Types of bank accounts, what are the types of bank accounts, and how is the bank account managed, The option of saving always remains the right path to secure your future and the future of your children, so the bank works to provide an ideal system where the customer benefits from it in several ways, whether it is related to obtaining usurious interest or without interest, the decisions before him are many, and the most important thing is to choose a constructive strategy that works on managing accounts banking wisely, and this is what we explain in this article by identifying the types of bank accounts and how the bank account is managed.

Definition of a bank account

The bank account is a prevalent term since the inception of banks, and it is defined as the account that is established in a bank, so that funds or bank deposits are deposited in it. Calculations and deposits are made through bank cards and checks issued by the bank, and it is not a monopoly on anyone, so everyone can create A bank account with ease, with paying the minimum amount specified by the bank to activate the account with the possibility of recovering it.

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What are the types of bank accounts?

The importance of having a bank account is summarized as a wonderful opportunity to save and not be able to withdraw from it whenever the customer wants, and the option remains excluded if he needs money. It is possible to get acquainted with the information related to each account and choose what suits the customer, and thus we present the types of bank accounts:

current account

• Among the most popular bank accounts in force without any interest.
• The customer performs the usual calculations and banking operations through the bank employee, or automated teller machines. This type of account has several advantages that we summarize as follows:
• Being able to deposit money in the account with withdrawals throughout the period of activity and activation of the account with the availability of a balance in the bank.
• The customer is also given a check book.
• The possibility of obtaining an ATM card.
• The customer can view his account statement whenever he wants.
• With the possibility of transferring and receiving money inside or outside the country.
• Also, the opening of the account is done with any amount, without specifying any amount mentioned.
• Also, there are no fees for opening an account.
• The customer is allowed to open a joint current account.
• There are no interest or commission related to the funds that are deposited under the current account.

saving account

• A way to save, or an opportunity to implement short-term investment plans
• The customer can practice banking operations, withdrawing and depositing whenever he wants.
• Some banks give customers of this account an ATM card to facilitate transactions at any time.
• No restrictions related to salary transfer.
• The bank also provides a simple profit margin on the deposited account.
• In addition, the customer will be able to use banking services through websites, electronic applications, or mobile phones.
• With the possibility of obtaining a detailed account statement.
• As for the condition that must be subject to the customer is the presence of a minimum amount of money in order to obtain a profit margin.

term deposit account

• A minimum amount of money must be set as determined by the bank.
• With no access to a check book.
• Also, the customer will not be able to own the ATM card.
• With the customer being able to obtain a percentage of profit on the amounts deposited in the bank.
• The bank also imposes fees in the event that the deposit amount is withdrawn before the stipulated time.
• Possibility of extending the term for deposit withdrawal.
• Where the profit rate offered on the term deposit account is higher than the profit rate for the savings account.

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Types of bank accounts in Islamic banks

The matter is completely similar to accounts in regular banks, but there are some differences that distinguish it from being an Islamic bank from others. The trend is often towards those banks for fear of falling into usury and obtaining illegal interest, and accordingly we mention the types of differences between accounts in Islamic banks from accounts in regular banks :

• The current account: Within Islamic banks, it does not give the lowest profit margin, and the customer will not be able to borrow more than the balance.
• As for the savings deposit, it often offers a profit margin twice annually.
• While the term deposit account offers a profit margin twice annually, and upon expiration of the deposit, the profits can only be withdrawn on the specified date.

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Major components of a bank statement

The main components of the bank statement revolve around the debit side, as well as the components of the credit side, and the customer is aware of these details in the event that he undertakes to deal with the bank, whether a loan request or other financial transactions, and therefore we explain these components as follows:

debit side components

• It includes the amount resulting from the sale of all fixed assets.
• As well as the money that is received by the employees and workers of the facility.
• As well as the money contributed by customers and subscribers.

credit side components

• It includes asset values, which are often unrealizable.
• Also, the financial amounts that are paid for the liquidation of the establishment.
• It also includes the distribution of individual profits due from creditors.
• It also includes other financial distributions.

How is the bank account managed?

A bank is a financial institution that provides opportunities for saving and benefiting from deposits. Nevertheless, a strategy must be built that qualifies you to manage money with great wisdom and effectiveness. The trend is often about managing the personal budget. This matter is explained through how the bank account is managed as follows:

Pay attention to your personal budget

• Managing your money requires a high degree of security.
• Therefore, you must take all necessary precautions and take all measures.
• Comparing financial resources with expenditures.
• It requires entering and showing all expenses and recording all your operations
• To know how much the budget is each period and to be always aware of the personal budget.

Determine a ceiling for expenses

• It’s a good idea to keep track of expenses
• With a fixed ceiling for expenses
• With the flexibility to change the roof easily from time to time
• Accordingly, financial withdrawals are limited, and at the same time, and it is necessary for him to reduce expenses and reach the specified ceiling.

Offset premium money for the future

• Always try to be very strong.
• The rule of saving money is important and necessary to run your personal bank accounts in the new way
• It is insurance for your future and the future of your children
• You can also face difficult circumstances that may occur in the future
• And perhaps the acquisition of some things, both desires and necessary needs expensive.

Keep payment cards in safe places

• This rule would ensure your financial operations and the safety of your funds
• It is necessary to keep the check book in a safe place so that it is not damaged and becomes invalid.
• And in the event of loss and theft, the possibility of submitting a request for review and issuance of a new card
• This takes a long time, so you must keep your bank card and check book in a safe place.

Do not give your password to anyone

• Whether it is a family member, friend, or even your banking advisor, the matter is not without.
• Especially since those numbers are for your personal accounts and it is unreasonable to give them to anyone.
• When you forget your password or passphrase you can send a reset code.
• And that is to your phone numbers registered with the bank, so you must take all necessary measures and precautions to enjoy the savings system.

What are the types of bank accounts? The types of bank accounts are divided into three main sections, and several sections may branch out from them. Therefore, it is good to know the advantages and disadvantages of each account before proceeding to take it as a way to save and save.