Why Link Your Debit Card with Your Transaction Account?

Information verified correct on February 22nd, 2017

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.

St.George Complete Freedom Account

Debit Card Offer

  • $0 monthly fee when at least $2,000 is deposited per month or when opening a Complete Freedom Student account, otherwise a fee of $5 applies per month
  • $0 ATM withdrawal fee at 50,000+ ATMs globally
  • Visa Debit with payWave
    • Rates last updated February 22nd, 2017
      Debit Card Account Details Card Type Monthly Account Fee Minimum Opening Balance Description
      NAB Classic Banking
      NAB Classic Banking
      No monthly account fees ever and get a NAB Visa Debit card with payWave at no extra cost. Visa Debit Card $0 $0 No monthly account keeping fees. No ATM fees when using NAB and rediATMs. Open More
      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 account keeping fees. No ATM fees using any ATM in Australia if you deposit $1,000 each month. 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 @sa_product_balance_feefree,money@ 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 $0 account keeping fees if you deposit at least @sa_product_balance_feefree,money@ per month. Otherwise, a @sa_product_account_keeping_fee,money@ monthly fee applies. Unlimited free withdrawals at ANZ ATMs. Open More
      Westpac Choice
      Westpac Choice
      Access over 50,000 ATMs globally with no overseas ATM fee. Mastercard Debit Card $5 $0 No monthly service fee if you deposit a minimum of @sa_product_balance_feefree,money@ per month otherwise @sa_product_account_keeping_fee,money@ monthly fee applies. No ATM fees when using St.George, Westpac, BankSA or Bank of Melbourne ATMs in Australia. Open More
      Bankwest Easy Transaction Account
      Bankwest Easy Transaction Account
      No monthly account fees when you deposit at least @sa_product_balance_feefree,money@ 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 No monthly service fee if you deposit a minimum of @sa_product_balance_feefree,money@ per month otherwise @sa_product_account_keeping_fee,money@ monthly fee applies. No ATM fees when using St.George / Westpac / BankSA ATMs. 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 service fee if you deposit a minimum of @sa_product_balance_feefree,money@ per month otherwise @sa_product_account_keeping_fee,money@ monthly fee applies. 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 monthly service fee if you deposit a minimum of @sa_product_balance_feefree,money@ per month otherwise @sa_product_account_keeping_fee,money@ monthly fee applies. Free access to Bank of Melbourne, St.George, Westpac and BankSA ATMs. 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 $0 account keeping fees if you deposit at least @sa_product_balance_feefree,money@ per month. Otherwise, a @sa_product_account_keeping_fee,money@ fee applies. Unlimited free withdrawals at 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 monthly service fee if you deposit a minimum of @sa_product_balance_feefree,money@ per month otherwise @sa_product_account_keeping_fee,money@ monthly fee applies. Free access to Bank of Melbourne, St.George, Westpac and BankSA ATMs. 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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