What is a non-payment account?

Definition of non-payment account

Non-payment accounts, otherwise known as non-transactional accounts, are bank accounts that are not payment accounts.

Banks usually impose some form of restriction on how money can be paid in or out of non-payment accounts. Depending on the bank, the consequences of withdrawing money from a non-payment account can include incurring a fee or losing interest.

A few examples of non-payment accounts are:

  • individual savings accounts (ISA)
  • fixed term accounts
  • retirement investment accounts
  • savings accounts

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