Best bank accounts January 2021

The best bank account can help you manage your everyday spending with low fees and easy access to your money whenever, and wherever, you want. Here's how to find it.

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Time for a new bank account? Whether you're looking for a bank account with no ATM fees, a cashback offer, contactless payment features or the ability to hold multiple currencies, you'll find a bunch of great options below.

Promoted
Bank account offer
HSBC Everyday Global Account
Promoted
$0
monthly fee
$0
ATM withdrawal fee
  • Google Pay
  • Apple Pay
  • Monthly fees: $0
  • No international transaction fees
  • Up to 10 currencies

HSBC Everyday Global Account

Special offer: $100 cash bonus for new HSBC customers. Earn 2% cashback on tap and pay purchases (T&C's apply).
Special offer: $100 cash bonus for new HSBC customers. Earn 2% cashback on tap and pay purchases (T&C's apply).

Find your new bank account

There's no single bank account that's best for everyone as all our needs are different - and what's best for you might not be best for someone else.

*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.

Bank accounts with added features and perks

Most bank accounts are fairly similar. Here are 5 great bank accounts that offer something a bit different:

Promoted
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.

How to find the best bank account

Consider the following features when researching 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 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.

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