Transaction Accounts

A transaction account offers one of the most simple and straightforward ways of managing your daily finances. Most people in New Zealand rely on transaction accounts to receive income (wages, salary) or to make essential payments such as the rent or mortgage. Nowadays most accounts offer an online function, allowing you to view your transaction history and payments from the computer. There are many accounts to choose from so it is wise to think about what you need. Do you just need a simple place to receive payments or will you be relying on the account to deal with all of your household finances? Think about what charges and penalties are involved, as these can vary. Please be sure to read the terms and conditions before you apply for an account.

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Mange your daily finances with ease with the right Transaction Account

What is a Transaction Account?

Transaction accounts are an essential part of many people’s financial lives as most people in South Africa will have one. The reasons why transaction accounts are so popular are because they provide an instantly accessible place for your money. They help you manage your money on a day to day basis.

The pros of Transaction Accounts

Transaction accounts are usually where your income gets paid into. You can also pay people from this account, receive payments and take out money from ATMs. You will be able to set up standing orders and direct debits from a transaction account for regular payments so if you have to pay bills you will not have to worry about missing payment deadlines.

Most accounts will come with a chequebook and a card that you can use to withdraw money and make payments easily. Some transaction accounts also offer interest on the money you have on the account, although the rates are often lower than on a savings account.

Overdraft facilities

Some transaction accounts come with an overdraft facility which is essentially borrowing money from the account provider. Some accounts may offer overdrafts on an interest free basis. However, you should watch out for charges as some banks may charge you for this facility and rates can vary. There can be hefty fees for exceeding your overdraft.

The benefits of online banking

With a transaction account you can get online banking which is a great feature. Internet banking is easy to use, secure and convenient. You do not have to travel to your nearest bank for many basic services and you can access your account 24 hours a day. You can also access your statements instantly, make transfers quickly and schedule monthly payments to be made out of your account automatically.

Choosing the right account for you

The right account will depend on you and your requirements. Many accounts offer incentives with their accounts such as free gifts and vouchers but you need to make sure that despite these are you still getting a good deal. Watch out for any hidden charges with some account providers and always read the terms and conditions thoroughly.

Use the table above to compare different transaction account providers.

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