What is a Current Account and which Current Account should I go for in Bahrain?

What is a Current Account?

A Current Account is a type of deposit account into which account holders can deposit and withdraw funds. 

Here are a few common characteristics of Current Accounts – 

▪ Current Account usually allow unlimited number of deposits and withdrawals. This is to cater to business accounts which require such a facility. 

▪ Current Accounts provide cheque facilities. Again, this is to cater to the needs of businesses that are required to cheque payments. 

▪ Current Accounts, with a very few exceptions, do not provide any interest earnings.

What are the Current Account products offered by banks in Bahrain?

Let's look at a few Current Account product examples – 

▪ The Current Account from Citibank offers unlimited checking with your own personalized checkbook, a range of major currencies with which to open the account, a free Debit Card, digital banking, phone banking, worldwide remittances and zero bank charges provided that an average monthly balance of BD 500 or its equivalent in any other currency is maintained. 

▪ NBB's Current Account offers a wide range of features including cheque books, debit cards, local & international money transfers and multi currency facilities. 

▪ BBK's Current Account is designed for both personal and business requirements. Features include cheque book facility, BBK Vis Debit Card, a choice of 11 major regional and international currencies, unlimited deposits and withdrawals through cheque book or ATMs and free transfer of funds to and from any BBK account. 

▪ Ahli United Bank's Current Account offers two types of current accounts – with or without cheque book facility. Common features include multiple currency options, free Master ATM-cum-Debit Card, a range of digital and phone banking facilities, Fawri, Fawri+ and Fawateer fund transfer services and more.

How do I choose a Current Account for my needs?

▪ A good place to start with will be the bank where you have your personal account(s). You will be known to the bank and this can help you open a Current Account for your business needs with minimal formalities. 

▪ As your business starts to grow / expand, you may need additional facilities / features for your growing business needs. While you could still talk to your current business banking partner, it would also be wise to look at the business banking relationships offered by other banks. 

You could check out the websites of banks to get an idea of what they offer. You could then talk to officers in the bank. Or, you could get request business friends or valued customers for references and act on those. 

▪ And, while banks have increasingly started to offer accounts through online means for a long and healthy relationship engage with the bank(s) of your choice through offline mode too before you start a banking relationship with them.