What makes a good transaction banking account?

The key to choosing any financial product is making sure you understand your own needs first. The best advice is often: ”It depends what you need it for.”

When choosing a transaction banking account, ask yourself: Do I need to access the funds on regularly? Am I using it for saving surplus cash? Will there be regular payments going into the account?

Most transaction accounts offer no or minuscule levels of interest. Different accounts have different fee structures for transactions. If you have money sitting in the account, you want to be earning interest so you need to look at a savings account.

Source: Sydney Morning Herald