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.

Features and access

All transactional accounts offer itemized lists of all financial transactions, either through a bank statement or a passbook. A transactional account allows the account holder to make or receive payments by:

• cash money (coins and banknotes)
• cheque and money order (paper instruction to pay)
• giro (funds transfer, direct deposit)
• direct debit (pre-authorized debit)
• standing order (automatic funds transfer)
• ATM card or debit card (cashless direct payment at a store or merchant)
• SWIFT: International account to account transfer.

Country specific

Certain modes of payment are country-specific:

• In the United Kingdom, BACS offers giros that clear in a matter of days while CHAPS is done on the same day.
• Canada has an Email Money Transfer service
• The United States offers e-checks.
• In India, NEFT service is available to clear funds in a day.

Branch networks

main: Branch banking This refers to the practice of maintaining physical locations where customers can receive a wide array of banking and financial services, such locations are described as branches. They may provide access to a combination of cash machines, telephone banking, counter services and financial advice.

Cash machines

main: Automated teller machine Cash machines are electronic devices that allow bank customers to make cash withdrawals and check their account balances without the need for a human teller. Many also allow people to deposit cash or cheques, transfer money between their bank accounts, top up their mobile phones' pre-paid accounts or even buy postage stamps.

Internet banking

main: Online banking Internet or Online banking describes the use of a bank's secure website to view balances and statements, perform transactions and payments, and various other facilities. This can be very useful, especially for banking outside bank hours and banking from anywhere where internet access is available. Since the internet revolution most retail banking institutions offer access to current accounts via online banking.

Telephone banking

main: Telephone banking Telephone banking is the term applied to specific provision of banking services over the telephone. In many cases such calls are to a call centre or automated service, although some institutions continue to answer such calls in their branches. Often call centre opening times are considerably longer than branches, and some firms provide these services on a 24 hour basis.