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:
- current accounts
- credit cards
- 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.
Was this article helpful?
Friendly Score UK Ltd.
42 Brook Street, Mayfair
London W1K 5DB
Call us on +44 20 3709 6726
Company registered in England
Company number 09168668, ICO ZA111687
VAT registration number 206 9758 80
Authorised and Regulated by the Financial Conduct Authority. (FRN: 821100, 781963)