Current account: is the most basic bank account. It is useful for managing your money daily, like taking cash from the ATM, depositing cheques or payslips and paying the bills. Checking account: is the American English word for current account. Savings account: is an account which helps set money aside for a longer term. It offers interest. To help you save, make sure you automatically transfer money from your current account to your savings account as soon as you receive your monthly salary. If you leave the money in your savings account, interest will add up thanks to compound interest.