The Hay Account is a 100% digital transaction account that's managed entirely via the Hay mobile app. It comes with a Visa card, and is designed to help you budget and save money when travelling and when at home.
Hay Account: Digital transaction account and card
- Account keeping fee
- $0
- ATM withdrawal fee
- $0
- Overseas ATM withdrawal fee
- $0
Our verdict
A fee-free digital transaction account and card with no international transaction fees and free overseas ATM withdrawals.
The Hay Account is a completely digital transaction account that operates entirely via the mobile app. The account comes with a Hay Visa Card which you can load money onto and use all over the world.
You can join the waitlist for the account by downloading the app and entering in a few basic details. Something that’s really cool about this waitlist is that the first 10,000 people to join will be considered founders. As a founder, you’ll get your own limited-edition founders card and various account perks for life. This is really unique for a banking product, as you don’t often get rewarded for being a long-term customer.
You can use this account as your day-to-day spending account in Australia, and it also makes for a good travel money option when you’re overseas. It charges no international transaction fees and you can withdraw up to $500 from overseas ATMs for free each month. If you mainly pay for things via card, this should be plenty. But if you often withdraw large amounts of cash overseas, keep in mind you will be charged 1.5% for any amount you withdraw over $500 in the month.
One important thing to note about this account is that it's not a bank account, and the card is not a debit card. So unlike other Australian banks, your deposit with Hay isn't protected under the Government Guarantee Scheme. This could be something to consider before you deposit large amounts of cash into the account.
Pros
-
No international transaction fees
-
Withdraw up to $500 a month at overseas ATMs for free
-
Hay app shows your spending in the local currency
-
No account keeping fees
Cons
-
This is not a bank account
-
Your deposit isn't protected under the Australian Government Guarantee Scheme
Details
Key details
Product Name | Hay Account |
Monthly account fee | $0 |
Card access | Visa |
Own network ATM fee | $0 |
International ATM Fee | International ATM fee |
International transaction fee | 0% |
Monthly deposit required to waive account fee | N/A |
Contactless Payments | Apple Pay, Google Pay |
Eligibility
Minimum Age | 16 |
Joint account availability | No |
Minimum opening deposit | N/A |
Residency status | Permanent Australian residents with an Australian address |
Your reviews
Alison Finder
Editor
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