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Types of bank account

Current account

This is your basic account which is used for day-to-day purchases and deposits.

This type of account normally comes with a cashcard which you can use to withdraw money from cashpoints (ATMs) up to a daily maximum limit.

Cashpoints are usually accessible 24-hours a day and located on the walls of banks and in some shops. 

Please note that if you use the cash machine of a different bank you may be charged for taking money out. The machine will warn you if this is the case.

A current account is important because it allows you to set up a regular payment, normally called a Direct Debit. Your tuition and accommodation fees are usually paid as Direct Debits.

Other bills, such as mobile phone bills, are usually directly debited from your account.

Savings account

It is a good idea to open a savings account if you intend keeping a lot of your money in your account which isn't used regularly. 

You will receive a higher interest payment from the bank if you keep money in a savings account. 

The money may not be as accessible and you should check carefully the method for moving or withdrawing your money. 

You will not be able to setup a Direct Debit from a savings account.