Many people will prefer to open a savings account. But having a current account is essential to manage your money on a regular basis. Here are five reasons why you should have a current account.
A current account provides a proof of payment
Cheques provide a paper trail or a written proof that you paid someone. Each time you write a cheque that ultimately clears your account, there are several records of it.
Having this proof is important for tax purposes (when you make tax deductible charitable donations) and whenever you’re paying a person or company.