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Your personal transaction account is where you make deposits and manage your everyday financial needs. Between withdrawing cash, paying bills and transferring money, your transaction account is probably one of the most heavily used bank accounts you have. As such, it's important to understand the features and benefits of the next transaction account you choose to open. If you're thinking of switching banks or assessing your options, find out more about transaction accounts and compare.
Use the table below to compare features and fees of different transaction accounts.
Although some options and features offered by transaction accounts differ between banks, they all serve the same basic purpose: to provide you with various means of accessing your money. This can be done by issuing bank cheques, through branch or ATM withdrawals and debit card purchases. From your transaction account you can:
As with all accounts, transaction accounts come with its own fees and charges, including fees for services provided by the bank you open an account with. Fees will also depend on the types of features included with the account.
There are different types of transaction accounts available on the market. Each type comes with its own benefits, fees and features. Here are some common bank account types to help you with choosing.
|No frills, fee-free account||These bank accounts typically charge no ATM fees for local ATM transactions, no monthly fee and there may be some conditions attached such as depositing your salary per month.Learn more about Fee-free accounts|
|Rewards account||Boost your Frequent Flyer account by earning Qantas points on eligible purchases on your bank account (Velocity points have not yet been released in Australia) and redeem them for a range of awards.Learn more about Rewards accounts|
|Student bank account||These typically won't charge any monthly account fees and no ATM fees, though you'll need to be a full time student to be eligible.Learn more about Student bank accounts|
|Online bank account||You'll usually receive unlimited domestic electronic transactions and be restricted to online access only (i.e.: no branch access).|
|Interest-earning transaction account||Some financial institutions may offer transaction accounts that earn interest up to a certain balance. You'll also usually have the benefits of free ATM access and a linked debit card.Learn more about interest-earning bank accounts|
|Pensioner saving account||You'll typically get unlimited electronic withdrawals, cheque access and ATM access for no monthly fee.Learn more about Pensioner savings accounts|
|Travel bank account||These bank accounts don't charge an international ATM fee, and have a worldwide ATM network so you can get cheaper withdrawals. Learn more about Travel transaction accounts|
There's a lot to consider when choosing a transaction account. Now that you understand the difference between the types of bank accounts in the market, here's some things to consider when comparing the features.
There are several features to consider when weighing up the pros and cons of banks, including:
Look for an account that can be accessed from overseas and also charges minimal fees when you withdraw funds abroad. UBank, RaboBank, ING DIRECT 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. He is currently living overseas and his current bank has moved to a system that requires him to enter an SMS code each time he wants to log in to his account. There are a few options he may want to consider:
What is the best account to use overseas? Hoa is looking for an Australian bank account that meets the following requirements:
He is currently living overseas and his current bank has moved to a system that requires him to enter an SMS code each time he wants to log in to his account. There are a few options he may want to consider:
There are certain things you should avoid in using your transaction account that will help you in maximising its benefits:
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