Definition

1. Noun:
   • A type of bank account: A bank account that allows the depositor to withdraw money by writing checks or using a debit card, typically without earning interest on the deposited funds. It is used for everyday transactions.
   • An economic record: In economics, the part of a country's balance of payments that records the value of its exports and imports of goods and services, as well as income and current transfers, over a specific period.

Usage

• As a bank account: Used for managing daily finances, paying bills, and receiving salaries.
• As an economic term: Used in international economics and finance to analyze a nation's economic transactions with the rest of the world.

Examples

• Noun (Banking):
  • I need to deposit my paycheck into my current account.
  • Most businesses use a current account for their operational expenses.
• Noun (Economics):
  • The country's current account deficit widened last quarter.
  • A surplus in the current account indicates that a nation is a net lender to the rest of the world.

Advanced Usage

• "Current account balance": The net balance of a country's current account, calculated as (exports - imports) + net income + net current transfers.
  • Policymakers are concerned about the deteriorating current account balance.
• "To operate/run a current account": To manage or have an active checking account.
  • The company operates several current accounts with different banks.

Variants and Related Words

• Checking account (US): The common American English equivalent for the banking meaning of "current account".
• Balance of payments: The overall record of all economic transactions between a country and the rest of the world, of which the current account is a major component.
• Capital account: The part of the balance of payments that records capital transfers and the acquisition/disposal of non-financial assets.

Synonyms

• Checking account (for the banking meaning, primarily US).
• Transaction account.
• Demand deposit account.

Related Phrases

• Current account holder: The person or entity in whose name the account is held.
  • As the current account holder, you are responsible for any overdraft fees.
• To be in credit/overdrawn on one's current account: To have a positive or negative balance in the account.
  • Her current account is overdrawn by £50.

Idioms

(This term is primarily technical and does not commonly feature in idiomatic expressions.)

Noun

1. a bank account against which the depositor can draw checks that are payable on demand
2. that part of the balance of payments recording a nation's exports and imports of goods and services and transfer payments