Money in Real Life · 45 sec
Transaction account
A practical idea for making clearer everyday money decisions.
The useful idea
- The useful idea
A transaction account (also called a checking account, cheque account, chequing account, current account, demand deposit account, or share account at credit unions) is a deposit account or bank account
- How it works
held at a bank or other financial institution.
- Why it matters
It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct.
Why this matters
Use Transaction account to compare the trade-offs before committing money.
Try this
Use Transaction account to compare the trade-offs before committing money.
Test your recall
Which idea belongs to the explanation of Transaction account?
- Why it matters
- How it works
- The useful idea — correct
A transaction account (also called a checking account, cheque account, chequing account, current account, demand deposit account, or share account at credit unions) is a deposit account or bank account
General education only — not personal financial advice.