Monday, July 1, 2013

For a long time banks accounts have always been used for various transactions worldwide. When it comes to online transactions you need a virtual bank account that works for you. In terms of service, convenience and availability virtual banks should help you actualize what you want.  Moreover, using virtual banking is a more modern and productive way of banking. Let us take a look at the top 5 virtual bank accounts used for your online transaction.

Transaction (Demand) Account

This is basically the most essential virtual bank account for your day to day transactions. A transaction account, as its name suggests, is used to store and manage business undertakings that are done online. This is done by securely and adequately providing funds on demand through various channels. Online transactions are in actual sense numerous and this type of virtual bank account is key.

Checking Account

A checking account is a service provided by various financial institutions. These accounts allow individuals to save their money or withdraw from them. Furthermore, a checking account is federally protected to ensure they are secure. This account is important when it comes to online transactions since it provides a secure avenue to do business online.

Savings Account

By having a savings account you can deposit and save the amount of money. Online Savings accounts have high interest rates compared to the traditional way of banking. With good rates like this it can be really advantageous to you. You can save and withdraw money as much as you need. Therefore, this virtual bank account is beneficial for online transactions.

Time Deposit Accounts

You may be handling various transactions online or have different avenues of getting your money. Time deposit accounts are a type of virtual bank accounts that are used to save money for a certain time period. During this time period, money cannot be withdrawn and this gives you time to follow other transactions while the one in this account gains interest. When the time on this account expires you can choose to withdraw or renew the time. Generally, the more time the more the amount of money is yielded.

Current Accounts

Many current accounts are tailor made for businesspeople, and are rarely used for the purpose of savings or investments. These accounts are the most liquid accounts owing to the fact that you can carry out many transactions per day without any limit. This type of virtual bank account is vital when it comes to online transactions. The downside to these accounts is that they do not offer a fixed maturity. However, they are great accounts when it comes to online transactions.


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