Current Account vs Savings Account: Key Differences
For money that moves often.
Money stays and grows.
The table below shows the main differences.
| Feature | Current Account / Savings Account |
|---|---|
| Main Purpose | Current: Daily payments and transfers Savings: Keeping money and earning profit |
| Profit | Current: Not offered Savings: Variable, as per SBP guidelines |
| Everyday Use | Current: Made for frequent deposits and withdrawals Savings: Made for balances that stay put |
| Best For | Current: Salaries, bills and business payments Savings: Emergency funds and future goals |
Current Accounts at Allied Bank
Allied Bank offers six current accounts. Each one serves a different daily banking need. Here are the main options.
Allied Current Account
The Allied Current Account suits salaried customers, professionals and business owners who make many payments each month.
Initial deposit: PKR 1,000
By maintaining a monthly average balance of Rs. 250,000/- or above, you can enjoy the following free services:
✓ Free manual remittances for account-to-account transfers and issuance of:
Allied Easy Current Account
The Allied Easy Current Account offers similar convenience without a minimum balance requirement or service charges. It suits customers who want a simple account for everyday use.
Initial deposit: Rs. 1,000/- only
Other Current Account Options
Allied Bank also offers accounts built around specific needs.
Opens with a valid Computerised National Identity Card (CNIC) alone.
Helps freelancers receive and manage foreign currency earnings.
Serves customers who receive home remittances.
A simple, low-cost account for everyday needs.
Savings Accounts at Allied Bank
A savings account rewards patience. Your balance earns profit while it stays in the account. Profit rates are variable and follow SBP guidelines. Allied Bank offers three savings accounts.
Allied PLS Savings Account
Who It Suits
The Allied PLS Savings Account suits first-time savers and regular savers alike. PLS stands for Profit and Loss Sharing.
What You Get
It has no minimum balance requirement and no account maintenance charges. Debit card options include Allied UPI-PayPak and Visa. You can also bank through myABL and myABL WhatsApp Banking.
Allied Asaan Saving Account
The Allied Asaan Saving Account pairs simple paperwork with profit. It asks only for minimal documentation, which helps first-time savers and newcomers to formal banking.
Platinum Rewarding Profit Account
The Platinum Rewarding Profit Account rewards higher balances with higher profit rates. It suits customers with larger savings.
Current Account vs Savings Account: How to Choose
Choose a Current Account for Daily Money
Pick this account for salaries, bills and business payments. It keeps your money ready for frequent use.
Choose a Savings Account for Future Goals
Choose this account for an emergency fund, school fees or a home deposit. Your balance earns profit while it waits.
Use Both Together
Keeping both accounts works well for many households. Salary lands in the current account. A fixed amount then moves to savings each month through myABL.
Frequently Asked Questions
Q. Do I Need a Minimum Balance for a Current or Savings Account?
It depends on the account. The Allied Easy Current Account and Allied PLS Savings Account have no minimum balance requirement. However, the Allied Current Account carries a PKR 50 monthly service charge when the average balance falls below PKR 25,000.
Q. Can a Savings Account Have a Debit Card?
Yes. The Allied PLS Savings Account offers Allied UPI-PayPak and Visa debit cards and all other variant cards. Card charges follow the Schedule of Charges.
Q. How Often Does the Allied PLS Savings Account Pay Profit?
Profit is paid semi-annually, which means twice a year. Rates are variable and follow SBP guidelines. Current rates appear on the Projected Profit Rates page.
Q. What is the difference between Allied Current Account and Allied Easy Current Account?
The Allied Current Account is a regular account offering various banking services with a balance requirement. In contrast, the Allied Easy Current Account provides the same convenience but with no minimum balance and no service charges.
Q. How can I open an Allied Easy Current Account?
Visit your nearest Allied Bank (ABL) branch with your CNIC and proof of income to open an Easy Current Account.
Q. What is the difference between a current account and a savings account?
A current account is used for frequent transactions, while a savings account is intended to store funds and earn profit over time.
Q. What is a basic banking account?
A basic banking account is a current account designed for simple use. It allows a limited number of monthly transactions with no service charges for everyday banking.
Q. What’s the difference between a basic account and a current account?
Unlike regular current accounts, basic accounts do not require a minimum balance and are limited to fewer transactions per month.
Q. What’s the difference between Allied Basic Account and Allied Easy Current Account?
The Allied Basic Account is intended for customers needing limited transaction access without the need to maintain a balance. The Allied Easy Current Account offers broader access to features, while still having no service charges or balance requirements.