Business banking accounts

Transaction Accounts: The features of transaction accounts vary. They are mostly for personal customers, not for business. Special transaction accounts are often available for those who have a Pensioners Concession card or Health Care card. These accounts often attract low or no interest, but have low or no fees.

Retirement Accounts: The features vary, but usually attract reasonable interest rates. Deposits and withdrawals may cost you, depending on the bank you are with. In some cases there are a certain number of free transactions - after that, you have to pay quite a high fee per transaction. Electronic transactions are often free.

Business Accounts: These are usually quite different to personal accounts, attracting fees based on a different criterion. They can be for a business you run yourself, or for a group like the local Guides or a club of some sort. Again, the features vary, but often include a personalized chequebook.

Real Estate Trust Cheque Account: A statutory trust account, this is for real estate agents and land brokers with a variety of transaction channels such as cheque, electronic, phone, etc.

A Loans Account: This is especially for your loan, whether it be house, car or whatever. It may or may not be linked to your other bank accounts.

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