An account with a bank, held by an individual, firm, or government. Bank accounts are used by holders to conduct their transactions, either by providing cash when it is needed or by transferring balances to other people as ordered by cheques, direct debits, or electronic transfers. Money in an account may be instantly available, as in a current account (UK) or a checking account (US); or notice of withdrawal may be required, as in a deposit account (UK) or a time account (US). An account may be in credit, when the bank owes the customer money, or overdrawn, in which case the customer owes the bank money. Current accounts normally earn little or no interest, and may be liable to charges; interest is paid at somewhat higher rates on deposit accounts, and interest at considerably higher rates is charged on overdrafts, which may also incur extra charges.