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Compare bank accounts

Compare bank accounts with $0 account fees, $0 ATM fees, instant payments with PayID and a free debit card for day-to-day purchases.

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The right bank account can help you manage your day-to-day expenses, pay your bills, receive your salary and spend your money how you want. Plus, you'll be glad to know that your deposit up to $250,000 in any of the Australian bank accounts below is guaranteed by the government, so your money is in safe hands.

Name Product Contactless Payments Instant Payments ATM Withdrawal Fee Monthly account fee
HSBC Everyday Global Account
Finder Award
HSBC Everyday Global Account
Google Pay, Apple Pay
Earn 2% cashback on tap and pay purchases. T&Cs apply.
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.

Macquarie Transaction Account
Apple Pay, Google Pay
Earn a variable base rate of 1.5% p.a. on your transaction account balance with no conditions to meet.
$0 account keeping fees.
This interest-earning transaction account charges no account fees, no international fees and gives refunds on all Australian ATM fees.
Westpac Choice
Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay, Digital Card
Osko, PayID
Use your Westpac Digital Card in the Westpac App to make contactless purchases 24/7 with no physical card.
No monthly account keeping fee for customers under 30 or if you meet the deposit conditions.
Shop safely online with Westpac Digital Card. Your 3-digit security number refreshes every 24 hours to keep your details safe.
MyState Bank Glide Account
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
Simplify your everyday banking with these sleek digital features.
$0 monthly account fee.
Choose the way you pay with access to Google, Samsung and Apple Pay plus Fitbit Pay and Garmin Pay. Send and receive money in less than 60 seconds with PayID.
Westpac Choice Student
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0 account keeping fee for students and customers under 30
Make purchases 24/7 using your Westpac Digital Card in the Westpac App.
Students will pay no monthly account keeping fee with no deposit conditions to meet. Pay with your phone or wearable device anywhere and anytime, and access cash without your debit card using Cardless Cash.

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What is a bank account?

A bank account is a deposit product that holds your money. Banks, credit unions, building societies or other financial institutions offer them. Your employer can deposit your salary or wages directly into your bank account, which you can access whenever you want through ATM cash withdrawals, EFTPOS purchases with the linked debit card or bills payment.

Bank accounts are also often referred to as everyday accounts or transaction accounts.

How to open a bank account

Here's how to open a new bank account online 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 one, click "Go to site" to complete the online application.
  3. Add your details. Fill in your name, age, address, contact details and residency status.
  4. Verify your identity. Once the bank has verified your identity with your driver's licence, passport or other forms 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 Post Office. You'll soon receive your debit card in the mail.

Key features and benefits of a bank account

  • Safer than cash. Bank accounts offer a secure place to hold your money. It is much safer (and easier) than keeping your money in physical cash. Plus, the Australian government protects your deposit up to $250,000 in an Australian bank account.
  • Easy access to your money. The money in your bank account is yours to access and use whenever you want. You can withdraw cash 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 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 that 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. There's also no risk of spending more than you have.
  • Mobile banking app. Most bank accounts offer mobile app access. You can keep track of your bank account, manage your expenses and see your transactions in the app 24/7.
  • Linked to savings. A bank account can also be linked to a savings account with the same bank. You can 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 deposit conditions.

If the account requires you to meet a monthly deposit requirement (this can be anywhere from $200 to $2,000 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 the international transaction fee when comparing bank accounts. Some bank accounts don't charge an international transaction fee at all, and others 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 the interest rate you can earn with the savings account. If you're trying to save money, more interest you can earn on your savings account means 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. If you want to make instant bank-to-bank transfers, looking for an account that offers instant payments with PayID and Osko.

Do you need a joint account?

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

Does it offer any special deals?

Some bank accounts offer cash bonus offers or cash back deals when you open an account. Others will offer an ongoing cashback offer when you make purchases. Just make sure the fees charged on the account don't outweigh any benefit offered with these cash promotions.

Bank account or savings account: Which do you need?

A bank account and a savings account are 2 different types of accounts that serve different purposes. A bank account is a transaction product designed for daily use to buy things in stores, withdraw 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 pays 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.

You don't have to pick just one of these. In fact, having both a bank account and savings account linked together is a great way to manage your spending and saving side-by-side.

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.

Read more on this topic

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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 a list of savings accounts for charities, a bank account for a group that collects money for a specific purpose. According to our review, 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.


  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!


  3. Default Gravatar
    MagidOctober 10, 2017

    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)


    • Avatarfinder Customer Care
      JoanneOctober 10, 2017Staff

      Hi Magid,

      Thanks for reaching out.

      You can read our guide on savings account for some basic information you need to know.

      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.
      Our comparison table with a list of savings accounts will help you choose which account suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Hope that helps,

  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.


  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?

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