How to choose the best transaction account for your needs.
Over the last few years, we’ve seen a significant change in the way that Australians bank. Previously, cash was king and many of the essential transactions would have to be made either in a physical branch or through a clunky online portal. Today, it’s easier than ever to make those same transactions (either in person with bank cards or via internet and mobile banking), which has, in turn, necessitated a change in the type of accounts that are preferred for everyday use.
The increasing importance of transaction accounts.
As cash has become less widely used, the amount of digital transactions that Australians make has increased exponentially. This is good news on all sorts of different levels, ranging from quicker transfers all the way through to improved security. At the same time, such a shift does underline the need for modern transaction accounts with the technological capacity to interact with new platforms such as mobile apps and digital wallets, while still offering the highest level of safety to consumers.
Perhaps the most important consideration for a new bank account is striking the right balance in terms of fees. Previously, when digital transactions were secondary to cash, it was common to have a set amount of money levied for everything from making a payment through to withdrawing cash from an ATM. Today, the prevalence of digital transactions means that these fees may not be worthwhile for consumers, and any Australians using outdated accounts could be paying far more than if they switched to a newer option.
A few examples of the costs that you might find yourself paying in your transaction account include:
- Monthly account fees
- EFTPOS fees
- BPAY fees
- Direct debit fees
- Overdrawn account fees
- Branch withdrawal or deposit fees
- Declined transaction fees.
As you’d expect, having to pay fees monthly or every time you make a direct debit can add up quickly, which is where fee-free or low-fee accounts come in handy.
The Purple Transactor Account.
Everyone hates fees. With our newly introduced Purple Transactor Account you can keep your cash for the good stuff with $0 monthly fee (no minimum deposit), $0 fees for card transactions in Australia and $0 dishonour fee. It’s designed to be as competitive as possible and has been awarded a five-star rating by Canstar for outstanding value~.
However, a lack of fees isn’t the only factor that should be taken into consideration when choosing the best transaction account for your needs. Over the next few years, as banking technology continues to evolve, it’s likely that services such as Apple*, Google^ and Samsung Pay1 will become more and more popular. To ensure you’re able to make the most of the convenience these digital wallets provide, it’s vital to have a transaction account that supports the technology.
Similarly, integration with the New Payment Platform (NPP) recently rolled out in Australia is important when choosing a new bank account. This provides access to innovative features such as PayID, and the ability to send and receive payments much faster than ever before. As the NPP continues to evolve, this integration will become vital in providing consumers with the latest functionality.
The Purple Transactor Account ticks all these boxes and is designed as a complete solution for Australians that want their accounts to work for them – both now, and in years to come. To learn more, check out the Purple Transactor Account page today.