Compare Term Deposits
| Term Deposit | Interest Rate % p.a. Up To |
Minimum Deposit $ | Terms | Apply |
|---|---|---|---|---|
| St George Term Deposits | up to 6.80 | $5,000 | 4 months - 5 years |  |
Transaction Accounts
If you want to quickly and securely acquire constant access to your funds as you demand it through a multitude of channels, then a transactional account is the way to go. This deposit account is typically offered by banks or other similar financial establishments. What's more, these accounts are made for the sake of a personal client's or business's convenience; they're not made to save or bear interest. Subject to the availability of funds, a customer may withdraw or deposit any amount of money any number of times from a given account. Every financial transaction made on a transaction account is recorded and itemized through a passbook or bank statement.
More to the point, a transactional account enables the account holder to receive or make his or her payments through online banking (fund transfers are made directly to another person through an online banking branch), SWIFT (account-to-account transfer on an international scale), standing order (automatic funds transfer), giro (funds transfer, direct deposit), electronic fund transfers (funds transference from one account to another is done electronically), direct debit (pre-authorized debit), money order and cheque (paper instructions for payment), cash money (banknotes and coins), debit cards (direct cashless payment to a merchant or store), and ATM cards (cards reserved for Automated Teller Machine, which are in turn used for deposits and withdrawals).
As for overdrafts, they happen whenever withdrawals for a transaction account that are in excess of the available balance, which then results in a negative balance. When you end up with negative balance, you're essentially acquiring credit from the bank for every withdrawn dollar that doesn't belong to your original balance. The interest for the borrowed money will typically be charged at the rate you consented to provided that the amount withdrawn is within the authorised overdraft and you have an agreement with the bank or lending institution that gave you the account in the first place that allows you to avail of the overdraft facility. As for fees and costs, that'll depend on the policies of the account provider. Besides which, there are a variety of factors that could influence the overall costs of the account, which includes overall interest rates for saving and lending as well as the number of access channels the bank provides.