In the light of the development of transactions between individuals, whether natural or legal persons, especially in commercial aspects and generally in all aspects of financial transactions and the rapid spread of that development in the current era, which also requires expeditious completion of these transactions and benefit from those transactions, and due to the high rate of crimes as stealing and other crimes. The society has become in dire for the custody of its funds in order to realize two goals: the first is the security aspect, and the second is the speed of completing financial transactions, which is currently evident in the transfer between one account to another, the payment of bills, or the transfer of salaries.
The bank account is an account that is created in the bank by depositing money or bank deposits, and the bank account is subject to the process of withdrawing funds, which can be done whether by bank checks or bank cards (Debit, Credit Cards).
ًWhat are the types of bank accounts?
1- Current account:
It is the simplest type of bank account for most customers. It is the account where their salaries have been deposited and bills are paid through it, therefore it is an alternative to a pocket wallet that whenever they need money, they can get it quickly.
2- Savings accounts:
It is an account to deposit the money you want to accumulate and usually contains many benefits to encourage customers to leave their money in the account as long as possible and pays a lot of interest.
3- Capital market accounts:
It is a savings account with additional benefits, the interest rate is usually higher than a savings account, and some banks require a minimum deposit in this account.
4- Certificate deposits:
When you open a certificate of deposit with a bank, you agree to deposit the money for a specific period, and this period usually range from six months to five years, which can be longer or shorter.