Why Link Your Debit Card with Your Transaction Account?

Information verified correct on December 4th, 2016

Linking your debit card and transaction account lets you take advantage of the convenience and practical benefits.

Chances are that if you maintain a transaction account with a bank, you also have a debit card with them. Debit cards are very convenient and incredibly useful in day-to-day transactions. Unlike credit cards there are no requirements of credit records and verification, which makes it much easier for the bank to track such an account.

Rates last updated December 4th, 2016
Debit Card Account Details Card Type Monthly Account Fee Minimum Opening Balance Description
ING DIRECT Orange Everyday Account
ING DIRECT Orange Everyday Account
$75 cash bonus when you open an Orange Everyday Account. Conditions apply. Visa Debit Card $0 $0 No monthly fees, and you can use any ATM in Australia for free when you deposit $1,000 each month e.g your salary. Open More
Bankwest Qantas Transaction Account
Bankwest Qantas Transaction Account
Earn Qantas Points on your account balance 365 days a year. Mastercard Debit Card $6 $0 No monthly fees when you deposit at least $2,000 into your account each month. Free access to Bankwest and CommBank ATMs in Australia. No overseas ATM withdrawal fees (charged by Bankwest) though third party fees may apply. Open More
ANZ Access Advantage
ANZ Access Advantage
Open ANZ Access Advantage account and enjoy unlimited transactions at ANZ ATMs, EFTPOS, Internet, Mobile and Phone Banking. Visa Debit Card $5 $0 No monthly account fee when you deposit at least $2,000 per month. Other fee waivers available based on your personal situation. Open More
Westpac Choice
Westpac Choice
Access over 50,000 ATMs globally with no overseas ATM fee. Mastercard Debit Card $5 $0 No ATM fees when using St.George, Westpac, BankSA or Bank of Melbourne ATMs in Australia. Deposit at least $2,000 per month and enjoy no monthly service fee. Open More
Bankwest Easy Transaction Account
Bankwest Easy Transaction Account
No monthly account fees when you deposit at least $2,000 per month (e.g. salary). Plus save on ATM fees at major banks such as ANZ, Westpac, NAB, St.George and Commonwealth Bank. Mastercard Debit Card $6 $0 Minimum deposit of $2,000 per month needed to waive the monthly account fee otherwise $6 monthly fee applies. No ATM fee applicable at Bankwest, CBA, NAB, ANZ, Westpac, St.George, BoM and BankSA ATMs in Australia. Open More
BankSA Complete Freedom Account
BankSA Complete Freedom Account
An everyday transaction account with unlimited free transactions and a linked debit card. Visa Debit Card $5 $1 No monthly account keeping fees when you deposit at least $2,000 in the account each month. Free access to BankSA, St.George, Westpac and Bank of Melbourne ATMs. Open More
Bank of Melbourne Complete Freedom
Bank of Melbourne Complete Freedom
A flexible transaction account with optional VISA debit card which can be used at Westpac, St.George, BankSA and Bank of Melbourne ATMs for free. Visa Debit Card $5 $1 No ATM fees when you use Bank of Melbourne, BankSA, St.George or Westpac ATMs. No monthly fees when you deposit at least $2000 into this account each month. Open More
St.George Complete Freedom Account
St.George Complete Freedom Account
Flexible bank account with Visa Debit card and SMS and email alert system. Visa Debit Card $5 $1 No account keeping fees, if you deposit $2,000 per month plus no minimum balance required. No ATM fees when using St.George, Westpac and BankSA ATMs. Open More
BankSA Express Freedom Account
BankSA Express Freedom Account
A transaction account with a low monthly fee and Visa debit card. Visa Debit Card $3 $1 Avoid ATM fees when using BankSA, St.George, Bank of Melbourne and Westpac ATMs. Avoid the monthly fee if you deposit $1000 into this account each month. Open More
Bank of Melbourne Express Freedom
Bank of Melbourne Express Freedom
Free unlimited everyday banking transactions and no monthly fees if you deposit $1,000 into your account each month Visa Debit Card $3 $1 No ATM fees when you use Bank of Melbourne, St.George, Westpac and BankSA ATMs. No monthly fees if you deposit $1000 into your account each month. Open More

When a debit card is linked to your transaction account, all the funds spent using your debit card takes it directly out of your transaction account. Since your using your own money, you don't need to worry about getting into debt or paying interest on an outstanding balance.

A debit card also provides you with convenience – many retailers in Australia hold an EFTPOS machine where you can swipe your card to make an electronic purchase. This saves you from the effort of having to find an ATM to withdraw your funds from.

What about linking my debit card to my home loan offset account?

While you could use a debit card with a transaction account, it makes much more sense to have them in conjunction with offset accounts, particularly if you also happen to have a mortgage outstanding. Offset accounts are a special type of savings account, where the balance you keep in the account can be used to offset against your mortgage balance. This means that you pay less interest on your mortgage as your balance is reduced, while enjoying the interest earned from your savings, and the freedom to withdraw money from it as well.

While typical mortgage accounts do let you withdraw money from them through redraw facilities, they have numerous restrictions in place, and can even place penalties and fines on withdrawals. Offset accounts do not suffer from the same restrictions, which is why you should use your debit card in conjunction with a savings account that allows offsetting benefits.

Compare home loans with offset accounts here.

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