What's the difference between a transaction account and a savings account?

A transaction account is designed for spending (including daily purchases, paying bills, transferring money, shopping online etc.) while a savings account is design for saving. A transaction account comes with a debit card to allow you to easily spend the money, while a savings account doesn't come with a debit card and instead earns interest to encourage you to keep money in the account.

What's the best bank account?

According to the 2025 Finder Awards , Macquarie Transaction Account is this year's best bank account.

Which bank accounts have no minimum deposit requirements?

It's more common for a bank account to have no minimum deposit requirements than it is to have a minimum deposit requirement. So if you're looking for an account without a deposit condiiton, this will be easy to find. Some examples include HSBC Everyday Global, Virgin Money Go Account and St.George Complete Freedom Account.

How much does it cost to open a bank account?

There are usually no costs involved to open a bank account. Some banks will require you to make an initial deposit of at least $1 in order to activate the account. If you're opening a bank account with a member-owned bank, mutual or co-operative sometimes you will be required to first join as a member and pay a membership fee (this varies, but is usually around $10). However, this isn't very common anymore.

Which account should I put my salary into?

It's a good idea to have your salary sent to your main everyday bank account. This way, you can instantly use the money to pay your bills, make any recurring payments and buy things you need. Once the money is in your bank account you can transfer some into other accounts you might have (like a savings account or a joint bank account you share with someone else).

Which bank account has no international fees?

Some bank accounts that don't charge international transaction fees include HSBC Everyday Global, Macquarie Transaction Account, UBank Spend Account, ING Orange Everyday Account and Suncorp Everyday Options Account.

What is the best bank account to pay my bills?

Most bank accounts offer similar features for paying bills. Look for an account that offers BPay paymets and the ability to schedule recurring payments. It could also be worthwile to choose an account that offers Osko for instant money transfers, which could be handy if you need to pay a bill ASAP. Another feature that will help you pay your bills is a mobile banking app - this will allow you to pay bills anywhere, anytime without having to log into Internet banking on your desktop computer.

What will happen to my bank account if I die?

In the event of death, the deceased's bank accounts are closed by the bank. Before that, any remaining money will be paid out in line with what was requested in their will, which is a legally binding document outlining who gets the deceased's assets following death. If there is no will, ownership of the account and its assets will be transferred to the next of kin or estate administrator. It's important to note that any credit card debt or personal loan debt will be paid from the deceased's bank and savings accounts before the account administrator takes control of any assets. If you don't yet have a will created, you can get started making a will on the Service NSW website online.

Compare Bank Accounts in Australia for December 2025

7 of 187 results

Finder Score	Monthly fee	Own network ATM fee	International transaction fee	International ATM Fee
Finder score 9.6Excellent Bankwest Easy Transaction Account Apple Pay Google Pay Samsung Pay Garmin Pay	Finder score 9.6Excellent	Monthly fee $0	Own network ATM fee $0	International transaction fee 0%	N/A	Go to site More info Compare product selectionCompare	loading
Finder score 8.2Great Newcastle Permanent Everyday Account Apple Pay Google Pay	Finder score 8.2Great	Monthly fee $0	Own network ATM fee $0	International transaction fee 3%	$5	Get $50 cashback when you open a new Everyday Account with code 'bonus50' and make two $5+ card purchases within 30 days. This offer is only available for new customers who live in NSW. T&Cs apply.	$0 monthly fees, unlimited free transactions plus a Visa debit card and digital card.	Go to site More info Compare product selectionCompare	loading
Finder score 9.6Excellent ING Orange Everyday Account Apple Pay Google Pay	Finder score 9.6Excellent	Monthly fee $0	Own network ATM fee $0	International transaction fee 0%	N/A	Welcome bonus: Get $100 when you open a new Orange Everyday and Savings Maximiser account with code OE100JOIN and deposit $1000, plus make 5 debit purchases by 31 January 2026. T&Cs apply.	Go to site More info Compare product selectionCompare	loading
Finder score 9.9Excellent Suncorp Bank Everyday Options Account Apple Pay Google Pay Samsung Pay	Finder score 9.9Excellent	Monthly fee $0	Own network ATM fee $0	International transaction fee N/A	N/A	Eligible Visa Debit cardholders can get cashback when using their card to shop at partner retailers. T&Cs apply.	You can link up to 9 sub-accounts to your Everyday Options Account to help you manage your budget and different expenses.	Go to site More info Compare product selectionCompare	loading
Finder score 8.6Great Regional Australia Bank Community Partnership Account Apple Pay Google Pay Samsung Pay	Finder score 8.6Great	Monthly fee $0	Own network ATM fee $0	International transaction fee 3%	N/A	Go to site More info Compare product selectionCompare	loading
Finder score 8.2Great Westpac Choice Apple Pay Google Pay Samsung Pay Garmin Pay Digital Card	Finder score 8.2Great	Monthly fee $5	Own network ATM fee $0	International transaction fee 3%	$5	Get $50 cashback when you open a new account and make an in-person, contactless transaction from a mobile wallet worth $50 or more within the first 15 days. Pay $0 account keeping fees for 12 months when you open an account online. T&Cs apply.	Go to site More info Compare product selectionCompare	loading
Finder score 9.1Excellent St.George Complete Freedom Account Apple Pay Google Pay Samsung Pay	Finder score 9.1Excellent	Monthly fee $0	Own network ATM fee $0	International transaction fee 3%	$5	Get $50 cashback when you open a new account and make an in-person, contactless transaction from a mobile wallet worth $50 or more within the first 15 days. Access special offers and discounts on popular brands, plus extra cashback when you shop via ShopBack. T&Cs apply.	Go to site More info Compare product selectionCompare	loading

Showing 7 of 7 results

Most bank accounts these days have no monthly account keeping fee - keep this in mind when you compare accounts.
If you travel often or regularly shop online from international stores, choose a bank account with no international transaction fee.
Bank accounts sometimes offer special cashback promotions for a limited time.

What is a bank account?

A bank account is a deposit product that holds your money. It's the main account that you use to access your money and pay for things. Banks, credit unions, building societies or other financial institutions offer them. Bank accounts are also often referred to as everyday accounts or transaction accounts.

Your employer can deposit your salary or wages directly into your bank account, which you can access whenever you want through ATM cash withdrawals, EFTPOS purchases with the linked debit card or bills payment.

Bank account offers for December 2025

$50 cashback with Newcastle Permanent Everyday account
$50 cashback with St.George Complete Freedom account
$50 cashback with a Westpac Choice Account
$50 cashback with BankSA Complete Freedom account
$50 cashback with Bank of Melbourne Complete Freedom account
2% cashback on Tap & Pay purchases with HCBC Everyday Global

See T&Cs and offer details via the account review pages or the bank's site.

When starting your bank account comparison, consider the following features to make sure you choose the right bank account for you.

Consider the account-keeping fees.

Look for an account that charges no or low monthly account keeping fees. Or, if there is an account-keeping fee, you can often get the fee waived by depositing a certain amount of money into the account each month.

Check the deposit conditions.

If the account requires you to meet a monthly deposit requirement (this can be anywhere from $200 to $2,000 a month), make sure it's an amount that you can easily meet each month.

Check the ATM fees

Will you be charged an ATM withdrawal fee to access your cash? Don't forget to check the overseas ATM withdrawal fee too as this can be quite high with some bank accounts.

Compare the overseas fees and charges.

If you travel a lot or regularly shop online from overseas retailers, check the international transaction fee when comparing bank accounts. Some bank accounts don't charge an international transaction fee at all, and others will waive this fee if you meet certain deposit conditions.

Look at the linked savings account.

If you want to link a savings account to your bank account with the same bank, check the interest rate you can earn with the savings account. If you're trying to save money, the more interest you can earn on your savings account the better.

Consider the payment options.

If you want to make contactless purchases with your phone, check that the bank account supports Apple Pay, Google Pay or Samsung Pay. If you want to make instant bank-to-bank transfers, looking for an account that offers instant payments with PayID and Osko.

Do you need a joint account?

If you're looking for a bank account that you can share with another person (such as your partner), make sure you check if the account can be opened as a joint bank account. Most bank accounts can be opened as a joint account.

Does it offer any special deals?

Some bank accounts offer cash bonus offers or cash back deals when you open an account. Others will offer an ongoing cashback offer when you make purchases. Just make sure the fees charged on the account don't outweigh any benefit offered with these cash promotions.

Want more help choosing?

See Finder's expert bank account picks.

Best bank accounts

Bank accounts: Key features and benefits

Safer than cash. Bank accounts offer a secure place to hold your money. It is much safer (and easier) than keeping your money in physical cash. Plus, the Australian government protects your deposit up to $250,000 in an Australian bank account.
Easy access to your money. The money in your bank account is yours to access and use whenever you want. You can withdraw cash at an ATM, use the debit card to purchase things in stores, pay your bills or shop online 24/7.
Free debit card. Bank accounts come with a free debit card linked to your account, usually either Visa or Mastercard debit card. You can use this debit card in stores in Australia and overseas, at ATMs and online. Unlike a credit card, the money on your debit card is limited to what you deposit into the account.
Transaction history. You can see all your past bank account transactions and purchases by logging into your Internet banking portal or mobile banking app. This is handy to keep track of where and how you're spending your money.
No interest charged. Unlike a credit card that is a type of loan that you need to repay, the money in your bank account is your money. You can only spend what you have in the bank account, so there are no interest repayments to worry about. There's also no risk of spending more than you have.
Mobile banking app. Most bank accounts offer mobile app access. You can keep track of your bank account, manage your expenses and see your transactions in the app 24/7.
Linked to savings. A bank account can also be linked to a savings account with the same bank. You can move money from your savings into your bank account so you can spend it when needed.

Our expert says

"Bank accounts seem like a pretty basic product - but don't overlook the fees. International fees may not mean much day to day, but can really stack up when you're on holiday tapping away at the swim up bar. This is often a % of the transaction and can range from 0% to 3%+. There's also international ATM fees, so if you're someone that holidays even once a year - be sure to check that. "

Alex Holderness

Head of publishing

Bank account or savings account: Which do you need?

A bank account (also called a transaction account) and a savings account are two different types of accounts that serve different purposes. A bank account is a transaction product designed for daily use to buy things in stores, withdraw from ATMs, pay bills, transfer money to friends and receive your salary or wages. A bank account comes with a debit card but typically doesn't pay interest on your money (although there are some rare examples of bank accounts that do pay interest, such as the Macquarie Transaction Account).

A savings account is another account that you can link to your bank account. A savings account pays interest on the money in the account as it's designed to help you save. It doesn't come with a debit card as it's not meant to be used as a transaction account for purchases and day-to-day spending.

You don't have to pick just one of these. In fact, having both a bank account and savings account linked together is a great way to manage your spending and saving side-by-side.

My 3 bank accounts

"I have 3 bank accounts. The first is where my salary is deposited and it's the account that's linked to my high interest savings account. I use this bank account for all my personal spending and to move money into my savings each month. The second is a joint account with my husband for shared expenses and bills.

The third bank account is one I don't use much, but I keep it there for any income I earn outside of my full-time job. So if I do some freelance work, for example, I'll get paid into this separate account as it helps me see what I've earned outside of my main job when it comes to tax time."

Alison Banney

Editorial Manager, Money

How to open a bank account

Here's how to open a new bank account online in 5 steps:

Compare. Compare bank accounts using the table above and find the right one for you.
Apply online. Once you've chosen one, complete the online application form.
Add your details. Fill in your name, age, address, contact details and residency status.
Verify your identity. Once the bank has verified your identity with your driver's licence, passport or other forms of ID, your account will be opened instantly.
Fund your account. Transfer some money into your new bank account from another account or deposit cash into the account via a bank branch, ATM or Post Office. You'll soon receive your debit card in the mail.

How does Finder help compare bank accounts?

Every year Finder's data analysts and banking experts assess 150+ bank accounts in our database to look for the most competitive products in the market as part of the annual Finder Awards. To determine the best transaction accounts we look at all the accounts in our database and filter for those with no account keeping fees, no local ATM fees and no international transaction fees. From here, we assess the extra benefits and features these accounts offer and determine which account offers the most value overall - usually in the form of a cash back offer, interest or rebated ATM fees.

As well as our annual awards program our Finder authors have researched and published 100+ banking guides and product reviews, and regularly appear in the media, for example on Sunrise, 7News and SBS News.

What type of bank account are you looking for?

Need a bit more help choosing a bank account? The right bank account for you will depend on how you plan to use the account and what you're looking for.

Bank accounts to use overseas

If you travel a lot or often purchase things online from overseas merchants, these bank accounts charge low or no foreign transaction fees or international ATM fees.

Business bank accounts

If you're a business owner, compare business bank accounts to keep your business banking separate from your personal banking.

Bank accounts for expats

If you're in Australia to study or for work, there's a number of bank accounts that you can compare.

Student bank accounts

Compare bank accounts that waive the monthly account keeping fees while you're a student.

Joint bank accounts

A joint bank account gives more than 1 person access to the account. These are convenient for couples with shared finances.

Fee-free bank accounts

Compare bank accounts with no monthly account keeping fees and no ATM withdrawal fees to save you cash.

Frequently asked questions

A transaction account is designed for spending (including daily purchases, paying bills, transferring money, shopping online etc.) while a savings account is design for saving. A transaction account comes with a debit card to allow you to easily spend the money, while a savings account doesn't come with a debit card and instead earns interest to encourage you to keep money in the account.
There are usually no costs involved to open a bank account. Some banks will require you to make an initial deposit of at least $1 in order to activate the account. If you're opening a bank account with a member-owned bank, mutual or co-operative sometimes you will be required to first join as a member and pay a membership fee (this varies, but is usually around $10). However, this isn't very common anymore.
It's a good idea to have your salary sent to your main everyday bank account. This way, you can instantly use the money to pay your bills, make any recurring payments and buy things you need. Once the money is in your bank account you can transfer some into other accounts you might have (like a savings account or a joint bank account you share with someone else).
Most bank accounts offer similar features for paying bills. Look for an account that offers BPay paymets and the ability to schedule recurring payments. It could also be worthwile to choose an account that offers Osko for instant money transfers, which could be handy if you need to pay a bill ASAP. Another feature that will help you pay your bills is a mobile banking app - this will allow you to pay bills anywhere, anytime without having to log into Internet banking on your desktop computer.
In the event of death, the deceased's bank accounts are closed by the bank. Before that, any remaining money will be paid out in line with what was requested in their will, which is a legally binding document outlining who gets the deceased's assets following death.
If there is no will, ownership of the account and its assets will be transferred to the next of kin or estate administrator. It's important to note that any credit card debt or personal loan debt will be paid from the deceased's bank and savings accounts before the account administrator takes control of any assets.
If you don't yet have a will created, you can get started making a will on the Service NSW website online.

The lowdown on Finder Score

9+ Excellent - These products offer a strong mix of features and accessibility, with low to minimal fees to access your money.
7+ Great - Competitive options offering a good balance between accessibility and features.
5+ Satisfactory - These products might be good no-frills options that could potentially have some accessibility restrictions or charge you some fees.
Less than 5 – Basic - These products might be lacking in features, have eligibility restrictions or a few above than average fees.

Digging deeper into the Finder transaction accounts score

Transaction accounts are pretty vanilla. Or are they? Between accessibility options, domestic and international ATM fees, foreign currency conversion fees, cashback and reward points as perks and the occasional interest you could earn on your everyday balance, your everyday bank accounts can offer more than you think!

That's where the Finder Score comes in. The score is a simple way for you to compare everyday transaction accounts.

The Finder Score methodology is designed by our insights and editorial team. We review products objectively. Commercial partnerships do not affect the scores.

Why you can trust Finder's banking experts

You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.

You save time. We spend 100s of hours researching bank accounts so you can sort the gold from the junk faster.

You compare more. Our comparison tools bring you more banking products from across the market.

Sources

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten and reviewed by Serina Bird, a member of Finder's Editorial Review Board.

Written by

Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise

Alison has written 660 Finder guides across topics including:

Superannuation
Savings accounts, bank accounts and term deposits
Budgeting and money-saving hacks
Managing the cost of living

More resources on Finder

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20 Responses

EnceaJune 12, 2017

You mention that some banks have a feature to round up the spare change from debit card purchases and automatically sweep that change into a savings account. When I click on the link, there is no filter for this feature. Which banks offer this facility?
Thanks

Finder

HaroldJune 13, 2017Finder

Hi Encea,

Thank you for your inquiry.

I believe you’re referring to automated savings. If this is the case, you will love reading our guide, “Round up savings accounts and apps.” On the same page, you’ll be able to compare bank accounts with special savings features.

I hope this information has helped.

Cheers,
Harold

NaeNovember 2, 2016

Hi i have a new account with bank sa what id the maximum daily funds transfer amount to s third party bank sa account

Finder

DeeNovember 2, 2016Finder

Hi Nae,

Thanks for your question.

If you are transferring to somebody else’s account within BankSA via Internet Banking, there is a cumulative limit of $5,000 per account per day with a maximum limit of $25,000 per day. For example, if you are transferring to 5 different accounts, you may transfer $5,000 to each account per day.

You can also increase your daily limit to $100,000 by completing the Internet and Phone Banking Payee Account Information form found on BankSA website. It normally takes up to 2 business days for the form to be processed.

Cheers,
Anndy

JosephAugust 14, 2016

please help me with National Australia Savings Bank

Finder

ShirleyAugust 15, 2016Finder

Hi Joseph,

Thanks for your question.

How can we help you today with National Australia Savings Bank? :)

scottMarch 5, 2016

I’m travelling to Phuket, Thailand do Wednesday morning and will be needing to access some funds on my debit anz bank card, but I am unsure of the cost of fees that I explained be charged to get money out. Any information would be greatly appreciated. I have rung and asked the same question to an anz team member but they sent me an email which did not advise of the cost of fees.

Finder

ShirleyMarch 7, 2016Finder

Hi Scott,

Thanks for your question.

Assuming that you’re referring to the ANZ Access Advantage, here are the fees:

Overseas transaction fees – 3% of value (charged whenever you transact in a currency other than AUD)
Overseas ATM transaction fee – $5 (charged when you withdraw from a non-Aussie ATM)
Local ATM transaction fee – $Varies (charged by the ATM you’re withdrawing from, fee is decided on a case by case basis)

Hope this helps.

boahjunorOctober 25, 2015

Can I do cardless cash

Finder

ShirleyOctober 26, 2015Finder

Hi Boahjunor,

Thanks for your question.

Yes, you can apply for an account that supports cardless cash. You can compare debit cards with cardless cash and learn how to use cardless cash in this guide. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.

Cheers,
Shirley

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