bank account fees

Compare bank account fees

In 2014, Australians paid over $1 billion in banking fees for administration on transaction accounts.

While no banking service is completely without fees, customers are free to shop around for the most attractive products with the lowest banking fees charged.

The amount that banking customers pay in fees depends on the bank, the type of account and the additional features from which they wish to benefit. The simpler the account, the lower the banking fees charged to administer it.

Compare fee-free bank accounts below

NAB Classic Banking

Fee-Free Bank Account Offer

Enjoy $0 monthly account fees on the NAB Classic banking account.

  • Free use at over 3,400 NAB and RediATMs in Australia
  • 24/7 Mobile Banking, including Quick Balance checker
  • Tap and Pay for Android
  • Free linked NAB Visa debit card with payWave
    Rates last updated October 26th, 2016
    Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
    NAB Classic Banking
    Tap and Pay with your Android Phone using NAB Pay.
    No minimum deposit required.
    Visa $0 $0 No monthly account fees, ever. Free use at over 3,400 NAB and RediATMs Australia wide and $0 overdrawn fees. Open More
    HSBC Day to Day Transaction Account
    Your Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.
    Visa $0 $0 $0 monthly fees. No ATM fees at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Open More
    AMP Access Account
    An everyday transaction account with fee-free banking.
    Visa $0 $0 Unlimited fee-free transactions at rediATMs, $0 transaction fees using BankNet, mobile banking and BankPhone. Open More

    Everyday banking

    Certain products charge no bank account fees at all, but this perk usually comes with certain conditions, like a required minimum deposit amount each month. Other perks can include cash back on Visa PayWave purchases (usually under $100) and reimbursed ATM fees.

    If you’re interested in applying for a basic, no-fee product, here are a few options to consider:

    Product Account feesFeatures
    NAB Classic Banking Account$0
    • No overdrawn fees, no minimum deposits
    • Unlimited access to funds
    • Fraud protection
    HSBC Day to Day Account$0
    • Free internet banking
    • No minimum deposit
    • No ATM fees at certain ATMs
    ME Everyday Transaction Account$0
    • Free ATM withdrawals
    • No minimum deposit
    • Earn bonus interest with an online account
    ING Orange Everyday$0
    • Free ATM withdrawals
    • Cash back on Paywave purchases under $100
    • No monthly fees

    Shopping around for low or no-fee alternatives will help you save on what you spend on banking. However, sometimes certain conditions apply to benefitting from fee-free banking. The following banks will waive monthly bank account fees if you deposit a minimum of $2,000 a month:

    ProductMonthly fee charged without minimum deposit
    Commonwealth Bank Smart Access Account$4
    Westpac Choice$5
    Bankwest Qantas Transaction account$6
    ANZ Access Advantage$5

    Low fees, low maintenance

    While classic and basic accounts are usually aimed at teens, students and seniors, these products can also serve customers who simply want to curb the amount spent on fees and charges. If you’re in a higher income bracket but your banking needs are simple, a standard-type account would be ideal since it still offers access to features like free ATM transactions, fraud protection and no monthly fees. Take some time to compare Australia’s best bank accounts.

    High interest for high earners

    Everyday accounts cost less to maintain, but on the other hand, they usually imply less flexibility, limited features and little to zero opportunity for high returns on money set aside for savings. If you’d like to benefit from a favourable interest rate along with a few additional features, your needs would be better met with a high-interest savings account. Australia’s best savings accounts offer a combination of attractive features and interest rates.

    As far as fees go, there are several savings accounts on the market that will waive monthly and transaction fees, but this is usually offset by a less attractive standard interest rate. Here are a few to consider:

    Product Account feesInterest rateFeatures and restrictions

    St.George Maxi Saver


    3.00% p.a. intro rate for 3 months

    • No minimum balance
    • 24/7 online access
    Bank Australia Bonus Saver$03.00% p.a. (conditions: minimum $100, no withdrawals during the month)
    • Internet, phone, BPay banking
    HSBC Serious Saver$0

    2.25% p.a., then 1.60% after 4 months

    • Special rate condition: no withdrawals during the month
    ANZ Online Saver$02.75% p.a. then 1.30% after 3 months
    • Interest calculated daily, paid monthly
    • Must be linked to an ANZ deposit account
    Citibank Online Saver$03.05% p.a. then 1.75% after 4 months
    • Phone and internet banking
    • Must be linked to a transaction account

    The savings-account options available are varied: some offer introductory interest rates for short period before reverting to a standard rate. Others offer ongoing variable rates as long as you link your savings account to an everyday account.

    Shirley Liu

    Shirley is's publisher for banking and investments. She is currently studying a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

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