⚡️⚡️⚡️
With energy prices rising, switch to a cheaper plan
💡
Compare Prices Now
⚡️⚡️⚡️

Transaction accounts

If you want to save on ATM and account-keeping fees, compare transaction accounts to find out which one works best for you.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Name Product Government Guarantee Own network ATM fee Card type

HSBC Everyday Global Account
Apple Pay Google Pay10 Currencies

Apple Pay Google Pay10 Currencies
Finder Award
Interest Rate
$0
$0
Visa
Earn 2% cashback on tap and pay purchases. T&Cs apply.
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.

Westpac Choice
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay Digital Card

Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay Digital Card
Interest Rate
$5
$0
Mastercard
Use your Westpac Digital Card in the Westpac App to make contactless purchases 24/7 with no physical card.
No monthly account keeping fee for customers under 30 or if you meet the deposit conditions.
Shop safely online with Westpac Digital Card. Your 3-digit security number refreshes every 24 hours to keep your details safe.

St.George Complete Freedom Account
Apple Pay Google Pay Samsung Pay

Apple Pay Google Pay Samsung Pay
Interest Rate
$0
$0
Visa
Special offer: $40 cashback for new customers (T&C's apply).
$0 monthly account fee.
Make payments using Apple Pay, Google Pay or Samsung Pay, withdraw cash without your card using Cardless Cash and keep an eye on your spending using Spend Tracker with the St.George App.

NAB Classic Banking
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay

Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Interest Rate
$0
$0
Visa
Enjoy convenient, unlimited access to your money.
$0 monthly account fee.

Tap and pay with your NAB Visa Debit card or your phone using Apple Pay, Google Pay, Samsung Pay or NAB Pay for Android. Temporarily block your card at the touch of a button if you lose it.

Bank of Melbourne Complete Freedom
Apple Pay Google Pay Samsung Pay

Apple Pay Google Pay Samsung Pay
Interest Rate
$0
$0
Visa
$0 monthly account fee.
Special offer: $40 cashback for new customers (T&C's apply).
No monthly account fee and no monthly deposit conditions to meet. Access ATMs overseas via Westpac's Global ATM Alliance.

Interest Rate
$0
$0
Mastercard
Earn a variable base rate of 1.75% p.a. on your transaction account balance with no conditions to meet.
$0 account keeping fees.
This interest-earning transaction account charges no account fees, no international fees and gives refunds on all Australian ATM fees.

BankSA Complete Freedom Account
Apple Pay Google Pay Samsung Pay

Apple Pay Google Pay Samsung Pay
Interest Rate
$0
$0
Visa
$5 waivable monthly account fee.
Special offer: $40 cashback for new customers (T&C's apply).
Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you're a student. Access ATMs overseas via Westpac's Global ATM Alliance.

Virgin Money Go Account
Apple Pay Google Pay Samsung Pay

Apple Pay Google Pay Samsung Pay
Interest Rate
$0
$0
Visa
Special offer: Get 5k bonus Virgin Money Points when you open a new account, for a limited time only.
$0 monthly account fee. A transaction account that gives you Virgin Money Points on your everyday spend, access to perks and rewards. Plus, earn a competitive bonus interest rate on your Virgin Money Boost savings account.

MyState Bank Glide Account
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay

Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Interest Rate
$0
$0
Visa
Simplify your everyday banking with these sleek digital features.
$0 monthly account fee.
Choose the way you pay with access to Google, Samsung and Apple Pay plus Fitbit Pay and Garmin Pay. Send and receive money in less than 60 seconds with PayID.

Westpac Choice Student
Google Pay Apple Pay Samsung Pay Fitbit Pay Garmin Pay

Google Pay Apple Pay Samsung Pay Fitbit Pay Garmin Pay
Interest Rate
$0
$0
Mastercard
$0 account keeping fee for students and customers under 30
Make purchases 24/7 using your Westpac Digital Card in the Westpac App.
Students will pay no monthly account keeping fee with no deposit conditions to meet. Pay with your phone or wearable device anywhere and anytime, and access cash without your debit card using Cardless Cash.

Up Everyday Account
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay

Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Interest Rate
$0
$0
Mastercard
A transaction account designed for your smartphone with spending categorisation and a round-up feature to help you save. No international transaction fees and no ATM fees in Australia.
loading

Compare up to 4 providers

What is a transaction account?

Transaction accounts (also known as bank accounts) are used for your everyday spending like paying bills, buying groceries and making deposits into other accounts. They're used for your day-to-day transactions, and come with a debit card that you can use in stores, online or at ATMs.

Promoted
Bank account offer
HSBC Everyday Global Account
Promoted
$0
monthly fee
$0
ATM withdrawal fee
  • Apple Pay, Google Pay
  • Monthly fees: $0
  • No international transaction fees
  • Up to 10 currencies

HSBC Everyday Global Account

Earn 2% cashback on tap and pay purchases. T&Cs apply.
Earn 2% cashback on tap and pay purchases. T&Cs apply.
Rates accurate as at: August 8th, 2022 Learn about our information service

How does a transaction account work?

Although transaction accounts differ between banks, they all serve the same basic purpose: to provide you with various, easy ways of accessing your money. You can use your linked debit card to access the money in your transaction account to make purchases in shops, through branch or ATM withdrawals and online purchases. You can use your transaction account to:

  • Make deposits
  • Make bill payments
  • Transfer money between your own accounts and to others' accounts
  • Withdraw cash from ATMs
  • Make purchases at EFTPOS terminals, online and via PayPal
  • Make purchases overseas or use overseas ATMs
  • Set up automatic payments for things like rent or mortgage payments

Transaction account fees

There are a number of fees and charges you could be faced with when using your transaction account. This dpends on the type of transaction account you have, and how you use it. Some of the main fees include:

  • Account keeping fees: Some transaction accounts charge these monthly, and they can range from $4-$10 or even more
  • ATM withdrawal fees: Some transactin accounts will charge a fee when you use your debit card to withdraw cash from an ATM
  • International fees: Some transaction accounts charge an international transaction fee (usually around 3.5%) when you use your account to make purchases overseas
  • Transaction fees: Some banks will charge extra if you make transactions in a branch, such as depositing money
  • Overdrawn fee: If you withdraw more money than what's available in your transaction account, you may be charged a fee
  • Back to top

    How do I compare everyday transaction accounts?

    Here are some things to consider when comparing the features.

    • Options for accessing your cash. A traditional transaction account will allow for teller-assisted services at a branch and over the phone, while more and more banks are now providing their customers with online banking services as well. Online banking will allow you to view your account, make payments and transfers and set up for recurring monthly payments right from your computer. Also check to see if there is a mobile app available that will make the online bank feature even more convenient.
    • What are the monthly fees and charges? Compare monthly account keeping fees along with individual transaction fees. For example, some banks will allow for unlimited transactions at the branch, while others may add a fee if you conduct a transaction with a teller’s assistance.
    • Debit card and ATM networks.Look at the ATM network of the bank to check how many you will have access to for free. Check if there is a fee for withdrawing cash at an ATM outside of your banks network. Many banks today will allow anyone to use their ATMs for free, but some still do charge you for this.
  • Extra features.Some transaction accounts offer Apple Pay or Google Pay so you can make contactless purchases with your phone, while others even offer wearable devices instead of a debit card. Some banking apps offer spending tips and savings tools too, to help you manage your spending.
    • International transactions. Larger banks with an international presence can provide you with certain services while overseas, including cash withdrawals at an ATM. Check the fees for international money transfers, overseas purchases and currency conversion when looking at different transaction accounts.

    How do I compare banks?

    There are several features to consider when weighing up the pros and cons of banks, including:

    • The products and services a bank offers
    • The bank’s fees for the transactions you’re likely to conduct regularly
    • The ease of use of its internet banking platform
    • Whether or not it has a mobile app
    • Its branch network and whether it has locations convenient to you
    • Its customer support options
    • How long it has been in business
    • Its reputation among friends, family and other consumers
    Back to top

    Thinking about using your transaction account overseas or for online shopping?

    Look for an account that can be accessed from overseas and also charges minimal fees when you withdraw funds abroad. Ubank, HSBC, RaboBank, ING and a range of other providers offer online bank accounts that are worth considering; however, keep in mind that you may need an Australian phone number in order to be able to perform certain transactions.

    Why should I get a transaction account?

    • Easy money management. A transaction account gives you a secure place to deposit your pay and other income and then easily manage the way in which it is being spent from one place.
    • Make purchases anywhere.You have practically unlimited means of making purchases and withdrawals using the money in your transaction account; online, in shops and restaurants, at ATMs both overseas and at home.
    • Convenience. If you choose a transaction account that has online banking and a mobile banking app, you will be able to see your balance daily and manage your spending wherever you are.
    • Access cash easily. With your linked debit card, you can withdraw your money at an ATM or self-serve checkout if you need access to cash.

    What are the risks involved with transaction accounts?

    There are a few things to be mindful of when using your transaction account:

    • Fees. Don’t only look for a monthly fee, but check to see how much you are charged for ATM transactions, overseas purchases and teller assistance in branch.
    • Minimum deposits. Some accounts do not require a minimum balance while with others you will have to meet a monthly minimum deposit requirement.
    • Transaction restrictions. In some cases you are only allowed a certain number of transactions with a feature, such as ATM withdrawals or teller assistance, before you begin incurring fees for them (this is more common in business transaction accounts).
    • Online purchases. Be sure that you understand the fees for purchases made overseas, as in some cases this will relate to online purchases as well. You may be charged extra for making an online purchase originating from abroad or have to pay a percentage of the cost for converting the currency.

    More guides on Finder

      Go to site