Current Account

In banking, a bank account that offers a number of facilities including cheque book for debt settlement, deposits, direct debits and, where applicable, overdrafts. This type of account is normally used for ongoing transactions (for example monthly direct debits and writing of cheques etc.) as opposed to a deposit account. In economics, a current account is a balance of payments account listing visible and invisible trade transactions and excluding flows produced by borrowing and investments which are in the capital account. In corporate affairs, it is an account listing transactions between trading companies.