General Services

Just as with traditional banks and building societies, private banks offer an extensive selection of general services for individual banking needs. These services are essentially the same as those offered by regular banks. Some of these services include savings accounts, current accounts, loans, credit and debit cards, and overdraft facilities:

• Savings Account

Savings accounts attract a high rate of interest on the current balance in return for allowing the bank to use this money for loans to other people.

This account is specifically designed to encourage saving: access to the money held in savings accounts is generally restricted. There is normally no option for writing
a cheque against your savings account or drawing from it directly by using a debit or credit card.

• Current Account

The most common form of personal bank account, a current account allows easy access to money deposited into the account, through cheque books, debit card access, over-the-counter transactions, or direct debit authorisations.

• Cheque Account

This is a specific account that allows the account holder to write cheques against the deposited funds. Cheque books are now commonly assigned to normal current accounts, but it is still possible to get a specific cheque account if you require one.

• Overdrafts

This is an agreed permanent loan associated with your current account. You can draw on it directly for a set interest rate. The amount is applied directly to your current account and is considered as deposited funds.

• Debit Cards

Debit cards allow you to access funds in your current account so that you can shop in stores that accept card purchases, as well as pay for things online or over the phone. Debit cards also let you withdraw cash from an Automatic Teller Machine.

• Credit Cards

A credit card agreement is a fixed loan provided to you at an above average interest rate. It is immediately available partially or in whole through the use of the associated credit card. The bank pays any purchases made with the credit card, and in return you are required to pay the outstanding balance on the credit card or an agreed monthly minimum repayment.

Cash advances are commonly also available. Although convenient, the cash advance portion of your outstanding credit card bill will be charged at an even higher interest rate than the purchase of goods or services.