Transactional Account

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:

    How shall we account for our pursuits, if they are original? We get the language with which to describe our various lives out of a common mint.
    Henry David Thoreau (1817–1862)