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There are plenty of Australian bank accounts that charge no account keeping fees and no ATM fees. Some of these accounts also charge no fees for overseas ATM withdrawals, and some even charge no foreign transaction fees too.
Opening an account is quick and easy to do, and the sooner you switch to a fee-free account the sooner you'll start saving money. To get started, simply compare the fee-free accounts in the table below and select the one that looks right for you.
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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 $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 |
|---|---|
| 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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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?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.
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.
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.
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.
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.
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:
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.
From Australia's Big 4 banking institutions: ANZ, NAB, Commonwealth Bank and Westpac; only NAB do not charge a fee if you overdraw your transaction account. These two banks may decline a transaction which takes you past your available balance.
Commonwealth Bank and Westpac may allow you to spend more money than you have in your account; however, you'll incur an overdrawn fee for doing so.
| Bank | Overdrawn fee |
|---|---|
| NAB | $0 |
| ANZ | $6 daily (each day overdrawn by more than $50) |
| CommBank | $10 daily |
| Westpac | $15 |
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.
