The best bank account for you might not be the best for someone else. When searching for the best bank account in Australia, look for one that has low fees and payment options that suit your spending style.
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HSBC Everyday Global Account
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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.
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*The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.
How to find the best bank account
Consider the following features when comparing your options to help you find the best bank account for you.
The account fees
It's ideal to look for a bank account with no monthly account keeping fees. If there are account fees, ask yourself if there are any extra features with the account to justify the fee.
The deposit conditions
If there are monthly deposit conditions to meet, make sure it's an amount that you're comfortable with.
The account access options
If you like to bank in branch, the best bank account for you will likely be one that has branch access as some online banks don't. Or, if you do all your banking on your phone, check that the bank account can be accessed via a good mobile banking app.
Overseas fees and charges
If you like to travel regularly, the best bank account for you could be one that doesn't charge overseas ATM fees and international transaction fees.
The linked savings account
If you're planning to open a linked savings account with the same bank, it's a good idea to look for one with a competitive interest rate.
Payment options
Make sure the bank account offers the payment options that you want, for example BPAY, Apple Pay, Google Pay, Samsung Pay, PayID, tap and go with Visa payWave or Mastercard PayPass.
ATM access
If you use cash and cheques, a bank account with a large ATM network and smart ATMs that accept cash and cheques might be best for you.
What does the best bank account offer?
The best bank account will usually have some or all of the following features:
No account keeping fees, or an option to have the account fees waived
A range of different payment options available
Monthly deposit conditions that are easy to meet (or none at all)
A mobile banking app or Internet banking portal to manage your account 24/7
A linked savings account with a competitive interest rate
How to choose the best bank account
Ultimately, the right bank account for you will depend on your personal situation and how you plan to use the account. If you need more help deciding on the best bank account for you, consider the following:
If you travel a lot: Look for a bank account with no international transaction fees or an account that lets your hold multiple different currencies.
If you often withdraw cash from ATMs: Some bank accounts allow you to access any ATM in Australia for free.
If you're a small business owner: The best bank account for you could be a dedicated business bank account, with access to online accounting software and tools.
If you're a student: A student bank account will often waive all account keeping fees while you're studying.
If you want an online bank with a great app:Digital banks offer bank accounts that are managed entirely via a mobile app with great spending features and insights into your money.
If you want to share the account with another person: The best bank account for couples or friends who both want access to the account is a joint account.
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.
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