Bendigo Bank Everyday Account Product Review
The Bendigo Bank Everyday Account combines easy access to your funds with a waived account fee when you deposit at least $2,000 a month.
This everyday transaction account offers a Debit MasterCard and unlimited electronic, phone, ATM and branch transactions. The $6 monthly account fee is waived if you have a home loan with Bendigo, or if you deposit $2,000 a month.
Fee Free Deposit
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
|Product Name||Bendigo Bank Everyday Account|
|Monthly account fee||$6|
|ATM Withdrawal Fee||$0|
|Internatonal ATM Fee||$5|
|International transaction fee||3%|
|Monthly deposit required to waive account fee||$2,000|
|Contactless Payments||Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay|
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This account is suited to customers who have a home loan with Bendigo Bank. You can use this account as an offset account against your loan to reduce the amount of interest you need to pay. This could be a convenient option instead of having a separate offset account and everyday transaction account.
There is a $6 monthly account keeping fee, however this is waived if you’ve got a home loan with Bendigo. If you don’t have a home loan with Bendigo, you can get the monthly account fee waived if you deposit $2,000 per month. This deposit condition is higher than many other transaction accounts, so make sure you can realistically meet this if you want to avoid the monthly fee.
The account comes with a Debit MasterCard which you can use in Australia and overseas, in stores and online. You can also link your account to Apple PAy, Google Pay and Samsung Pay to tap and go with your phone. You’ll pay no ATM fees at Bendigo ATMs, or at ATMs owned by the Big Four banks. But if you do need to use an ATM owned by another operator, you could be charged a withdrawal fee.
No ongoing monthly account fee
If you deposit at least $2,000 per month, you will not have to pay any ongoing service fee on this account. The monthly service fee is also waived if you hold a Bendigo Bank home loan. However, a monthly fee of $6 will apply if you do not satisfy either of these requirements.
Unlimited fee-free electronic transactions
You can perform unlimited electronic transactions through Bendigo Bank e-banking without incurring any fees. This allows you to transfer money and use BPAY to pay bills.
Unlimited fee-free phone banking transfers
You can make as many phone banking transfers as you want from your Bendigo Bank Everyday Account without incurring any fees.
Unlimited fee-free withdrawals
You can make unlimited withdrawals from Bendigo Bank ATMs and branches without incurring any fees. You can also make unlimited fee-free EFTPOS purchases within Australia. A daily ATM withdrawal limit of $1,000 applies.
Minimum opening balance
The Bendigo Bank Everyday Account's low minimum opening balance of $1 makes it easy for anyone to open an account.
Bendigo Blue Debit Mastercard
Bendigo Bank Everyday Account holders receive a Bendigo Blue Debit Mastercard, which offers in-store and online access to your funds within Australia and overseas. PayPass functionality is also included to allow for faster and more convenient purchases. Compare other Bendigo Bank products.
Withdrawing money overseas
A $5 fee applies to overseas ATM withdrawals.
Making international purchases
A 3% fee applies for purchases that require a currency conversion.
Access to e-statements
You will be regularly issued with e-statements to help track your spending and monitor your account balance. Alternatively, you can check up on your account by logging into Bendigo Bank e-banking.
Can be linked to a home loan
If you link your Bendigo Bank Everyday Account to a Bendigo Bank home loan, the balance in your transaction account is used to offset the outstanding amount on your home loan, resulting in reduced interest payments on your mortgage. This allows you to save money on your home loan and pay your mortgage off sooner.
How to apply
- Minimum age. You must be 16 years of age or older to open an account.
- Residency requirements. The Bendigo Bank Everyday Account is only available to Australian citizens or permanent residents.
- Minimum deposit. The account has a minimum opening deposit requirement of $1.
You can apply to open an account online in about 10 minutes. You will need to supply a range of information during the application process, including:
- Personal details. Bendigo Bank will ask you to provide your full name and date of birth.
- Identification. You will need to have one of the following types of ID: driver's licence, Medicare card or passport.
What happens after I submit my application?
Once you've submitted your application it will be processed as soon as possible. You will then be sent your Bendigo Blue Debit Mastercard so that you can start using your transaction account to pay for purchases.
If you want an everyday bank account that offers flexible access options and the ability to avoid monthly fees, the Bendigo Bank Everyday Account is worth considering. Compare it with other transaction accounts today at finder.com.au.