Get a fee-free bank account and save money on account keeping fees.
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.
Bank Account Offer
Enjoy $0 monthly account fees on the NAB Classic Banking account.
- Linked NAB Visa Debit card
- Free use at over 3,400 NAB and rediATMs Australia-wide
- New NAB Mobile Banking app
- Tap and pay with your card or phone – with NAB Pay for Android or
NAB PayTag for iPhones - Protection against fraud with NAB Defence
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? | Some bank accounts that avoid this fee |
|---|---|
| Monthly fees |
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| Domestic ATM withdrawal fees |
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| International transaction fees |
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| Overseas ATM withdrawal fees |
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| Overdrawn fees |
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| International money transfer fees |
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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.
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.
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.
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 account | Monthly fee |
|---|---|
| NAB Classic Banking | No monthly account fee with unlimited transactions. |
| ANZ Access Advantage | No monthly account fee when you deposit at least $2,000 per month. |
| Westpac Choice | No monthly account fee when you deposit at least $2,000 per month. |
| Citibank Plus Everyday Account | No monthly account fee or ATM fee. |
| ING Orange Everyday Account | No monthly account fee when you deposit $1,000 per month. |
How much fee if i want to close my bank account?? Each bank information you know.
As far as I know, Commbank is not allowing their customers to pay or do trading. They don’t want their customers to go bankrupt. Do all banks in Australia have same policy wherein the customer is forbidden to do trading transaction (such as make deposit) to any trading company?
Regards
Irene
Hi Irene!
There is no straightforward answer to your question as fees would depend on the type of account you chose to open and the financial institution’s policy.
As for the restriction, there are some types of accounts who are not meant to do transactions until such period of time has been reached such as term-deposit accounts. You can discuss the different types of bank accounts with your chosen institution to know which one to open for a specific financial need.
Hope this helps.
Cheers,
Jonathan
So what happens if your ING Orange account does not get the monthly minimum deposited? What charges do you incur in account fees or ATM transaction fees?
Hi KzH,
Thanks for your question.
If you are unable to make the minimum monthly deposit of $1,000, you’ll not get a rebate for the ATM charges you will incur when you withdraw money. ATM fees may vary depending on the ATM operator. You can check this page for more details.
There is no Monthly Account Fee for this account.
For other fees, please check the Fees & Features tab above.
Cheers,
Anndy
a savings account with
no tax file number near
woodside sa 5244
Hi Tim,
Thanks for your question.
You can open a savings account online without your location impacting your application. You’ll be able to verify your identity at your local Bank@Post location.
Providing your TFN is not necessary, though you’ll be charged the highest threshold when it comes to interest payments.
I hope this has helped.