Offset Accounts

Offset Account means any transactional deposit account whereby:
Offset Account means any transactional deposit account whereby:

  • The transactional deposit account operates in conjunction with a Non-Transactional Loan product;
  • Interest is calculated daily and applied monthy in arrears; and
  • The transactional deposit account has the equivalent interest rate to that of the Non-Transactional Loan product and operates in such a way that the interest payable on the Non-Transactional Loan product is reduced by the amount of the interest that would have been earned on the transactional deposit account.