relevant current account

has the meaning given in section 131O of the Act, which is in summary an account provided by a relevant current account provider in reliance on its Part 4A permission to accept deposits by means of which one or more named persons are able to:

1. (a) place cash;
1. (b) withdraw cash; and
1. (c) execute and receive payment transactions to and from third parties, including the execution of credit transfers.