Transaction Accounts Comparison: Compare & Apply For Transaction Account Online
Posted January 28th, 2010
If you have transaction accounts, or are thinking about getting one, you should learn more about them. Different accounts have different fee structures, and this article will explain them to you.
Transaction accounts are a deposit account where your money can be accessed at any time. You can transfer or withdraw amounts to others whenever the need arises. There is usually a low rate of interest offered on these accounts, due to the steady fluctuation of funds within them. They do offer a wide range of features and facilities, however, and usually with low fees.
Different types of transaction accounts:
Personal Transaction Accounts
These are the typical kind of transactional accounts that most people use. In many cases, this account allows you to perform an unlimited amount of transactions with other banks, and your bank, with a monthly flat fee. Some banks may give you the option of paying for each transaction separately.
All-in-one transaction accounts
These accounts are for day to day activities and are attached to a savings account that offers a high rate of interest. Money transfers between these two accounts will be done as soon as you put in the request since they are linked.
Basis transaction accounts
These transaction accounts are best suited for people that have limited income, such as people receiving Welfare or pensioners. They only offer a small amount of transactions that can be performed for free, but do not have any monthly fee to pay.
ATMs
ATMs can be used for a large variety of banking services, such as purchasing a phone credit that has been pre-paid, checking your balances or depositing checks or cash. They are available 7 days a week, 24 hours a day.
They are a convenient way to do your banking, but you should be aware that if you use an ATM that belongs to another financial institute other than the one you are currently using, that you will usually be charged a service fee of up to $2.50. If you do this quite often, it would be best to find an account that does not make you pay this charge.
You can get access to the EFTPOS system network with almost any ATM card that is issued from a transaction account in Australia.
Choosing the right transaction account
It is best to consider what kinds of transactions you will be performing the most before choosing your account. Some of these transactions include:
1. Cheques
2. ATMs
3. Bpay
4. EFTOS
5. An overdrawn account
6. Direct deposits
7. ATMs from other banks
The use of debit cards
You can use funds directly from your account with a MasterCard or Visa debit card. They are great for people that can’t control their spending habits with a regular credit card but still need to pay with a Visa or MasterCard for their purchases.
There are a lot of transaction accounts you can choose from, but now you can understand the benefits of each and decide which account would work best for you.
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