A transaction account is an account that you use on a day to day basis which your wage and other payments can be paid into. Your transaction account is also used to pay for bills, shopping and other everyday purchases using a linked Visa card. Transaction accounts do not earn interest on the balances.
A savings account is an account that earns and pays interest based on your overall balance, providing any terms and conditions of the account are met. Whilst your money is not locked away like a term deposit, a savings account is intended to help you reach your savings goals faster, so you would not have a Visa card or direct debit linked to a savings account.