current account

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current account

A customer checks the balance of their current account at the bank.

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.)

current account

A customer checks the balance of their current account at the bank.

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

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