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Rates last updated May 31st, 2016
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
NAB Classic Banking
Tap and Pay with your Android Phone using NAB Pay.
No minimum deposit required.
Visa $0 $0 No monthly account fees, ever. Free use at over 3,400 NAB and RediATMs Australia wide and $0 overdrawn fees. Open More
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 No monthly fees when you deposit at least $2,000 into your account each month. Free access to Bankwest and CommBank ATMs in Australia. No overseas ATM withdrawal fees (charged by Bankwest) though third party fees may apply. Open More
ING DIRECT Orange Everyday Account
$75 bonus and get up to 2% cash back on Visa payWave purchases.
Get a competitive ongoing variable rate when linked with a Savings Maximiser.
Visa $0 $0 No monthly fees, and you can use any ATM in Australia for free when you deposit $1,000 each month e.g your salary. Open More
Citibank Plus Everyday Account
Enjoy 5% cash back on Visa payWave purchases (conditions apply).
Free international money transfers and free overseas Citibank ATM withdrawals.
Visa $0 $0 No ATM fees using Citibank, Westpac, BankSA and St.George branded ATMs in Australia. Use overseas Citibank ATMs for free. Open More
HSBC Day to Day Transaction Account
Your Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.
Visa $0 $0 $0 monthly fees. No ATM fees at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Open More
ANZ Access Advantage
Apple Pay now available.
Unlimited transactions at ANZ ATMs, EFTPOS, Internet, Mobile and Phone Banking.
Visa $0 $2,000 No monthly account fee when you deposit at least $2,000 per month. Other fee waivers available based on your personal situation. Open More
Bankwest Easy Transaction Account
Pay no ATM fees at over 10,000 ATMs in Australia (conditions apply).
Mastercard $0 $2,000 Minimum deposit of $2,000 per month needed to waive the monthly account fee otherwise $6 monthly fee applies. No ATM fee applicable at Bankwest, CBA, NAB, ANZ, Westpac, St.George, BoM and BankSA ATMs in Australia. Open More
Westpac Choice
$0 ATM withdrawal fee at 50,000+ ATMs globally.
Via Westpac's Global ATM Alliance. Get Cash without your debit card (conditions apply).
Mastercard $0 $2,000 No ATM fees when using St.George, Westpac, BankSA or Bank of Melbourne ATMs in Australia. Deposit at least $2,000 per month and enjoy no monthly service fee. Open More
BankSA Complete Freedom Account
Open one in less than 5 minutes with Cardless Cash available.
Visa $0 $2,000 No monthly account keeping fees when you deposit at least $2,000 in the account each month. Free access to BankSA, St.George, Westpac and Bank of Melbourne ATMs. Open More
St.George Complete Freedom Account
$0 ATM withdrawal fee at 50,000+ ATMs globally.
Via St.George's Global ATM Alliance. Cardless Cash available with an SMS and email alert system.
Visa $0 $2,000 No account keeping fees, if you deposit $2,000 per month plus no minimum balance required. No ATM fees when using St.George, Westpac and BankSA ATMs. Open More
BankSA Express Freedom Account
Get Cardless Cash, free SMS and email alerts.
Visa $0 $1,000 Avoid ATM fees when using BankSA, St.George, Bank of Melbourne and Westpac ATMs. Avoid the monthly fee if you deposit $1000 into this account each month. Open More
Bank of Melbourne Complete Freedom
Get Cardless cash and shop securely with your Visa debit card. Customise SMS and email alerts.
Visa $0 $2,000 No ATM fees when you use Bank of Melbourne, BankSA, St.George or Westpac ATMs. No monthly fees when you deposit at least $2000 into this account each month. Open More
Bank of Melbourne Express Freedom
Get Cardless Cash and PAYG branch and cheque services.
Visa $0 $1,000 No ATM fees when you use Bank of Melbourne, St.George, Westpac and BankSA ATMs. No monthly fees if you deposit $1000 into your account each month. Open More
BankSA Sense Everyday Account
Save and budget – get two accounts working together and save faster.
Visa $0 $2,000 Use over 3000 BankSA, St.George, Bank Of Melbourne and Westpac ATMs in Australia for free. Open More
Rates last updated May 31st, 2016
3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
Bank of Queensland Term Deposit
Bank of Queensland Term Deposit
2.75% 2.00% 2.85% 2.00% 2.75% 2.60% 2.65% 2.65% - $1,000 Open More
Bankwest Online Term Deposit
Bankwest Online Term Deposit
2.90% 1.75% 2.90% 1.75% 2.85% 2.75% 2.75% 2.80% 2.80% $1,000 Open More
St.George Term Deposit
St.George Term Deposit
2.40% 2.00% 2.45% 2.00% 2.45% 2.70% 2.75% 2.80% 3.10% $1,000 Open More
Bank of Melbourne Term Deposit
Bank of Melbourne Term Deposit
2.40% 2.00% 2.45% 2.00% 2.45% 2.70% 2.75% 2.80% 3.10% $1,000 Open More
BankSA Term Deposit
BankSA Term Deposit
2.40% 2.00% 2.45% 2.00% 2.45% 2.70% 2.75% 2.80% 3.10% $1,000 Open More
Westpac Term Deposit
Westpac Term Deposit
2.35% 2.00% 2.40% 2.00% 2.45% 2.65% 2.65% 2.70% 3.10% $5,000 Open More
Rates last updated May 31st, 2016
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
St.George Business Access Saver
Earn a competitive interest rate with 24/7 access through phone and internet banking.
1.05% 1.05% 0.00% $0 $0 / $0 Open More
BankSA Business Access Saver
Earn a competitive interest rate on your business's surplus funds.
1.30% 1.30% 0.00% $0 $0 / $0 Open More
Bank of Melbourne Business Access Saver
Full access to your business funds when you need it, while it earns interest.
1.30% 1.30% 0.00% $0 $0 / $0 Open More
Rates last updated May 31st, 2016
Rates last updated May 31st, 2016
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
ING Direct Living Super Cash Option
Manage your superannuation funds with ING DIRECT Living Super Term Deposit.
2.75% 2.75% 0.00% $0 $0 / $0 Open More
AMP Bank Retirement Savings Account
Invest in the AMP Superannuation Savings Trust.
0.00% 0.00% 0.00% $0 $0 / $0 More

Not sure which savings account is right for you? Click here for more information

Just some of the financial institutions we compare

Commonwealth Bank






ING Direct


Compare bank accounts

From children's bank accounts all the way to retirement funds – compares a wide range of products to help you make an informed decision in every stage of your life. Below we've listed a range of accounts to help you get started.

Investment accounts

Building your wealth is also another important aspect of personal finance. Consider diversifying your assets using the financial tools below.

Looking for a specific feature?

One of the best ways to find an account that suits your needs is to look for the features your want.

Australia offers powerful banking solutions.

How do you choose the best banking option for you in Australia?

Australians are used to banking with the best. The four major banks in Australia; Australia and New Zealand Banking Group (ANZ), Commonwealth Bank Of Australia (CBA), National Australia Bank (NAB), Westpac Banking Corporation (Westpac), are used to enjoying world status for offering quality banking solutions. Each of these banks has around and over AUD$70 billion in market capitalisation according to the ASX 200 List.

Of course, these banking solutions do come at a cost. But, despite recent 2016 news of the increasing costs that banks are facing, Australians can still enjoy free accounts like savings accounts. The only requirement in many cases is a minimum balance or opening amount. Sometimes it's even a zero on all the usual costs, e.g. monthly fees, minimum balances, and opening balances! You can read more here to see whether Australian bank accounts will ever get as expensive as American bank accounts.

Finding the cheapest savings account is of course not the only part of banking in Australia. Let's take a look at some of the best products that banks in Australia offer.

What are the types of banking solutions in Australia?

Savings accounts

  • Savings accounts will allow you to deposit money into an account so that it can accumulate interest. Although banks differ in their offerings, there are countless of savings account that won't ask any fees. With a savings account, you have more flexibility in your saving habits than term deposits, but will also generally earn lower interest.

Term deposits

High-interest savings accounts

  • While motivating you to save more money because of higher interest rates calculating daily, these accounts also offer more accessibility to your money. You can reach your savings goal quickly with a high-interest savings account.

Transaction accounts

  • Although there are many different types of transactional bank account offers from, the general purpose is to transact with your world. Transaction accounts make it possible to do EFTPOS transactions, international transactions, store and withdraw money at ATM's, debit orders, credit facilities and student banking.

Debit cards

  • Debit cards form part of transaction-based banking and will allow you to make the most of everyday purchasing. Debit cards are allocated to account holders at banks so that they can access their money in their account and buy items with it. Debit cards features are linked to the different bank accounts they represent.

Share trading

  • Although share trading isn't a bank account, it is a banking service offered by many banks as a value-added product. If you have a bank account at these banks, you can access the share trading platform and start your share trading career!

Business banking

  • A business account is one of the most powerful tools in helping you to run your business. With the right account and a streamlined online banking process, you can save on fees and score great variable interest rates whilst growing your business. Who knows, you might even get connected to a business hub to help your business grow.

Who are the big four banks in Australia?


If you take your personal banking to ANZ, you can open  many different accounts. These include everyday bank accounts, savings accounts, and term deposits. ANZ banking services are friendly to those migrating and will help to switch over to their online banking system through their online switching service. ANZ offers a solid online banking system that includes the ANZ internet banking platform. The ANZ online banking experience is also useful on mobile and will help you with your banking needs. It was the first of the Australian four to launch Apple Pay.

Commonwealth Bank of Australia

CommBank offers the largest ATM network in Australia, which makes it useful to those who often need cash available to them. They are the leaders when it comes to offering banking solutions through technology. The CommBank online banking system is called Netbank and can help you with international money transfers with support for many popular currencies.


National Bank of Australia offers flexible savings options for Australians. It often has no fees attached and when you deposit up to $250,000 in a NAB savings account, your money is protected as a part of the Australian Government guarantee. Learn more about the NAB competitive and bonus interest rates here.


Westpac has a focus on everyday banking needs and gives its customers easy access to their money. You can use the Westpac online banking platform or Westpac mobile banking experience, while trusting in the encryption technology to keep all the communications secure. They've also added the Westpac Protect security guarantee that safeguards customers from unauthorised transactions. View the Westpac solutions that will allow you to access your money easily.

Australian banking for foreign visitors

Foreigners in Australia contribute to about 28% of the general population. With such a big representation of the total population, it is vital for banks to offer banking solutions to people that do not have official Australian citizenship.

You can open a bank account in Australia if you are a student, working in Australia or are migrating to Australia.  Learn more about opening a transaction account, savings account or fixed deposit if you're a foreigner in Australia.

How to apply using

If or when you've found an account you'd like to apply for, you can click on 'go to site' or 'open' to be taken to the bank's website. On this page you can enquire for more information, or submit an online application.

The application will ask you for your personal and contact details as well as some identification, including your driver’s licence number (if you have one), or your passport number.

Once this information has been submitted you’ll usually receive your application number and other important information within the next few business days, and will generally be able to start using your account within 5 to 7 business days.

What do you need to bank in Australia?

To open a bank account in Australia, you will need the following:

  • To apply online, 18 years and older. If you're younger than 18, you can apply at a branch or over the phone.
  • Australian residency for the normal application process. See below if you're a foreigner.
  • Basic details, including identification in the form of a birth certificate, Australian passport, or driver's licence.
  • Certain accounts might require proof of income
  • You will need a Tax File Number (TFN) if it is applicable to your current financial context

Find your local financial institution

Australian financial institutions

Australia’s banking industry is made up of a number of institutions, including:

Small, medium and large banks
A bank is a deposit taking institution. Australia has four major banks known as the ‘big four’ including the Australian and New Zealand Banking Group (ANZ), National Australia Bank (NAB), Commonwealth Bank of Australia (CBA) and Westpac Banking Corporation. There are a also a range of smaller banks, some of which are owned by the big four.

Credit unions, mutual banks and building societies
These are member-owned banking cooperatives which are regulated in the same ways as banks, and offer the same products and services. These cooperatives aren’t publicly listed and so profits go back to members and services rather than shareholders.

Australian Banking regulations

Australia has a well regulated banking industry with constant reforms aiming to make the system fairer and more transparent to consumers.

The regulator for Australia’s financial services system is the Australian Prudential Regulation Authority (APRA). APRA works to ensure the industry upholds prudential standards and enforces regulations when institutions do not.

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Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
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2 Responses to Compare and open the right personal banking products today

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    Quentin | February 4, 2015

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