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Bank accounts glossary

Basic bank accounts
Basic bank accounts are entry-level current accounts designed to allow more people to benefit from the advantages of bank accounts.More...
Current accounts
Current accounts are a banking or building society product that allow people to make unlimited deposits and unlimited withdrawals provided these do not exceed a certain limit.More...
Debit card
A debit card is a plastic card linked to a bank account.More...
Direct Debits
A direct debit is an instruction from a customer to their bank or building society that allows another organisation to collect varying amounts of money from their account.More...
Graduate bank accounts
Graduate bank accounts are current accounts that have been tailored for recent university graduates.More...
Identity fraud
Identity fraud is when a criminal dishonestly impersonates another individual to their financial benefit.More...
Joint Account
A joint account is a bank account that is opened in the names at least two people.More...
Late Payment Charge
A late payment charge is a fee charged to customers of financial products (such as credit cards, store cards, phone bills, loans, etc) when payments are not made by the due date.More...
Muslim finance
Muslim finance products allow the UK’s two million Muslims to benefit from mortgages, bank accounts and child trust funds, which would normally go against their faith.More...
Online banking
Online banking, also known as internet banking, is the term used to describe bank accounts that can be accessed over the internet.More...
Overdraft
An overdraft is pre-arranged facility that allows bank account holders to have a negative balance on their bank accounts – effectively borrowing money from the bank.More...
Overdraft bank accounts
An overdraft bank account is a bank account with a pre-arranged facility that allows account holders to have a negative balance on their bank accounts – effectively borrowing money from the bank.More...
Packaged bank accounts
Packaged bank accounts are current accounts that come with a suite of other products included.More...
Phishing
Phishing is a method of online fraud.More...
Standing Orders
A standing order in is an instruction from a customer to a bank or building society to regularly transfer a set amount of money to another bank account, either at the same bank or elsewhere.More...
Student bank accounts
Student bank accounts are current accounts designed for students.More...

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