Whether you’re looking for a transaction account, savings account, or even both – it pays to know the differences. Here’s some information to help you figure out what works for you.
A transaction account (sometimes called an everyday account) is a bank account used to pay for bills, shopping and everyday purchases, plus payments to and from other bank accounts. You can usually get one after turning 16 years old.
You’ll often get a debit card with your account too, which you can use to withdraw cash or pay for things. Most of us get our salaries paid directly into this account.
Check that your account offers:
There’s often a small monthly fee to maintain your account. But you’ll find that some banks waive this fee if you deposit a certain amount in each month (like your salary).
Whilst most banks won’t charge you for electronic transfers or withdrawals from their own ATMs, it’s worth double-checking this before you open an account. It’s also worth checking if they charge a branch withdrawal fee or cheque deposit fee.
Online statements are usually free, but some banks charge for paper statements.
A savings account is designed to grow your money by accumulating interest on funds deposited. In other words, it encourages you to save money – rather than spend it.
This means you may not receive a debit card with a savings account. Instead, you’ll access and move your money into different accounts online, over the phone or via a mobile app. You can usually get a savings account after turning 16 years old, but some banks offer special accounts for kids too.
Check that your account offers:
You can find out more about our savings products here.
Some banks will charge you annual fees and withdrawal fees, while others waive these if you deposit a certain amount of money into the account each month.
Whether you want to open a bank account with us, or just want more information, we’re here to help.
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