Why link your debit card with your transaction account?

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.

Bank Account Offer

NAB Classic Banking

Bank Account Offer

Impressive digital perks. $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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Promoted
Rates last updated May 22nd, 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
Impressive digital perks.
$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
$1,000
$75 cash bonus.
$0 monthly account fees.
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 and make 5+ card purchases (T&Cs apply). Get a competitive ongoing variable rate when linked with an ING Savings Maximiser.
NAB Classic Banking with Platinum Visa Debit Card
Visa
$0
$0
1% cashback on contactless purchases, $0 foreign transaction fee and complimentary travel insurance.
$10 waivable monthly account fee.
Complimentary travel insurance, transport accident insurance, purchase protection insurance and more when you meet eligibility criteria. Book travel and restaurants through NAB's 24/7 Concierge Service.
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.
ANZ Access Advantage
Visa
$0
$2,000
Pay with Apple Pay, Google Pay & Samsung Pay.
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month, are under 25 or if you meet other eligibility criteria.
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.
St.George Complete Freedom Account
Visa
$0
$2,000
Pay with Samsung Pay & manage your budget with the St.George Spend Tracker.
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria.
Westpac Choice
Mastercard
$0
$2,000
Complimentary Student or Youth Discount Card
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria. Full-time students and those aged 31 and younger save thousands on travel and experiences through the complimentary Student Discount Card
Bank of Melbourne Complete Freedom
Visa
$0
$2,000
A flexible option for those living in Victoria. Manage your budget with a spend tracker and pay with Samsung Pay.
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria.
BankSA Complete Freedom Account
Visa
$0
$2,000
$50 cash bonus available.
A flexible option for those living in South Australia. Manage your budget with a spend tracker and pay with Samsung Pay.
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria.

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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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