Compare fee-free bank accounts today and you could save up to $60 a year

Information verified correct on December 8th, 2016

Save money on account keeping fees and get a fee-free bank account. 

Fee-free bank accounts come in many forms: no monthly fee with conditions, no monthly fee without conditions, no fees for ATM transactions with conditions – the list goes on. In many cases, depositing your salary should be enough to meet the fee-free conditions – other fee-free accounts just don't charge any fees, period.

Rates last updated December 8th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
ING DIRECT Orange Everyday Account
Get a $75 cash bonus.
Get a competitive ongoing variable rate when linked with a Savings Maximiser.
Visa $0 $1,000 No monthly fees, and you can use any ATM in Australia for free when you deposit $1,000 each month e.g your salary. Open More
AMP Access Account
An everyday transaction account with fee-free banking.
Visa $0 $0 Unlimited fee-free transactions at rediATMs, $0 transaction fees using BankNet, mobile banking and BankPhone. Open More
Rates last updated December 8th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
St.George Complete Freedom Account
10% Cash back for online gaming purchases.
Waived account keeping fees when minimum deposit is met with no minimum balance.
Visa $0 $2,000 No account keeping fees, if you deposit $2,000 per month plus no minimum balance required. No ATM fees when using St.George, Westpac and BankSA ATMs. Open More
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 No monthly fees when you deposit at least $2,000 into your account each month. Free access to Bankwest and CommBank ATMs in Australia. No overseas ATM withdrawal fees (charged by Bankwest) though third party fees may apply. Open More
ANZ Access Advantage
Earn a $100 shopping voucher.
For opening a new account by 18 Dec 2016 and shop three times with your new Visa debit card by 8 Jan 2017 (conditions apply).
Visa $0 $2,000 No monthly account fee when you deposit at least $2,000 per month. Other fee waivers available based on your personal situation. Open More
Westpac Choice
$0 ATM withdrawal fee at 50,000+ ATMs globally.
Via Westpac's Global ATM Alliance. Get Cash without your debit card (conditions apply).
Mastercard $0 $2,000 No ATM fees when using St.George, Westpac, BankSA or Bank of Melbourne ATMs in Australia. Deposit at least $2,000 per month and enjoy no monthly service fee. Open More
BankSA Complete Freedom Account
Open one in less than 5 minutes with Cardless Cash available.
Visa $0 $2,000 No monthly account keeping fees when you deposit at least $2,000 in the account each month. Free access to BankSA, St.George, Westpac and Bank of Melbourne ATMs. Open More
Bank of Melbourne Complete Freedom
Get Cardless cash and shop securely with your Visa debit card. Customise SMS and email alerts.
Visa $0 $2,000 No ATM fees when you use Bank of Melbourne, BankSA, St.George or Westpac ATMs. No monthly fees when you deposit at least $2000 into this account each month. Open More
BankSA Express Freedom Account
Get Cardless Cash, free SMS and email alerts.
Visa $0 $1,000 Avoid ATM fees when using BankSA, St.George, Bank of Melbourne and Westpac ATMs. Avoid the monthly fee if you deposit $1000 into this account each month. Open More
Bank of Melbourne Express Freedom
Get Cardless Cash and PAYG branch and cheque services.
Visa $0 $1,000 No ATM fees when you use Bank of Melbourne, St.George, Westpac and BankSA ATMs. No monthly fees if you deposit $1000 into your account each month. Open More
BankSA Sense Everyday Account
Save and budget – get two accounts working together and save faster.
Visa $0 $2,000 Use over 3000 BankSA, St.George, Bank Of Melbourne and Westpac ATMs in Australia for free. Open More
Case study: How much can I save with a fee-free bank account?

How much can you save with a fee-free bank account?

Comparing fee-free accounts from two of the Big Four Banks, the NAB Classic Banking transaction account and the ANZ Access Advantage Account, you can save $60 a year by going for the NAB Classic Banking transaction account.

Although both accounts are fee free, the ANZ account is only fee free if you deposit more than $2,000 each month. For the purposes of this case study, the ANZ fee free condition has not been met each month of the year, so fees were still incurred.

How does a fee-free bank account work?

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?Bank accounts that avoid this fee
Monthly fees
  • NAB Classic Banking
  • Citibank Plus transaction account
  • HSBC Day to Day transaction account
  • ING Direct Orange Everyday account
Domestic ATM withdrawal fees
  • ING Direct Orange Everyday account (conditions apply)
  • ME Everyday bank account
International transaction fees
  • Citibank Plus transaction account
Overseas ATM withdrawal fees
  • Citibank Plus transaction account (conditions apply)
  • Westpac Choice transaction account
  • Bankwest Platinum debit MasterCard (conditions apply)
Overdrawn fees
  • NAB Classic Banking account
International money transfer fees
  • Citibank Plus transaction account (conditions apply)

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.


bank-accountsHow 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.


What are the good and bad points for a fee-free bank account?

The good points

  • There are $0 account keeping fees. By choosing a fee free bank account you can save money by not paying a monthly account service fee. This is a saving of approximately $50 a year. Check the case study above for more information on savings.
  • You get ATM access. Some of these fee free bank accounts also give you a deal on ATM transactions. Some accounts do not charge for transactions at a non-partner ATMs.
  • You can also look forward to other perks. Waiving the monthly service fee is the least you should expect. Some bank accounts give you perks like cash back or Qantas Points when you spend.

The bad points

  • You still get charged other odd fees. Unfortunately truly fee-free baking is not common. Bank account issuers will still charge for certain types of transactions, like making a purchase or withdrawing money overseas and overdrawing from your account. However it is possible to get by without incurring any of these fees.

Have more questions you need answered?

Q. How do I know if an account is really fee free?

A. Read our fee free bank account review and application pages for a full list of the fees and charges. There are many accounts that waive the monthly transaction fee; however, other fees may still apply. Common backend fees include:

  • Statement reissue fees,
  • Fees for issuing an additional card,
  • Fees for telephone banking transactions and staff-assisted transactions made at a branch,
  • Fees for overdrawing your account,
  • Fees for making a purchase in a foreign currency,
  • Fees for overseas ATM withdrawals.

Q. Can I overdraw my transaction account?

A. Some financial institutions let you overdraw your transaction account, for example, if you have direct debit your bank account can go into a negative balance. Bank fees can overdraw your account as well. Some banks charge a fee if you overdraw your account. You can find out which fee free bank accounts charge a debit dishonour fee by reading or bank account review and application pages and the product disclosure statement.

Q. How do I switch to a fee free bank account?

A. If you find a fee free bank account and you would like to apply, you can switch your bank account in a few simple steps. Have a look at our bank account comparison page for information on how to switch bank accounts.


St.George Complete Freedom Account

Fee-free bank account offer

Enjoy low monthly account-keeping fees with St.George Complete Freedom Account and $0 ATM fees.

  • $0 monthly fee when at least $2,000 is deposited per month or open a Complete Freedom Student account, otherwise a fee of $5 applies per month
  • $0 ATM withdrawal fee at 50,000+ ATMs globally
  • Visa Debit with payWave

    Bank accounts with no monthly account fee

    Bank accountMonthly fee
    NAB Classic BankingNo monthly account fee with unlimited transactions.
    ANZ Access AdvantageNo monthly account fee when you deposit at least $2,000 per month.
    Westpac ChoiceNo monthly account fee when you deposit at least $2,000 per month.
    Citibank Plus Everyday AccountNo monthly account fee or ATM fee.
    ING Direct Orange Everyday AccountNo monthly account fee when you deposit $1,000 per month.

    Savings Account Offers

    Learn about our information service
    ME Online Savings Account

    Maximum Variable Rate

    3.05%

    Standard Variable Rate

    1.30
    ING DIRECT Savings Maximiser

    Maximum Variable Rate

    2.75%

    Standard Variable Rate

    1.60
    Citibank Online Saver

    Maximum Variable Rate

    3.00%

    Standard Variable Rate

    1.70
    Bankwest Hero Saver

    Maximum Variable Rate

    2.65%

    Standard Variable Rate

    0.01

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    2 Responses to Compare fee-free bank accounts today and you could save up to $60 a year

    1. Default Gravatar
      | October 14, 2016

      a savings account with
      no tax file number near
      woodside sa 5244

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