A transactional account is a bank account you use for money you expect to spend in the near future. With a transaction account you can generally access your money using debit cards, ATMs, or the Internet.
A savings account is a bank account which you use for money you don't plan to spend in the near future. Most savings accounts pay interest on your balance. A convenient way to save is with an online savings account whereby you do all of your activities on the internet or via the phone (saving you time and effort).
ING DIRECT's Savings Maximiser is an online savings account which offers a high rate of interest calculated daily and paid monthly, so you earn interest on your interest. It's also accessible 24 hours a day, any day of the week.
ING DIRECT's Savings Accelerator is an online savings account which helps you to accelerate your savings. With balances of $50,000 and over, your whole balance earns a very rewarding rate.
A Term Deposit is an account that you put money in for a set period of time. You agree not to use the money in your account for a specific period of time in return for a fixed rate of interest.