- What are Transactional Accounts?
A transactional account - or bank account, is a deposit account held with a bank or other financial institution, and is used for frequent fast and secure access to your funds on demand, through a number of different channels, such as ATM's, online purchases, in branch, or at any participating retail outlets.
- What fees are involved and how can avoid them?
Most transactional accounts charge a monthly fee, but as more competition continues to enter the market, banks are constantly offering more competitive rates, with some accounts cutting fees if monthly deposits are made, and others dropping them completely.
- What are Transactional Accounts used for?
Transactional accounts are generally used as a convenient method for storing the cash you intend to spend throughout the month as opposed to money you would save. For this reason, transactional accounts tend not to be used for the purpose of earning interest - although some accounts do offer interest, but allow customers to deposit or withdraw money with no restrictions on withdrawals, providing the account has sufficient funds to cover the transactions.
See our range of Transactional Accounts above
