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Finding a bank account with the right features for your situation can save you a lot of time and money in the long run. At finder.com.au, we understand that everyone is different – so to help in your research, we explain the different types of accounts, their benefits and what you need to consider before opening it.
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A bank account is a financial instrument offered by a financial institution to hold your money for everyday expenses. In simpler terms, it's an account that has features to help you pay bills, go grocery shopping and withdraw cash from an ATM. Financial institutions offer bank accounts because you need a secure location to hold your money.
Having a bank account can help you manage your everyday finances and keep track of your money. Benefits of owning one include:
The best bank account will help you manage your finances efficiently and help you reach your savings goals. Since everyone is different, the definition of "best" will depend on your preferences. Here are some considerations to help you make an informed decision.
We currently compare hundreds of bank accounts and it's easy to find the one that charges the lowest fees in our comparison. In the blue comparison tool above, click on 'Monthly Account Fee' and it will automatically sort the fees in ascending order. You can also do this for all the other headings in the table if you wish to sort through different features. You can also compare fee-free bank accounts using our comparison table.
finder.com.au is an informational site, and unable to provide advice on which accounts are better than others. We have however put together a listing of available transaction accounts in Australia, along with the fees they charge. You can use the table above to help you begin making comparisons of the other features these accounts offer in order to help you choose the one that is best for your circumstance.
Going with an international bank could help, but be mindful that in each jurisdiction the banks are under their local regulations and are separate legal entities. Depending on how strict they are in the country that you're working in, it may not be worth switching to another bank.
Some banks, such as HSBC or Citibank may be able to offer you worldwide assistance.
An office or social club account is one where a group, usually employees who wish to be involved, deposit a specified amount of money every month to arrange of activities. There are a number of ways to structure it:
The first option is the most popular as it has the least implications. Opening a personal account poses tax implications in relation to what the funds are used for.
Each bank will offer its own Internal Dispute Resolution service which is your first avenue of appeal when you have a complaint. If you’re not happy with the result of this process, you can then take your complaint to an external dispute resolution scheme such as the Financial Ombudsman Service or Credit and Investments Ombudsman.
If your joint account requires both you and your former spouse to sign in order for it to be closed, you can contact your solicitor to have the account frozen if your ex refuses to comply.
Yes it is, although you will need to confirm this with your bank. In some cases, certain app features may not be available.
This is possible, but only if the name on your PayPal business account matches the name on your personal bank account.
If you’ve made a purchase, the first thing you should do is contact the merchant to see if you can sort out the problem. If this is not possible, contact your bank or financial institution to dispute the transaction.
In certain situations, a bank or credit union might perform a small transaction in order to verify your account, such as transferring a very small amount into your account. This transaction is then deleted once your account has been verified.
You will need to contact the bank or financial institution that issued the card as soon as possible to find out why the card has been blocked.
It’s possible to open several accounts with one bank to help you budget for different purchases. For example, some banks allow you to open up to nine or 10 sub-accounts inside another account to allow you to split up your funds into separate areas for saving and budgeting purposes.
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Yes in most cases you can link a bank account issued by an Australian financial institution with your bank account. PayPal can be both linked to your bank account, debit card or credit card. When you pay for items using PayPal, the default account it uses is your bank account. If you'd like to pay with your credit card, make sure you choose this option specifically before actually purchasing your goods or services.
To link your account, log into PayPal > Wallet and Click on 'Link a bank account' or 'Link a card'. Having PayPal linked to your account means you can buy things wherever PayPal is accepted (both online and offline).
It could take up to 30 days for a PayPal refund to appear on your statement, depending on your card issuer. You are able to check the status of a refund by logging into your PayPal account and reviewing your transaction history.
You will be able to link your transaction account to your PayPal account, but not the actual card. Alternatively, you could ask if your keycard can be upgraded.
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Let's have a look at the different bank account profiles below to see where you fit:
These are bank accounts that generally don't charge any fees and let you access nearly all the ATMs in Australia. If you're someone who is always on the go and want almost instant access to your money all the time, then this could be the bank account for you.
If you enjoy getting more value of your spending or thrive on being able to earn points, then a rewards and cash bank account could be for you. You can link your existing frequent flyer account to accumulate your points even faster.
If you tend to travel a lot or shop online from overseas stores and could really benefit from no international transaction fees, then this could be a suitable account. Some travel transaction accounts let you withdraw money from eligible ATMs for free, though often they will need to share the same ATM network.
This is a bank charge issued when you make a transaction in a foreign currency which needs to be converted to the Australian dollar.
These accounts tend to waive the monthly fee if you meet the stated conditions each month. For example, you may need to deposit your salary or pay into it each month.
Student bank accounts waive the monthly fee if you can prove that you're a current student. This just involves showing your student card at your local branch. Some other concessional may apply too.
These are transaction accounts designed specifically for low income or disadvantaged customers. To be eligible, you generally need to be receiving a Government benefit or hold Concession or Health card.
These are everyday transaction accounts designed to help those over 55 with the Federal Government's deeming rules.
Deeming is the amount of income that is used under the Income Test for the Age Pension to determine eligibility. The same deeming rules are used for all financial assets – which makes assessment fairer. Everyone is deemed the same rate, dependent on the income they receive on their assets.
This includes Retirement Saving Accounts, account-based pensions and some SMSFs. In regards to retirement planning, speaking to a certified financial planner is high recommended because they can design a tax-effective strategy that utilises your superfund.
Back to topOnce you've made a decision, it's time to open your account! Applying for a bank account from finder.com.au is easy. Once you've chosen a bank account that you'd like to apply for, click on the green 'Go to Site' button and you'll be taken to the bank's website to start your application. Depending on your personal situation, you may need to consider the following:
Depending on the bank, your account could be opened immediately, or within a few business days. Your bank will send you a package confirming the details of your new bank account, along with its linked debit card. You'll need to activate your debit card online too and the instructions are provided in the package.
Your Tax File Number (TFN) is a unique 9 digit number that is issued to you, but the Australian Tax Office (ATO). It's not required by law for you to supply your TFN, but if you don't banks are required by law to deduct the highest amount of tax from any interest earned on your account over a certain threshold. This tax is named 'withholding tax'.
To provide your TFN or if you're not sure if you have already supplied it, you can contact your bank directly to provide it. Alternatively, if this feature is offered to you, you can supply it through online banking.
Yes, many of our Australian financial institutions allow for joint savings accounts. Compare the features of these joint savings accounts.
Not to worry – you can always open the account at your local branch or over the phone. However, applications may be restricted to business hours.
From the bank's point of view, your bank account hold funds that are readily accessible and so don't accumulate interest as there is no incentive for holding your funds there. If you're looking for a high interest rate, a savings account may be more suitable.
This is a card that is linked to your bank account so you can access your money at EFTPOS facilities, online and at an ATM. In Australia, the two most common brands are Mastercard and Visa. Both also utilise the security chip technology, where you can use Mastercard PayPass or Visa PayWave to make purchases under $100 within a few seconds by holding your card in front of the reader.
Some bank accounts offer cash benefits, giving you more value of your spending. There are normally a number of conditions, like the purchase needs to be conducted using PayWave or PayPass in Australia and under $100 in value. There are also time limitations to this benefit so make sure you read the terms and conditions beforehand.
Your debit card lets you access your funds from an Automatic Teller Machine (ATM). Your bank will also provide you with a network of ATMs that you can use for free. For example, Commonwealth Bank users can also use Bankwest ATMs for free. Westpac users can use BankSA, St.George and Bank of Melbourne ATMs for free.
Very limited bank accounts let you withdraw funds from an overseas ATM for free. But for the ones that do, there are a range of specific, partner ATMs that you can use for free globally.
Many financial institutions also give you the option of linking your bank account to a savings account. That way, you can easily transfer money back and forth to make the most of the higher interest rate from your savings account.
You will need to check with your specific bank for statement frequency and any fees. With most banks now offering online banking, you could also view and print a copy from there for no fee.
You will need the help of your bank in most circumstances, but if you have the supporting documentation then you should be able to reverse a foreign exchange transaction.
Yes, some Australian financial institutions will accept an international cheque deposit, although the funds could take longer to clear and you may be charged international transaction fees.
Yes, there are foreign banks who will charge your recipient upon receiving funds from an international money transfer. Remember to take into account exchange rates and recipient fees.
The typical account holder should have one bank account for everyday use and a savings account to hold their savings. See the table below for a summary of the similarities and differences.
| Bank account | Savings account | |
|---|---|---|
| Purpose | Designed for spending and basically gives no interest | Designed for savings or accumulating wealth and generally gives a higher rate of interest |
| Features |
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If the account you've transferred to by accident doesn't exist, then the transfer usually bounces back and a fee is charged from the bank for incorrectly entering the details. If the account does exist, then owner of the recipient account is legally required to notify the bank if they notice any extra funds that have been wrongfully put into their account. As soon as you've noticed that you may have transferred it to the wrong account, call up your bank to try and fix the problem ASAP. The whole process may take up to a month, as banks usually need to communicate with each other to attempt to get the money back.
If you're suspicious that someone is trying to take money from your account, or possibly be attempting to steal your identity, speak to your bank straight away. Ask exactly what information would have had to be provided to your bank for them to be able to access your account. If you're worried about identity fraud, speak to your local police station straight away – they may request that you change your driver's licence. You may also want to speak to some Government departments, such as Medicare and Centrelink for additional security features to your account.
And lastly, consider registering for Equifax credit alerts so you'll be notified if anyone tried to apply for credit in your name.
If you're currently a student studying in Australia, you can apply for a Tax File Number through your school. You can speak to the school office or the careers advisor to organise your application. If you're not currently a student, you can apply for one through the Australian Tax Office.
If you do not receive your money first check with your bank to see if the funds were withdrawn from your balance. If so, you will need to lodge a complaint and wait to have the issue reconciled.
You could either look through the terms and conditions document sent to you when the account was opened, access that document online through the bank’s website or call the bank directly and ask them.
No, overdrawing on your bank account should not affect your credit rating. However, if you were to apply for a loan with the same bank in the future, any overdraws would be displayed in your account records and your bank may query you as to why they occurred.
You can find unclaimed money that you may be entitled to using the Australian Securities and Investment Commission’s ‘Unclaimed money search’ tool on its MoneySmart website. You can search using your name or the Original Transaction Number (OTN) and review the results that appear. If you find unclaimed money in a bank account you will need to approach the relevant financial institution to make a claim for your funds.
You can do this by visiting your nearest bank branch or using your financial institution’s phone banking service, but the simplest way to transfer money is through your online banking account. The exact transfer process varies depending on your bank, but you’ll typically have to select the account you want to transfer funds from, provide details about your recipient (their name, BSB and account number) and specify the amount that you would like to transfer.
Q. I'm currently a pensioner and looking for a high interest savings account, can you recommend anything?
A. Please be mindful that finder.com.au is an online comparison and information service and is not in a position to be recommending products. Should you require financial advice, we highly recommend speaking to a financial planner.
Q. Do you have any information about refinancing a home loan due to divorce or separation?
A. Our article Refinancing after a divorce might be helpful.
Q. I'm going on exchange next year, what type of account should I use?
A. An international transaction account that doesn't charge foreign transaction fees or fees for using ATM overseas could be suitable. If you're staying there for longer than 6 months, a prepaid travel card may not be suitable.
Q. Does ANZ or Suncorp offer SMS alerts? I prefer that extra level of security.
A. Yes both ANZ and Suncorp offer this option if you chose it. Commonwealth Bank also provides this.
Q. Who declares the interest in a children's savings account?
A. Generally the parent is responsible for declaring the income received from a children's savings account, in the parent's income tax return. The child is only liable to declare the interest if they have opened the account themselves, the funds are their own (i.e. earned form employment) and the parents have no control or ownership over the account.
Q. What is the customer experience like with ME Bank?
A. Please be mindful that finder.com.au is an online comparison and information service and is not in a position to be providing subjective comments. Other sites, such as productreview.com.au may be a better source for this.
Compare the features of these bank accounts.
| Bank account | Debit card access | ATM Withdrawal Fee |
|---|---|---|
| NAB Classic Banking | Visa | $0 |
| HSBC Day to Day | Visa | $0 |
| ING Direct Orange Everyday | Visa | $0 |
| CommBank Smart Access | Mastercard | $0 |
| Westpac Choice | Mastercard | $0 |
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?
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
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.
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
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
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
How do I delete an account I accidentally made ?
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
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
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
Hi i have a new account with bank sa what id the maximum daily funds transfer amount to s third party bank sa account
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
please help me with National Australia Savings Bank
Hi Joseph,
Thanks for your question.
How can we help you today with National Australia Savings Bank? :)
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.
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.
Can I do cardless cash
Hi there and thanks for your question.
Yes you can apply for an account that support cardless cash on this page.
Cheers,
Shirley