A transaction account is an account held with a Bank, Building Society or Credit Union that is designed to help you manage your everyday finances. Most adult Australian hold a transaction account and it is common practice to have your salary deposited directly into this account from where you can pay bills, withdraw cash.
Banks often refer to these accounts as savings accounts, though the term transaction probably more clearly describes what they are, as they fare undamentally accounts which facilitate spending or transacting. It's common practice to hold a transaction account and a savings account, wand link these accounts to make cash transfer between the accounts easy. By holding 2 accounts you have access to all the convenient features provided by a transaction account and earn interest on any spare cash in your savings account.
The table below is designed to help you select a transaction account that provides all the features you require at the lowest cost. The costs associated with transaction accounts are generally one of 2 types, those with a fixed monthly account admin fee and those which charge you based on the number and type of transactions you make each month. In conjunction with an assessment of the fees charged your transaction account comparison should consider the importance you place on how you access your account be it by branch, on line, phone, EFTPOS, ATM’s, Bpay, direct debt or debit card.