RACQ Bank Everyday Account

With no account keeping fees, access your money where and when you need it with RACQ Bank's Everyday Account.

Accessing your cash is easy with RACQ Bank's Everyday Account. You’ll receive a Visa Debit card which you can use in-store or online while you're in Australia or overseas, all while paying no account keeping fees.

Shirley Liu

Last Updated Jan 5, 2021

Account keeping fee

ATM withdrawal fee

Overseas transaction fee

of transaction value

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Details

Product Name	RACQ Bank Everyday Account
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
International transaction fee	3%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Google Pay, Apple Pay, Samsung Pay

Minimum Age	13
Joint account availability	Yes
Minimum opening deposit	N/A

Pros

No account keeping fees
Apple Pal, Google Pay and Samsung Pay available

Cons

RACQ has limited ATMs in Australia
ATM fees may apply as charged by the ATM operator

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

Access Google Pay, Apple Pay and Samsung Pay with this account, to make contactless payments using your smartphone.

Key features

No monthly fees

There are no monthly account keeping fees with this account.

Visa Debit card

You are issued a Visa Debit card that features payWave when you open your RACQ Bank Everyday Account.

ATM access

There are only a few RACQ ATMs in Australia. However, you can use your debit card to withdraw cash at Westpac, ANZ, CBA and NAB ATMs in Australia for free. Other ATM operators may charge their own fee.

Visa debit card purchases

You can make an unlimited number of purchases without incurring a fee using your Visa debit card. This applies to purchases made within Australia only if you make a purchase originating outside of Australia you will pay 3% of the Australian dollar value for the purchase.

Accessibility

Manage your account online or with phone bank 24 hours a day, seven days a week.

BPAY

This account allows you to use BPAY and direct debit to take care of your payments for no charge. You can use cheques without paying extra fees.

Overseas withdrawals

If you use your Visa debit card to make a withdrawal at an ATM abroad you will pay for each transaction.

How to apply

When you open a new account with RACQ Bank you'll automatically become a member.

Eligibility

Before applying online, make sure that you are able to meet the other eligibility requirements for the RACQ Bank Everyday Account:

Minimum age. You must be at least 13 years of age to open this account in your name. However, you must be at least 18 years of age to open an account online. If you wish to open one for an individual under 18 years old, please contact your local branch.
Residency requirements. In order to become a member of RACQ, you must reside in Queensland and be a permanent resident of Australia.

Depository requirements. There is no minimum balance requirement to open your account.

Documentation needed

Be prepared with the following information to make filling in the application easier:

Tax file number. Giving your tax file number (TFN) at the time of application is not mandatory, but it helps to make sure that no withholding tax will be applied to your account.
Identification. Identification documents accepted by RACQ include your Australian driver's licence or valid passport.

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2 Comments

Tony
February 7, 2017

Hi what is the term deposit rates for $300000 for 12 months term

Thanks
Tony

finder Customer Care

Dee
February 7, 2017

Hi Tony,

Thanks for reaching out.

The term deposit rates for 12 months differ across banks. You can check and compare the rates through our page that lists term deposit accounts.

Cheers,
Anndy

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RACQ Bank Everyday Account