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:
“If I tell you that I would be disobeying the god and on that account it is impossible for me to keep quiet, you won’t be persuaded by me, taking it that I am ironizing. And if I tell you that it is the greatest good for a human being to have discussions every day about virtue and the other things you hear me talking about, examining myself and others, and that the unexamined life is not livable for a human being, you will be even less persuaded.”
—Socrates (469–399 B.C.)