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.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Overseas transaction fee
of transaction value
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.
Access Google Pay, Apple Pay and Samsung Pay with this account, to make contactless payments using your smartphone.
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.
RACQ doesn't own any ATMs in Australia. 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.
Manage your account online or with phone bank 24 hours a day, seven days a week.
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.
If you use your Visa debit card to make a withdrawal at an ATM abroad you will pay $4.50 for each transaction.
How to applyBefore you can apply for the RACQ Bank Everyday Account you must first become a mutual owner in the institution. This is available for residents of Queensland only, and a one time member share cost of $10 will be deducted from your new account once it has been established.
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 18 years of age to open this account in your name. If you wish to open one for an individual under 18 years old, you will need to 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.
Once you have become a member of RACQ you can continue forward with filling out your online application for the everyday account. 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.
- Membership number. You will need to provide RACQ with your member number before your application will be accepted.
What happens after I submit my application?
You will need to print the application and sign it before sending it into RACQ. Once submitted and reviewed you will be contacted by email about any next steps you need to take.