What is a Payment Account ?

A payment account is a bank account that allows you to make daily payment transactions, such as depositing funds, making cash withdrawals and card transactions.

Examples of payment accounts are:

  1. current accounts
  2. credit cards
  3. business current accounts

These stand in contrast to non-payment (or non-transactional) accounts such as savings accounts, ISAs, fixed-term accounts, investment accounts, etc. which don’t allow you to make daily payment transactions.

PSD2 regulations specifically concern payment accounts but do not cover non-payment accounts. For savings accounts and other account types (e.g. Mortgages, ISAs etc) that do allow you to make transactions from that account to another account not owned by you, these fall under the remit of PSD2. However, the majority of savings accounts, etc. are non-payment and won’t be available.

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