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.

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NAB Classic Banking

Bank Account Offer

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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Rates last updated October 19th, 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.
NAB Classic Banking with Platinum Visa Debit Card
Visa
$0
$0
$10 cashback on contactless purchases, $0 foreign transaction fee and complimentary travel insurance.
$10 monthly account fee.
Receive $10 cashback when you spend $1000 on contactless purchases. Complimentary travel insurance, transport accident insurance, purchase protection insurance and more when you meet eligibility criteria.
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.
MyState Everyday Account
Visa
$0
$2,000
A flexible option for day-to-day spending.
$6 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month or are 23 years or under. Apple Pay, Google Pay, Samsung Pay available.
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.

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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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