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Compare bank accounts

Compare bank account fees, payment options and features side-by-side to find the right bank account for you.

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The right bank account can help you manage your day-to-day expenses, pay your bills, receive your salary or wages and let you make purchases where and when you want all over the world using your own money. You can compare a range of bank accounts in this guide and open one online for free in minutes.

Bank Account Offer

HSBC Everyday Global Account

HSBC Everyday Global Account

Bank Account Offer

Special offer: $100 cash bonus for new HSBC customers.
Earn 2% cashback on tap and pay purchases (T&C's apply).
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.

  • Monthly account fee: $0
  • Linked debit card: Visa
  • ATM withdrawal fee: $0
  • Overseas EFTPOS fee: 0%
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Compare bank accounts

What is a bank account?

A bank account is a deposit product that holds your money. Bank accounts are offered by banks, credit unions, building societies or other financial institutions. You can get your salary or wages deposited into your bank account directly by your employer, which you can access whenever you want by withdrawing the cash from an ATM, making EFTPOS purchases with the linked debit card or paying your bills.

Key features and benefits of a bank account

  • Safer than cash. Bank accounts offer a secure place to hold your money, which is much safer (and easier) than keeping your money in physical cash. Plus, your deposit up to $250,000 in an Australian bank account is protected by the Australian Government.
  • Easy access to your money. The money in your bank account is yours to access and use whenever you want. You can withdraw cash from your bank account at an ATM, use the debit card to purchase things in stores, pay your bills or shop online 24/7.
  • Free debit card. Bank accounts come with a free debit card that's linked to your account, usually either visa or Mastercard debit card. You can use this debit card in stores in Australia and overseas, at ATMs and online. Unlike a credit card, the money on your debit card is limited to what you deposit into the account.
  • Transaction history. You can see all your past bank account transactions and purchases by logging into your Internet banking portal or mobile banking app. This is handy to keep track of where and how you're spending your money.
  • No interest charged. Unlike a credit card which is a type of loan that you need to repay, the money in your bank account is your money. You can only spend what you have in the bank account, so there are no interest repayments to worry about and there's no risk of spending more than you have.
  • Mobile banking app. Most bank accounts offer mobile app access. This means you can keep track of your bank account, manage your expenses and see your transactions in the mobile banking app 24/7.
  • Linked to savings. A bank account can also be linked to a savings account with the same bank, allowing you to move money from your savings into your bank account so you can spend it when needed.

How to compare bank accounts in Australia

When starting your bank account comparison, consider the following features to make sure you choose the right bank account for you.

Consider the account keeping fees.

Look for an account that charges no or low monthly account keeping fees. Or, if there is an account keeping fee, you can often get the fee waived by depositing a certain amount of money into the account each month.

Check the bank account deposit conditions.

If the account does require your to meet a monthly deposit requirement (this can be anywhere from $200 to $2000 a month), make sure it's an amount that you can easily meet each month.

Check the ATM fees.

Will you be charged an ATM withdrawal fee to access your cash? Don't forget to check the overseas ATM withdrawal fee, too, as this can be quite high with some bank accounts.

Compare the overseas fees and charges.

If you travel a lot or regularly shop online from overseas retailers, check what the international transaction fee when comparing bank accounts. Some bank accounts don't charge an international transaction fee at all, and other will waive this fee if you meet certain deposit conditions.

Look at the linked savings account.

If you want to link a savings account to your bank account with the same bank, check what interest rate you can earn with the savings account. If you're trying to save money, the more interest you can earn on your savings account, the better.

Consider the payment options.

If you want to make contactless purchases with your phone, check that the bank account supports Apple Pay, Google Pay or Samsung Pay.

Do you need a joint account?

If you're looking for a bank account that you can share with another person (for example your partner), make sure you check if the account can be opened as a joint account.

How to open a bank account

You can open a new bank account online in a matter of minutes. Here's how to open a bank account in 5 steps:

  1. Compare. Compare bank accounts using the table above and find the right one for you.
  2. Apply online. Once you've chosen your bank account, click 'Go to Site' to complete the online application.
  3. Add your details. Fill in your name, age, address and contact details as well as your residency status.
  4. Verify your identity. Once the bank has verified your identity with your driver's licence, passport or other form of ID, your account will be opened instantly.
  5. Fund your account. Transfer some money into your new bank account from another account, or deposit cash into the account via a bank branch, ATM or the Post Office. You'll soon receive your debit card in the mail.

Bank account or savings account: which do you need?

A bank account and a savings account are two different types of accounts that serve different purposes. A bank account is a transaction product that is designed for daily use to buy things in stores, take more out from ATMs, pay bills, transfer money to friends and receive your salary or wages. A bank account comes with a debit card but doesn't pay interest on your money.

A savings account is another account that you can link to your bank account. A savings account does pay interest on the money in the account, as it's designed to help you save. It doesn't come with a debit card as it's not meant to be used as a transaction account for purchases.

How to choose a bank account

Need a bit more help choosing a bank account? The right bank account for you will depend on how you plan to use the account and what you're looking for.

Ask an Expert

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  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

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18 Responses

  1. Default Gravatar
    PaulFebruary 27, 2020

    Three people representing a large group of retired people are looking to open a special account to collect money for a specific purpose. The group is not an incorporated association.
    Is it possible to open an account on-line with the three members living in different areas in Australia?

    • Default Gravatar
      NikkiFebruary 28, 2020

      Hi Paul,

      Thanks for your comment and I hope you are doing well. We have a page that shows bank accounts for a group who collects money for a specific purpose and it is about COMMUNITY ACCOUNTS.

      As it says on the page, “These accounts are designed for Australians who want to passively make their own contributions for the greater good.”

      On the page, you will find a table that compares the features and benefits and fees. This way it will be easier for you to see which provider fits you best. If you need further help, a quick guide on how to compare community accounts is also stated on the page. You can also click the compare box beside each savings account option and compare up to 4 options side by side for faster comparison. As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of the chosen account before applying. You may also contact the bank should you have any questions about their product.

      Best,
      Nikki

  2. Default Gravatar
    ShuoJune 11, 2019

    Which banks do not charge unpaid payment fee?
    I am using CommBank now and I am really unhappy they charge me unpaid payment fee so I want to change my card.

    • Avatarfinder Customer Care
      JeniJune 13, 2019Staff

      Hi Shuo,

      Thank you for getting in touch with Finder.

      Sorry to hear your experience. Please note that the unpaid payment fee/dishonor fee occurs when you set a payment schedule and your account has insufficient amount for that, and even if you change banks you may still experience being charged with the said fee if you forget to put some money on your scheduled payment. It is important that you check your account’s balance from time to time and if there’s a scheduled payment, it is a good idea to get in touch with your bank on how you may prevent this type of charge.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  3. Default Gravatar
    MagidOctober 10, 2017

    hi
    i am 16 years old and i have a casual job that pays about 13$ an hour and i work for about 8-10 hrs a week sometimes more.
    Can you please tell me the best bank i should go with, eg interest rate, credit/bonus interest or superannuation, im not sure what exactly they mean but i was hoping you can tell me which bank account i should go with eg ANZ, Commbank, Westpac, NAB or anything else

    can you also tell me the difference between debit, mastercard, visa or credit card and which i can get, (i am 16 years old)

    thanks

    • Avatarfinder Customer Care
      JoanneOctober 10, 2017Staff

      Hi Magid,

      Thanks for reaching out.
      You can read this guide first to give you basic information about a savings account.
      As a friendly reminder, here at finder we cannot make any recommendation we can offer general advise and guide you so you can choose the best option for your needs.
      A debit card is a card that is tied directly to your checking account and you can use the card to a store and make a purchase. That would mean purchases would be drawn directly out of your own funds/checking account.
      A credit card is a card issued by a bank that allows you to borrow money in such a way that the bank finances the purchases you make at a store. A credit card will charge you interest if you do not make your payment on an agreed date with the bank.
      Visa and Mastercard provide the technology and networks required for processing card payments.
      For comparing savings account that would meet your needs, you can go ahead and check this page and check which of these banks would be the most ideal for you.

      Hope that helps,
      Joanne

  4. Default Gravatar
    JessAugust 9, 2017

    How do I delete an account I accidentally made ?

    • Default Gravatar
      JonathanAugust 10, 2017

      Hello Jess,

      Thank you for your inquiry. Just would like to confirm if you mean a “bank account”?

      If you are, you may contact the bank or the financial institution concerned so that they can initiate the closure.

      Hope this helps.

      Cheers,
      Jonathan

  5. Default Gravatar
    enceaJune 12, 2017

    You mention that some banks have a feature to round up the spare change from debit card purchases and automatically sweep that change into a savings account. When I click on the link, there is no filter for this feature. Which banks offer this facility?
    Thanks

    • Avatarfinder Customer Care
      HaroldJune 13, 2017Staff

      Hi Encea,

      Thank you for your inquiry.

      With automated savings, you may want to check the list of offers here.

      I hope this information has helped.

      Cheers,
      Harold

  6. Default Gravatar
    NaeNovember 2, 2016

    Hi i have a new account with bank sa what id the maximum daily funds transfer amount to s third party bank sa account

    • Avatarfinder Customer Care
      DeeNovember 2, 2016Staff

      Hi Nae,

      Thanks for your question.

      If you are transferring to somebody else’s account within BankSA via Internet Banking, there is a cumulative limit of $5,000 per account per day with a maximum limit of $25,000 per day. For example, if you are transferring to 5 different accounts, you may transfer $5,000 to each account per day.

      You can also increase your daily limit to $100,000 by completing the Internet and Phone Banking Payee Account Information form found on BankSA website. It normally takes up to 2 business days for the form to be processed.

      Cheers,
      Anndy

  7. Default Gravatar
    JosephAugust 14, 2016

    please help me with National Australia Savings Bank

    • Avatarfinder Customer Care
      ShirleyAugust 15, 2016Staff

      Hi Joseph,

      Thanks for your question.

      How can we help you today with National Australia Savings Bank? :)

  8. Default Gravatar
    scottMarch 5, 2016

    I’m travelling to Phuket, Thailand do Wednesday morning and will be needing to access some funds on my debit anz bank card, but I am unsure of the cost of fees that I explained be charged to get money out. Any information would be greatly appreciated. I have rung and asked the same question to an anz team member but they sent me an email which did not advise of the cost of fees.

    • Avatarfinder Customer Care
      ShirleyMarch 7, 2016Staff

      Hi Scott,

      Thanks for your question.

      Assuming that you’re referring to the ANZ Access Advantage, here are the fees:

      Overseas transaction fees – 3% of value (charged whenever you transact in a currency other than AUD)
      Overseas ATM transaction fee – $5 (charged when you withdraw from a non-Aussie ATM)
      Local ATM transaction fee – $Varies (charged by the ATM you’re withdrawing from, fee is decided on a case by case basis)

      Hope this helps.

  9. Default Gravatar
    ashleyOctober 25, 2015

    Can I do cardless cash

    • Avatarfinder Customer Care
      ShirleyOctober 26, 2015Staff

      Hi there and thanks for your question.

      Yes you can apply for an account that support cardless cash on this page.

      Cheers,
      Shirley

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