Manage your everyday banking the way you want without incurring any extra fees.
The most important job for an everyday transaction account is to help make it as easy as possible to manage your finances. Not only does it need to allow you to access the funds however and whenever you want, it needs to do that without charging any unnecessary fees.
If you’re looking for an account that allows you to make unlimited branch withdrawals, compare the features and benefits of suitable accounts here at finder.com.au.
What is a bank account with unlimited branch withdrawals?
A bank account with unlimited branch withdrawals is usually a transaction account designed to help you manage your everyday finances. Such accounts include a range of features that allow you to easily access your money whenever you need, and the ability to make unlimited withdrawals from your account by visiting a branch is one of those features.
However, some transaction accounts place limits on the withdrawals you can make, either on the number of transactions you can complete or the total amount you can withdraw in a given time period. But when you open a transaction account with unlimited branch withdrawals, you can access the cash in your account whenever you want.
Compare bank accounts with unlimited branch withdrawals
What are the benefits of unlimited branch withdrawals?
The main benefit of an account with unlimited withdrawals is that you can access the funds you need whenever you want. You can enjoy instant access to the money you need to buy that pair of shoes, pay for a night out or cover whatever other expenses may arise.
But the ability to make unlimited branch withdrawals offers another big advantage: access to physical cash. Rather than an electronic transfer via Internet banking, withdrawing funds from your account in branch allows you to get your hands on cash money – which is ideal if you ever need to carry cash for any reason.
Finally, withdrawing money in branch allows you to withdraw larger sums of money than you would be able to take out at an ATM. If you need access to an amount that exceeds your daily ATM withdrawal limit, you can then go into a branch and withdraw the funds you need. Just remember that you may need to give your local bank branch advance notice before you visit and ask to withdraw a large sum of money.
For example, let’s say you need to withdraw $10,000 from your Commonwealth Bank account to pay for your wedding. The maximum amount you can access from an ATM per day using your keycard is $1,000. There is the option to increase this daily limit to $2,000, but it would still take five separate transactions to access the money you need. But by visiting your local branch, where there are no limits on the amount you can withdraw over the counter, you can withdraw $10,000 all in one go.
Which bank accounts offer unlimited branch withdrawals?
Transaction accounts with limited branch withdrawals are offered by a wide variety of banks, building societies and credit unions around Australia. One such example is the St.George Complete Freedom Account. As well as unlimited branch withdrawals, it also charges no ongoing fee when you deposit at least $2,000 per month, and can be linked to a home loan as an offset account.
Another option is The Rock’s Fee Cruncher Everyday Account. If you deposit at least $1,000 into this account in any calendar month, you can take advantage of unlimited fee-free branch withdrawals and deposits, as well as unlimited fee-free ATM and EFTPOS transactions.
There are plenty of other accounts available that allow unlimited branch withdrawals, so start comparing your options today.
Limits to be aware of
If you’re searching for a bank account that allows unlimited branch withdrawals, there are two types of limits you should be wary of when comparing accounts. The first is a limit on the number of branch withdrawals you are able to make in any given period, such as a month or even a day. This is a common drawback of many transaction accounts and often means that you will start incurring fees once you have used up all your “free” withdrawals.
The second is a limit on the amount you are allowed to withdraw – this could apply to the amount of funds you are able to access in any one transaction, or to the maximum amount you will be allowed to withdraw in any given time period.
If your bank account does limit the amount of branch withdrawals you are able to perform, make sure you’re aware if exceeding this limit will incur a fee.
How to compare bank accounts with unlimited branch withdrawals
Keep the following factors and features in mind when comparing accounts that allow you to make unlimited branch withdrawals:
- Branch network. How big is the bank’s branch network around Australia and the world? Are there locations convenient to you so that you can quickly and easily access funds whenever the need arises?
- Amount you can withdraw in each transaction. Does your bank place any limits on the maximum amount you can withdraw in branch? If so, is this a per-transaction limit or a limit that applies across a specific time period, for example a week or a month?
- Terms and conditions. Check to see whether there are any conditions attached to your ability to make unlimited withdrawals. For example, you may need to deposit a minimum amount each month in order to access this feature.
- Withdrawal fees. Some banks will charge a fee for every staff-assisted withdrawal you make in branch, while some others will offer a limited number of branch withdrawals for free and then charge you for any subsequent transactions. This fee is usually referred to as an “assisted withdrawal fee” and is often around $2 or $2.50, so read the terms and conditions of your account to check whether it will apply to you.
- Ongoing fees. You should also be aware of any ongoing account-keeping fees that may apply to your account. If possible, find an account that doesn’t charge any service fees.
- Other withdrawal options. Are there other fee-free options available for when you don’t have to withdraw funds at a branch? For example, can you make unlimited ATM withdrawals and EFTPOS transactions without incurring any fees?
By comparing the features and benefits of different bank accounts with unlimited branch withdrawals, you’ll be able to find the best option for your everyday banking needs.