account market.
Some 248,302 switches took place between January and March 2017 according to payments body Bacs, which oversees the current account switch service.
THE good news is that many current accounts offer perks such as cashback, rates of interest which are much higher than you could expect to get from many savings accounts and also cash to switch.
In application to the United States, it may be stated as follows: The accumulation of dollar reserves requires the United States to run a current account deficit.
IT'S easy to assume it's not worth your while switching your current account.
Current accounts are seen as a "quick win" for fraudsters as they enable them to launder money and rack up debts in someone else's name by maxing out overdrafts or using the account as a springboard to make other bogus credit applications.
PowerPlus reinvents the generic current account that pays no interest, and fixed deposits that require money to be locked in with a loss to liquidity.
The determination of current account and exchange rate--the two major indicators of external sector--has been studied widely in theoretical and empirical literature but mostly the discussion of the two variables largely remained separate [Lee and Chinn (1998)].
Current accounts are big business for banks, which rely on them to help cross-sell other products to us.
British banks are doing away with interest payouts on current accounts.
Helen Bierton, head of Santander current accounts, said: "For many people enjoying a successful long term relationship in whatever form is more rewarding than chopping and changing.