A transactional account is a deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels.
Transactional accounts are meant neither for the purpose of earning interest nor for the purpose of savings, but for convenience of the business or personal client; hence they tend not to bear interest. Instead, a customer can deposit or withdraw any amount of money any number of times, subject to availability of funds.
Read more about Transactional Account: Name, History, Features and Access, Overdrafts, Cost, Interest, Current Accounts
Famous quotes containing the word account:
“Then he looked up at his disciples and said: Blessed are you who are poor, for yours is the kingdom of God.
Blessed are you who are hungry now, for you will be filled.
Blessed are you who weep now, for you will laugh.
Blessed are you when people hate you, and when they exclude you, revile you, and defame you on account of the Son of Man.”
—Bible: New Testament, Luke 6:20-22.