It is important to understand the different types of bank accounts one can open nowadays. If you are thinking about your first bank account you will need to decide between bank savings accounts or bank current accounts.

A savings account is an account that you generally use for saving money: in general you get a higher rate of interest in a savings account than you do in a current account. Savings accounts are also often slightly less flexible than current accounts, with possible longer times to withdraw your funds.

A current account is generally used as your checking account and will largely be used for your day to day transactions. Current accounts are mostly much more flexibnle than savings account.