Types of bank accounts

Leonard Pokrovski
Moderator
Iscritto: 2022-07-25 12:14:58
2023-11-03 17:44:35

Types of bank accounts

If you are going to open a bank account, you need to decide on its type. There is an extensive classification of bank accounts. Sometimes it is enough to explain to the employee of the financial institution why you need the account. But it is better to study the theoretical information in advance.
All types of bank accounts are divided according to their purpose. Some of them are created for deposits, others are designed for current settlements. Often, a current account can be transformed into a credit account if the client is allowed to go into the red by a certain amount of the limit. There are accounts designed specifically for individuals and legal entities.

Types of Bank Accounts for Individuals

There are the following types of bank accounts for individuals:

 
  • current, settlement;
  • Credit;
  • Deposit;
  • Budget-friendly, intended for social. Payments.

Wages can be transferred to current accounts. If necessary, you are able to replenish it or withdraw money yourself. A bank debit card is linked to the account so that you can use ATMs. A credit account is needed to pay off loan obligations. Its balance is negative. A deposit account is intended for deposits of individuals. People who receive pensions and benefits from the state can contact the bank to simplify the process of withdrawing money.

 

Types of Bank Accounts of Legal Entities

If you are a businessman, you should be interested in the types of bank accounts of legal entities. Without a current account in the bank, it is impossible to register a new company. This category includes the following accounts:

  • Current;
  • sub-settlement;
  • current;
  • letter of credit;
  • budgetary, account for extra-budgetary funds.

Each of them has a specific purpose. All transactions on accounts are controlled not only by the company's accounting department, but also by the authorities. Therefore, it is so important to understand the peculiarities of using all types of accounts for legal entities, to correctly generate reports.

Main types of bank account

When considering and choosing the main types of bank accounts, you need to understand how easy it is to manage and use them. Sometimes withdrawal of funds from the bank is possible only upon preliminary applications with the presentation of a full package of documents. Often, the validity of the account is limited. Such points should be clarified in advance.

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