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Paying-in slip
This form is sometimes known as a bank giro credit. It should be filled in with all the relevant details when paying in cash, cheques or postal orders to the bank. Personalized paying-in slips are available in books (sometimes now included in cheque books) with details of the account already filled in. Alternatively, paying-in slips are available at banks. They can be used to pay sums into an account held at that branch or at another branch, or at another bank (although a fee may be charged for this service). Illustration shows a standard paying-in slip.
A standard form of paying-in slip with its counterfoil. Space is given on the back of the form to list details of cheques and postal orders, and should be filled in, along with the counterfoil at the time of deposit. 1. A deposit account is for saving money whereas a current account is for day-to-day finances. 2. When paying money into your deposit account you can also use a Giro credit slip. 3. The normal or Base Rate of interest is fixed by the Bank of England. 4. Only adults can use current accounts whereas both adults and children can use deposit accounts. 5. Your money does not earn interest in a current account whereas it does in a deposit account. 6. You can use cheques to take money out of a current account whereas you use withdrawal slips to take money out of a deposit account. 7. With a current account you do not have to give notice of withdrawal whereas with a deposit account you should give a week's notice.
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