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:
“You should try to understand every thing you see and hear; to act and judge for yourselves; to remember you each have a soul of your own to account for; M a mind of your own to improve. When you once get these ideas fixed, and learn to act upon them, no man or set of men, no laws, customs, or combinations of them can seriously oppress you.”
—Jane Grey Swisshelm (1815–1884)