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

Enjoy convenient, unlimited access to your money. $0 monthly account fee. Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone. Temporarily block your card at the touch of a button if you lose it.

  • 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 October 23rd, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
NAB Classic Banking
Visa
$0
$0
Enjoy convenient, unlimited access to your money.
$0 monthly account fee.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone. Temporarily block your card at the touch of a button if you lose it.
ING Orange Everyday Account
Visa
$0
$0
No fees for any ATM in Australia or overseas.
$0 monthly account fees.
Enjoy $0 ATM withdrawal fees when you deposit $1000 and make 5+ card purchases per month. Get a competitive ongoing variable rate when linked with the ING Savings Maximiser.
HSBC Day to Day Transaction Account
Visa
$0
$0
Open an account and easily switch your regular payments over from your current bank.
$0 monthly account fee.
Through your linked Visa debit card, you can access exclusive shopping, travel and restaurant deals here and abroad through HSBC's home&Away Privilege Program.
HSBC Everyday Global Account
Visa
$0
$0
No foreign ATM or transaction fees.
$0 monthly account fee.
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.
Citi Global Currency Account
Mastercard
$0
$0
Hold up to 10 currencies.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free. Earn up to 2.25% p.a. interest on your AUD balance.
UBank USaver Ultra Transaction Account
Visa
$0
$0
Earn up to 2.87% p.a. interest on your linked savings account.
$0 monthly account fee.
You must open the UBank USaver savings account in order to get this account. Enjoy access to ATMs in Australia and overseas for free and a 0% foreign exchange fee for online purchases. Manage your spending with a built-in sweep facility that automatically moves money between your linked accounts based on the limits you set.

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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

2.85% 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

3.10% p.a., then 1.40% 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$03.05% 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*
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80
Citibank Online Saver

Maximum Variable Rate

3.05

Standard Variable Rate

1.70
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10
HSBC Serious Saver

Maximum Variable Rate

3.10

Standard Variable Rate

1.40

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