Differences and similarities between savings and current account


One is operated with checks and the other with notebook

Who else who least has their money in the bank, and this is usually deposited in savings accounts or checking accounts. Let’s see what are the differences and similarities of both banking products.

The most basic financial service offered by banks and savings banks is the bank account in sight, which can be current or savings. The main difference between the two is that in the current account funds can be available through checks and a passbook is used in the savings account, although in both cases the holder can withdraw money by identifying himself in the cash register of an office of his entity or at ATMs with a credit or debit card linked to that account.

Savings or current accounts are practically identical in almost everything else, whether they are income, payments, direct debits, transfers, withdrawal of money through ATMs , amortization of loans received, contributions to pension plans, etc.

Advantages and disadvantages

The great advantage of this type of accounts is that it allows us to have our money always available and it facilitates our daily financial operations.

In this sense, we must remember that Spain is the country with the most ATMs per inhabitant in the world, so it is difficult to run out of cash. Of course, when using an ATM, it is important to take into account the fees that may be charged to operate with an ATM of another entity or belonging to another ATM network, or to have money on credit instead of charged to your account current.

Regarding the disadvantages, the main one is that the interests are low and can even be exceeded by the fees charged by the bank for the maintenance and administration of the account, direct debits, transfers, the use of foreign ATMs to the bank, etc. Although there are entities that, in exchange for domiciling the payroll, do not charge commissions or are more reduced.