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No fee bank accounts
Australian bank accounts with no fees do exist! These bank accounts won’t charge you transaction or ATM fees so you can keep your cash right where it is.
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A bank account with less fees could save you thousands of dollars over time. Luckily, there are heaps of Aussie bank accounts that won't charge you account keeping fees, ATM fees or foreign transaction fees. The sooner you switch to a fee-free account, the sooner you'll start saving even more money.
Stop wasting your money! Check out fee-free bank accounts below
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
You could save hundreds by switching to a fee-free bank account
If you have a bank account with a $5 monthly account keeping fee, that's $60 a year gone to fees. And if you're charged $2.50 each time you withdraw cash, and you visit an ATM just once a week, you can say goodbye to another $130 a year. Adding foreign transaction fees and overseas ATM fees to the mix, you could easily be wasting over well over $200 a year on fees.
Fee-free bank accounts come in many forms. A truly fee-free account will waive the monthly fee no matter how much you deposit into the account. Other fee-free bank accounts give free ATM withdrawals, Qantas Points and cash back. There are more fee free accounts with conditions than without.
Most fee free bank accounts still have backend fees for certain transactions, like overseas withdrawals and international transaction fees.
|What fee do you want to avoid?||Some bank accounts that avoid this fee|
|Domestic ATM withdrawal fees|
|International transaction fees|
|Overseas ATM withdrawal fees|
Additional bank account fees you might be charged
The fees in the table above are the most common, day-to-day fees you're likely to face with a bank account. However, there's a bunch of other fees and charges you could face from time to time. Here are some example of additional fees you might face, even though they're less common in your daily banking.
- Additional card fee: If you request an additional extra debit card on top of the free card that's included.
- BPAY error correction fee. If you make a mistake on a BPAY payment, you can amend the details of the transaction for a fee. This can be $20-$35.
- Bank@Post. If you do some of your banking at an Australia Post, you might need to pay a fee to withdraw cash from your account (but deposits are free).
- Bank cheque. Not many people use these anymore, but if you do there can be a fee of around $10.
- Coin counting. If you empty your piggy bank and want it counted in a branch, there's usually a fee for this.
- Note handling fee. Similar to coin counting, if you've got a large stack of notes the bank may charge you a small fee for their time to count them.
- Periodical Payment fee. Periodical payments between transaction and savings accounts are generally free. Charges can apply when you're transferring between accounts from different institutions.
- Debit card replacement fee. If you misplace your card, you'll usually need to pay a fee of around $10-$20 for a new one.
- Overseas emergency replacement fee. If you misplace your card overseas and need a new card asap, you'll likely pay a fee of around $50.
- Staff-assisted transactions. Some accounts may charge a fee if you need help to make a transaction in a branch.
Do fee-free bank accounts earn interest?
These accounts don’t reward you with interest, though there are many fee-free savings accounts that reward you with bonus interest to help grow your savings balance.
What's the catch with a fee-free bank account?
A lot of banks today simply charge no monthly account keeping fee, with no strings attached. However some accounts will need you to meet a certain deposit condition each month before the fee is waived. This could catch you out if you're not aware of it before opening the account, so just make sure to check if there are any conditions attached.
How do I compare fee-free bank accounts?
Read the fee-free conditions
Some bank accounts do not charge monthly fees when you meet conditions like depositing over a certain amount each month. This amount ranges from $1,000 to $2,000 depending on the account.
Determine if your salary can cover the fee-free deposit
In most cases, your salary should be enough to have the monthly fee waived. Have your employer deposit your pay into a fee free bank account so you can automatically meet the service fee waiver each month.
Look at the other non-traditional fees that may apply
These accounts do waive the monthly service fee but other fees could apply. You may be charged for using your bank account overseas and for overseas ATM withdrawals. The product disclosure statement has a full breakdown of fee free bank account fees.
Linked debit card access
Financial institutions give you a debit card to use at the ATM, over the counter or to shop online. You get a Visa or Mastercard debit card or an EFTPOS to use over the counter, online or at an ATM.
ATM network and cost for withdrawals
Most banks charge a fee when you make an ATM withdrawal from a non-partner ATM. Naturally, the financial institution with the largest ATM network looks the most favourable, but there are accounts that do not charge ATM fees.
Other products offerings
What else does the financial institution offer? You can make instant transfers between a high interest savings account and fee free bank account if both accounts are held with the same institution.
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