A transaction account that is linked to a mortgage account. It reduces your interest payable as interest is only charged on the net balance, i.e. your mortgage balance less your offset account balance.
A contract between two parties that gives the buyer/seller the right, but not the obligation, to buy/sell an asset, at a set price, on or before a specific future date.
An arrangement that allows you to withdraw more funds than you have in your account.
When the limit on a credit card or bank account (including any overdraft facility) has been exceeded.