- Apple Pay, Google Pay
- Monthly fees: $0
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 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.
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.
How does Finder help compare bank accounts?
Every year Finder's data analysts and banking experts assess 100+ bank accounts in our database to look for the most competitive products in the market as part of the annual Finder Awards. To determine the best transaction accounts we look at all the accounts in our database and filter for those with no account keeping fees, no local ATM fees and no international transaction fees. From here, we assess the extra benefits and features these accounts offer and determine which account offers the most value overall - usually in the form of a cash back offer, interest or rebated ATM fees.
As well as our annual awards program our Finder authors have researched and published 100+ banking guides and product reviews, and regularly appear in the media, for example on Sunrise, 7News and SBS News.
Compare bank accounts: Key features and benefits
- 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.
Comparing no fee transaction accounts
No fee transaction accounts are bank accounts with no (or limited) fees. Bank accounts have a large list of fees for various things, and it's unlikely you'll find one with no fees at all. However, the main fees that people like to avoid are monthly account keeping fees (for accounts that do charge this fee it's usually around $5 per month). Luckily, these fees are easy to avoid as there are plently of bank accounts today that don't charge this fee. See the list below for a few examples.
Transaction accounts with no account keeping fee
- HSBC Everyday Global Account
- St.George Complete Freedom Account
- Suncorp Everyday Options Account
- NAB Classic Banking Account
- MyState Bank Glide Account
Determine what fees are most important for you to avoid, and look for a transaction account that doesn't charge these. For example, if you travel a lot and regulalrly shop online from international sites you'll probably want a transaction account with no international transaction fees. Or perhaps you regulalry use ATMs to withdraw cash, in which case you'd probably want a transaction account with no ATM fees.
Bank account or savings account: Which do you need?
A bank account (also called a transaction 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 typically doesn't pay interest on your money (although there are some rare examples of bank accounts that do pay interest, such as the Macquarie Transaction Account).
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 and day-to-day spending.
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 open a bank account
Here's how to open a new bank account online in 5 steps:
- Compare. Compare bank accounts using the table above and find the right one for you.
- Apply online. Once you've chosen one, click "Go to site" to complete the online application.
- Add your details. Fill in your name, age, address, contact details and residency status.
- 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.
- 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.
What type of bank account are you looking for?
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.
If you travel a lot or often purchase things online from overseas merchants, these bank accounts charge low or no foreign transaction fees or international ATM fees.
If you're a business owner, compare business bank accounts to keep your business banking separate from your personal banking.
If you're in Australia to study or for work, there's a number of bank accounts that you can compare.
Compare bank accounts that waive the monthly account keeping fees while you're a student.
A joint bank account gives more than 1 person access to the account. These are convenient for couples with shared finances.
Compare bank accounts with no monthly account keeping fees and no ATM withdrawal fees to save you cash.
Frequently asked questions
Why you can trust Finder's banking experts
Our comparison tables are completely free to use. We link you directly to the bank's secure application page. On a daily basis we update the rates, fees and conditions of the 200+ accounts on our database.
We've researched and rated hundreds of accounts for our Finder Awards. We've published 100+ guides and our in-house experts regularly appear on Sunrise, 7News and SBS News.
Unlike other comparison sites, we're not owned by a bank or lender. That means our opinions are our own and you can compare nearly every bank account in Australia on Finder.
Since 2015, we’ve helped over 1.3 million Australians find an account. We'll never ask for your personal information. We're here to help you make a decision.
We're here to help
Read more on this topic
ANZ Business Essentials Account
This is a business bank account with no monthly account keeping fees and a free ANZ Business Visa Debit card.
Best debit cards
Whether you’re travelling overseas or just want easy access to your funds, here’s how to find the best debit card to suit your needs.
Bendigo Bank Everyday Account Product Review
With convenient access to your funds and a host of flexible features, Bendigo Bank’s Everyday Account can help you manage your day-to-day finances with ease.
BCU Access account
The Access account offers bcu customers accessibility, flexibility and convenience when conducting everyday banking transactions.
Online banks in Australia
Online-only banks do not operate any physical branches resulting in reduced expenses and more affordable banking solutions for their customers.
How to open a bank account in Australia for foreigners
For foreigners opening a bank account in Australia, the process is easy and user-friendly, and often comes with attractive deals and discounts on transaction fees.
Bank Australia Mortgage Offset
Any funds in your Bank Australia Mortgage Offset are subtracted from your home loan principle and reduces your interest repayments while giving you on-call access to your funds.
Bank account offers for new customers
Now is the best time to start looking at the new bank account offers and promotions available. There is fierce competition between banks for your business so you should take advantage of this opportunity and get yourself a deal.
Debit cards with no foreign transaction fees
International transaction fees can add up to a lot of wasted money. These debit cards are great for travelling and online shopping and will save you money by waiving this annoying fee.
Ask an Expert