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.
Filter products to match your search
Bank Account Offer
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.
A bank account is a simple 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.
How to compare bank accounts
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 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:
Compare. Compare bank accounts using the table above and find the right one for you.
Apply online. Once you've chosen your bank account, click 'Go to Site' to complete the online application.
Add your details. Fill in your name, age, address and contact details as well as your residency status.
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.
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.
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.
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.