Transaction Accounts

Check the details to get the best from your Transaction Account

Choosing any financial product, you know that you have to read the small print. While transaction accounts may look like they offer similar services, if you check the details, you will notice there are some big differences. And because you will use your transaction account on an everyday basis - from paying the kids' dental bills to buying a loaf of bread - it is really something you need to get right.

Don't be seduced by introductory offers.

While a transaction account that offers the world for the first nine months may seem like a good idea, it's best to check what it will revert to when the honeymoon period is over. If disadvantages outweigh the advantages, then it may be best to choose a transaction account that works out better over the longer-term.

Do you need a debit card?

Some transaction accounts will offer a debit card and some won't. Many people enjoy the freedom of using a debit card, especially for online purchases. Make sure to check if the service comes with any fees.

Do you need an everyday transaction account or a savings account?

A savings account will offer you interest on the money in your account, while transaction accounts generally don't. Check out the different rates of interest available, and whether you will be charged for services such as withdrawals.

What will you pay in fees?

Transaction accounts can charge monthly account fees, overdrawn fees and ATM fees. Look at how you will use the account, and choose one that will charge the least amount of fees for your banking style.

Is it easy to access?

Investigate how easy it is to access your transaction account. Does it have online access? Can you link it to other accounts? Are there any fees or charges for face-to-face, online or phone banking services?

There are certain conditions attached to all transaction accounts. Look at how you will be using the account, research all your options, and don't forget to check the details!