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. It pays (literally) to shop around and compare your options.

NAB Classic Banking

NAB Classic Banking

NAB Classic Banking

$0 monthly account fees.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.

  • Account keeping fee: $0.00
  • Linked debit card: Visa
  • ATM withdrawal fee: $0.00
  • Overseas EFTPOS fee: 3%
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Compare fee-free bank accounts below

Rates last updated February 19th, 2018
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
NAB Classic Banking
$0 monthly account fees.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.
Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
ING Orange Everyday Account
$75 cash bonus & Apple Pay available.
Get a competitive ongoing variable rate when linked with an ING Savings Maximiser. Receive a $75 cash bonus if you open a new Orange Everyday account, enter the promotional code and deposit at least $1,000 within a calendar month (conditions apply)
Visa $0 $1,000 ING charges no ATM withdrawal fees and offers a rebate on any third-party ATM fees and international transaction fees when you deposit $1,000 (and from 1 March 2018 make 5+ card purchases a month). Go to site 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 account keeping fees. Unlimited free withdrawals at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Go to site 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

$0

2.70% p.a. intro rate for 3 months

  • No minimum balance
  • 24/7 online access
Bank Australia Bonus Saver$02.60% p.a. (conditions: minimum $100, no withdrawals during the month)
  • Internet, phone, BPay banking
HSBC Serious Saver$0

3.00% p.a., then 1.60% after 4 months

  • Special rate condition: no withdrawals during the month
ANZ Online Saver$02.55% p.a. then 0.50% after 3 months
  • Interest calculated daily, paid monthly
  • Must be linked to an ANZ deposit account
Citibank Online Saver$02.85% p.a. then 1.70% 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 Liu is a program manager at finder, formerly the publisher for Banking and Investments. She is passionate about helping people make an informed decision, save money and find the best deal for their needs.

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Related Posts

Savings Account Offers

Important Information*
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
ANZ Progress Saver

Maximum Variable Rate

1.71

Standard Variable Rate

0.01
ANZ Online Saver

Maximum Variable Rate

2.55

Standard Variable Rate

0.50
HSBC Serious Saver

Maximum Variable Rate

3.00

Standard Variable Rate

1.60

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