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TeachMeFinance.com - explain Current account historic definition... Current account -- (or account current). Same as open or running or continuing account ; an account that continues and in which a settlement is made at intervals, as every 30 days, 60 days or twelve months. In Great Britian a current account (also called drawing account) in a bank is one which may be added to by deposits and drawn against at will at any time. On the other hand, a deposit account is one in which money deposited remains by agreement for a specified time and draws interest at a specified rate. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.