Savings accounts and current accounts are set up for different reasons.

Savings account

As its name suggests, a savings account is a bank account where money is deposited to build up savings. You can make cash deposits or transfer money from another account to it. To recover your savings, all you have to do is transfer the amount you want to your current account or withdraw money from the teller’s window at the bank.

There are two types of savings accounts available for minors: a blocked savings account that is locked until the minor turns 18 and an Axxess savings account, which can be accessed from age 15.

Current account

A current account is used to manage everyday expenses. You can deposit your student wages or allowance to this account, and use this money to pay daily expenses via credit transfer or with your payment card. In fact, a payment card (debit and/or credit card) is typically linked to this type of account. That way, you can access your money whenever you want by withdrawing cash from ATMs or making purchases at stores or online.