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Transaction accounts (also known as bank accounts) are used for your everyday spending like paying bills, buying groceries and making deposits into other accounts. They're used for your day-to-day transactions, and come with a debit card that you can use in stores, online or at ATMs.
Although transaction accounts differ between banks, they all serve the same basic purpose: to provide you with various, easy ways of accessing your money. You can use your linked debit card to access the money in your transaction account to make purchases in shops, through branch or ATM withdrawals and online purchases. You can use your transaction account to:
There are a number of fees and charges you could be faced with when using your transaction account. This dpends on the type of transaction account you have, and how you use it. Some of the main fees include:
Here are some things to consider when comparing the features.
There are several features to consider when weighing up the pros and cons of banks, including:
Look for an account that can be accessed from overseas and also charges minimal fees when you withdraw funds abroad. Ubank, HSBC, RaboBank, ING and a range of other providers offer online bank accounts that are worth considering; however, keep in mind that you may need an Australian phone number in order to be able to perform certain transactions.
There are a few things to be mindful of when using your transaction account:
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