This is a high interest savings account not a transaction account. For transactions we use an online saver (currently 2.5% interest) and have progress saver accounts for specific goals. pay off mortgage I transfer $10 automatically from my Online Saver to the Progress saver each month to get the bonus interest rate (currently 3.8% ). Much better than a term deposit as your money is accessible and the interest rate is better than term deposits at the moment.