Current accounts allow you to withdraw all your money at any time (e.g. by electronic bank transfer). You can also make payments out of your current account by debit card, withdraw cash from an ATM, and show up in person at a branch and withdraw cash during business hours. You can receive payments into your current account (family allowance, wages, student loan). Current accounts do not carry interest.

Student accounts are a special type of current accounts. Most student accounts offer free authorised overdrafts. This effectively means that you can borrow up to the overdraft limit (e.g. £1,000) without paying any interest simply by using your debit card and making your account go negative. This can help you in the short term if you face a large expense before your next income comes in.