Understanding Transaction Accounts

Full Access Transaction Accounts

Full Access Transaction Accounts

If youre someone who likes to have access to phone, online and branch banking, then an account that offers these features with low or no fees is the way to go. Most types of these accounts come with a Visa debit card, which means that when purchasing products or services on EFTPOS or online, you are able to use the credit card function and the money is taken straight from your account.

Phone and Internet Only Accounts

If you rarely go into a bank branch and youre happy to simply use phone and internet banking, this type of account can save you money on fees and is very convenient and will also usually come with a Visa debit card. If you are a big internet user, this option could be perfect for banking and shopping needs.

Linked Accounts

When it comes to saving money, the best way to achieve your goals is to link your everyday transaction account to a higher interest savings account. While this option still allows you to easily access and transfer funds when you need them, your savings will be working harder for you by earning much more interest than if they were left in your regular transaction account (and also will be more difficult to access.)

Student and Apprentice Accounts

These particular accounts have been developed to assist trainees, students and apprentices with easy banking options, all without the monthly fees that other accounts can attract. In most cases, there is no minimum opening or monthly balance required as the income for students, trainees and apprentices can be low or sporadic.

Retiree Transaction Accounts

Specifically designed for pensioners or people who have retired and are over the age of 55, these types of transaction accounts have no fees attached and also offer an optional Visa debit card, should the account holder wish to shop securely online or over the phone. Interest earned on this type of account is often calculated on a daily basis and paid at the end of the month.

Whatever the account may be, always be sure to do your research, ask as many questions as you want and before you sign or open anything, be 100% sure that the institution you have chosen meets all your banking needs.

by: Ruth Carter

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