There are a variety of different types of everyday bank accounts depending on the demographic of the customer. Special accounts exist for the following categories:
Babies, kids, children, youth and teens
Some accounts are for under 18’s only, while others allow customers up to the age of 21 or even 25. Some special kids’ accounts are a hybrid between a transaction and savings account and offer the ability to make cash withdrawals but also award interest for money deposited.
Students
These can offer features such as free international transfers, multiple currency transactions, free use of ATMs overseas and no account-keeping fees are offered on student accounts
Businesses
Small businesses can benefit from linked accounting tools which help make reconciling a transaction account easier. The best small business bank accounts come with multiple accounting tools which can help the small business owner reconcile their account, prepare their BAS statements and even submit their tax returns online
Pensioners
Having your aged pension paid into some transaction accounts can result in fee-free banking for pensioners, with account and transaction fees waived. Accounts with no fees are a boost for aged pensioners who may be struggling with the rising cost of living in their retirement years.
Couples
Choose between ‘one to sign’ or ‘both to sign’ options. This refers to the way the account operates, and whether one person can authorise transactions or if both parties need to give their authorisation for any given transaction. You can also choose who receives bank statements (one or both) and by which means (paper statement or emailed statements). Compare accounts with Savvy to find the best joint bank account for a couple.
All transaction accounts can be linked to a debit card, enabling the account holder to withdraw money and make payments whenever a card number is required.
