Pay zero account keeping fees in Australia

Learn more about account keeping fees in Australia and how you can pay $0 for your monthly account.

Accounting fees don’t need to be a thorn in the flesh. It’s a simple matter of knowing what you’re dealing with and how to get the most out of your fees.

An account keeping fee is a fee charged by an organisation or financial institution in exchange for granting you the benefit of an account within its organisation. It’s important to note that account keeping fees and interest charged or paid is not the same thing.

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NAB Classic Banking

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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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Save money in two easy steps: compare and apply within 15 minutes in the table below

Rates last updated November 18th, 2018
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
HSBC Everyday Global Account
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.
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.
ING Orange Everyday Account
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
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.
Citi Global Currency Account
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.

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The difference between account keeping fees and interest

Interest is a fee charged for the use of another party’s money. It can be either the cost of renting the money, or the income from lending the money. Account keeping fees are charged for maintaining the account you are holding and includes most of the benefits you gain from holding such an account.

Your guide to high interest savings accounts.

When do I pay account keeping fees and why do I need to pay them?

Most account keeping fees will be deducted/charged on a monthly basis. The monthly account keeping fees are automatically charged to your account and the deduction of such a fee will be listed as a condition in a standard contract. These fees cover the cost that the institution needs to incur to maintain this account.

How much are general account keeping fees for some basic banking products?

General account keeping fees differ depending on the bank. Some banks, such as the account keeping fees of NAB, have a policy of not charging a monthly account service fee, overdrawn account fee or over-the-limit credit card fee. See further down in the article for a breakdown in fees on different banks and their financial products.

Home loan account keeping fees and related tax consequences

If the fees are loan specific, a tax claim may be allowed. This will depend on the reason for the loan or what the money of the loan is spent on. A claim will be allowed if the loan was for investment purposes such as cash management accounts, due to the fact that the fee will then relate to earning of interest income. These interest deductions are known as D7 interest deductions.

It is important to note a few things regarding the tax claim:

  • You will need your bank or financial institutions statements or passbooks.
  • No account-keeping fees can be claimed on a first home saver account.
  • If an account is a joint account, the claim is limited to your share. It is important to keep a record of the calculation of your portion where the account holders did not share the expenses equally.
  • If a particular expense was incurred, such as interest on borrowed money, and this expense relates to certain overseas investments (or a foreign residents’ investment in Australia), a claim may be affected by the thin capitalisation rules.

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With what banking products can I save on account keeping fees?

When making the decision of which bank to use, it is important to first calculate how much you can afford to deposit every month. This tends to determine whether you will pay any account keeping fees whatsoever.

Many banks have removed their monthly fees after consumers seriously started questioning what they were paying for. For the best accounts that don’t charge a monthly fee, look at the following on the finder.com.au website:

These accounts also have some other benefits connected to them such as no charge for EFTPOS transactions, internet transfers, withdrawals made in-branch, and the normal no charge for withdrawals made at said bank's own ATM.

Different banks have different methods of determining your monthly fee and when it will be waived. The most noteworthy offers that will save you on monthly fees from the big four are the following.

I want to avoid my monthly fee with one of the big four banks

Below we've listed the conditions to help you avoid monthly fees if you bank with one of the big four.

ANZ Access Advantage account

Will waive your monthly fee if:

  • You are under 25, or over 60 years of age
  • You are a full-time student at an Australian educational system
  • You receive a disability support pension etc.
  • You have $50,000 or more in certain of their accounts

Commonwealth Smart Access account

Will waive your monthly fee if:

  • You are under 21 years old
  • Opened your account after 1 June 2010 and deposit at least $2,000 each calendar month
  • Deposit a minimum of $1,000 if you’re between 21 and 24 years old
  • You have a balance of $50 000 or more in an eligible contributing account

NAB Classic Banking account

NAB is well-known for its zero monthly account fees policy

Westpac Choice Transaction account

  • Your Australian social security benefits need to be paid into this account
  • You need to hold a current Pensioners Concession or Health Care card

It is clear that account keeping fees will not be the most substantial fee, with a general fee of $5 to $6 depending on the financial usage situation. But, if you add these fees up and see what they could have done over a couple of years if put into investments, it will surprise you!

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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