Transaction accounts are for doing just that, making transactions – whether that’s to pay off your credit card, buy the weekly groceries or pay for the trip to the dentist. It’s important to remember that transaction accounts are not savings accounts and aren’t the place to stash your cash for the long haul.
For this reason, the interest rates on transaction accounts are almost non-existent – offering around 0.01% per annum on your balance. So when choosing a transaction account, the interest rate is hardly the selling point so don’t get hung up on it.
Accessibility is clearly important. Can you access your money via the internet, phone, ATM, EFTPOS, BPAY and so on? Ensure that you can access your funds via your preferred channels.