What types of bank accounts are available?

Information verified correct on February 28th, 2017

Bank accounts for everyday use, travel and different life stages.

Transaction accounts are no longer a one-size-fits-all banking product. Bank accounts with different features are suited to travellers, seniors, students and people with a concession card.

You can even earn Qantas points when you spend. Learn about the different types of bank accounts to find the best home for your money.

St.George Complete Freedom Account

New Bank Account 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
    • Everyday transaction accounts

      Open to Australian residents over the age of 18, this type of basic bank account can be used for managing everyday transactions and payments to other accounts.

      Rates last updated February 28th, 2017
      $
      Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
      NAB Classic Banking
      $0 monthly account fees.
      Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.
      Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Open More
      St.George Complete Freedom Account
      10% Cash back for online gaming purchases.
      Waived account keeping fees when minimum deposit is met with no minimum balance.
      Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 fee applies. Unlimited free withdrawals at St.George, Westpac and BankSA ATMs. Open More
      ING DIRECT Orange Everyday Account
      $75 cash bonus + Apple Pay available
      Get a competitive ongoing variable rate when linked with a Savings Maximiser.
      Visa $0 $1,000 $0 monthly account keeping fees. Unlimited free withdrawals at any ATM in Australia if you deposit $1,000 each month. Open More
      Bankwest Easy Transaction Account
      Pay no ATM fees at over 10,000 ATMs in Australia (conditions apply).
      Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $6 monthly fee applies. Unlimited free withdrawals at CommBank, NAB, ANZ, Westpac, St.George, BoM and BankSA ATMs. Open More
      Bankwest Qantas Transaction Account
      Earn Qantas Points on eligible purchases and on your account balance.
      Conditions apply.
      Mastercard $0 $2,000 $0 account keeping fees when you deposit at least $2,000 into your account each month. Otherwise, a $6 monthly fee applies. Unlimited Free withdrawals at Bankwest and CommBank ATMs in Australia. Open More
      ANZ Access Advantage
      Apple Pay, Android Pay and ANZ Mobile Pay. Take advantage of Apple Pay by linking your ANZ Visa Debit card to an eligible iPhone and seamlessly pay for purchases with your phone.
      Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at ANZ ATMs. Open More
      Westpac Choice
      $0 ATM withdrawal fee at 50,000+ ATMs globally.
      Via Westpac's Global ATM Alliance. Get Cash without your debit card (conditions apply).
      Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at St.George, Westpac, BoM and BankSA ATMs. Open More
      BankSA Complete Freedom Account
      Open one in less than 5 minutes with Cardless Cash available.
      Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at BankSA, St.George, Westpac and Bank of Melbourne ATMs. Open More
      BankSA Express Freedom Account
      Get Cardless Cash, free SMS and email alerts.
      Visa $0 $1,000 $0 account keeping fees when you deposit at least $1,000 into your account each month. Otherwise, a $3 monthly fee applies. Unlimited Free withdrawals at BankSA, St.George, Bank of Melbourne and Westpac ATMs. Open More
      Bank of Melbourne Complete Freedom
      Get Cardless cash and shop securely with your Visa debit card. Customise SMS and email alerts.
      Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at Melbourne, St.George, Westpac and BankSA ATMs. Open More
      Bank of Melbourne Express Freedom
      Get Cardless Cash and PAYG branch and cheque services.
      Visa $0 $1,000 $0 account keeping fees if you deposit at least $1,000 per month. Otherwise, a $3 monthly fee applies. Unlimited free withdrawals at BankSA, St.George, Westpac and Bank of Melbourne ATMs. Open More

      How transaction accounts work

      Creditors such as your employer or Centrelink can deposit funds into your transaction account and you can use the money for everyday purchases like shopping for clothes and groceries. Transaction accounts come with a debit card or EFTPOS card which you can use to make ATM withdrawals and shop online, as well as over-the-counter purchases.

      Basic bank accounts don’t reward you with interest but the good news is you can link a transaction account to a savings account. Most financial institutions offer savings accounts as well, and you can easily manage transfers using internet banking.

      You may be charged a monthly account-keeping fee. Financial institutions give you the opportunity to avoid this fee if you meet monthly deposit requirements. For example, deposit $2,000 or more into the ANZ Access Advantage and the $5 monthly account-keeping fee will be waived.

      Fee-free bank accounts

      Rates last updated February 28th, 2017
      $
      Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
      NAB Classic Banking
      $0 monthly account fees.
      Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.
      Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Open More
      ING DIRECT Orange Everyday Account
      $75 cash bonus + Apple Pay available
      Get a competitive ongoing variable rate when linked with a Savings Maximiser.
      Visa $0 $1,000 $0 monthly account keeping fees. Unlimited free withdrawals at any ATM in Australia if you deposit $1,000 each month. Open More

      Some everyday transaction accounts are also fee-free bank accounts.

      • Australian fee-free bank accounts waive monthly account fees and domestic ATM withdrawal fees.
      • Travel bank accounts waive international transaction fees when you make a purchase in a foreign currency and make withdrawals from overseas ATMs. Travel bank accounts such as the Citibank Plus Everyday Account also offer free international money transfers to selected countries.

      Fee-free bank accounts can still charge for everyday transactions such as periodic payments to other bank accounts, cheque payments and staff-assisted branch withdrawals. Retirement bank accounts and bank accounts for low income earners tend to waive these fees.

      The A-Z guide on bank fees.

      Rewards transaction accounts

      Rates last updated February 28th, 2017
      $
      Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
      St.George Complete Freedom Student Account
      A student bank account with a linked Visa debit card and Mobile + Phone banking.
      Visa $0 $2,000 $0 account keeping fee for students. Unlimited Free withdrawals at St.George, BoM, BankSA and Westpac ATMs. Open More
      ING DIRECT Orange Everyday Account
      $75 cash bonus + Apple Pay available
      Get a competitive ongoing variable rate when linked with a Savings Maximiser.
      Visa $0 $1,000 $0 monthly account keeping fees. Unlimited free withdrawals at any ATM in Australia if you deposit $1,000 each month. Open More
      St.George Complete Freedom Account
      10% Cash back for online gaming purchases.
      Waived account keeping fees when minimum deposit is met with no minimum balance.
      Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 fee applies. Unlimited free withdrawals at St.George, Westpac and BankSA ATMs. Open More
      Bankwest Qantas Transaction Account
      Earn Qantas Points on eligible purchases and on your account balance.
      Conditions apply.
      Mastercard $0 $2,000 $0 account keeping fees when you deposit at least $2,000 into your account each month. Otherwise, a $6 monthly fee applies. Unlimited Free withdrawals at Bankwest and CommBank ATMs in Australia. Open More

      This is a special type of bank account that rewards you with points when you spend. You’ll be rewarded with frequent flyer or general rewards points when you use the linked debit card to make eligible purchases and ATM withdrawals. You can even earn points just for having money in your account.

      Bankwest Qantas Rewards Transaction Account. The Bankwest Qantas Rewards Transaction Account gives you five Qantas points for every international ATM withdrawal, and for eligible purchases in Australia and overseas. You’ll also get 12 Qantas points for every $100 you have in your Qantas Rewards Transaction Account.

      Eligible purchases are most everyday purchases and exclude transactions such as BPAY payments, online payments to other accounts, getting cash out when you make a purchase and gambling transactions. Bankwest will waive the account-keeping fee if you deposit more than $2,000 every month.

      Compare and apply for rewards transaction accounts. 

      Bank accounts for seniors

      Rates last updated February 28th, 2017
      $
      $
      months
      Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
      Customs Bank Online Supersaver
      Ongoing, variable 1.75% p.a. Available on balance $5,001 or more.
      1.75% 1.75% 0.00% $0 $0 / $0 More
      BankVic Superfuture RSA
      A Retirement Savings Account designed to provide income in retirement.
      1.85% 1.85% 0.00% $0 $0 / $50,000 More
      BCU Retirement Savings Account
      Ongoing, variable 2.11% p.a. Available on balance $100,000 plus.
      2.11% 2.11% 0.00% $0 $0 / $0 More

      Bank accounts for people aged 55 and over are different to basic bank accounts in the following ways:

      1. You won’t pay a monthly account fee.
      2. Retiree bank accounts pay interest.
      3. You won’t be charged for transactions over the counter at a bank.
      4. A cheque book can be provided free of charge.

      Some retiree transaction accounts pay more interest based on your account balance. For example, the Suncorp 55 Plus Account pays 0.30% p.a. interest on balances less than $9,999, 1.50% p.a. on balances $10,000 to $99,999 and 2.60% p.a. on balances $100,000 and over.

      Seniors bank accounts can also pay interest in line with the deeming rate. This is the assumed income from financial investments used to calculate pension payments.

      Compare deeming accounts.

      Bank accounts for students

      Rates last updated February 28th, 2017
      $
      Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
      ANZ Access Advantage
      Apple Pay, Android Pay and ANZ Mobile Pay. Take advantage of Apple Pay by linking your ANZ Visa Debit card to an eligible iPhone and seamlessly pay for purchases with your phone.
      Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at ANZ ATMs. Open More
      ING DIRECT Orange Everyday Account
      $75 cash bonus + Apple Pay available
      Get a competitive ongoing variable rate when linked with a Savings Maximiser.
      Visa $0 $1,000 $0 monthly account keeping fees. Unlimited free withdrawals at any ATM in Australia if you deposit $1,000 each month. Open More
      NAB Classic Banking
      $0 monthly account fees.
      Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.
      Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Open More
      St.George Complete Freedom Student Account
      A student bank account with a linked Visa debit card and Mobile + Phone banking.
      Visa $0 $2,000 $0 account keeping fee for students. Unlimited Free withdrawals at St.George, BoM, BankSA and Westpac ATMs. Open More
      Bendigo Bank Student Account
      Available to full time students, apprentices and trainees over 12 years.
      Mastercard $0 $0 No monthly account service fee, unlimited e-banking transfer, BPAY and Pay Anyone. More
      Community First Student Starter Account
      Designed for students aged 17-24 and studying their first degree or traineeship full-time.
      Visa $0 $0 No monthly fee, fee-free banking with access to the RediATM network. More
      Bank of Sydney Student Transaction Account
      A flexible, student bank account with a linked Visa debit card.
      Visa $0 $0 No monthly account fee with free, unlimited ATM withdrawals from RediATM network. More
      Bank of Sydney Student Savings Account
      Available for students under 18 years of age and want to earn interest on their transaction account.
      Visa $0 $0 Free, unlimited ATM withdrawals from any RediATM. More
      Bank of Melbourne Complete Freedom Student
      Get a linked Visa debit card and $0 monthly fee for under 18's.
      Visa $0 $0 A low cost transaction account for students – no ATM withdrawal fees at Bank of Melbourne, BankSA, St.George and Westpac ATMs in Australia. More
      Westpac Choice Student
      An everyday account for full-time tertiary students.
      Mastercard $0 $2,000 No monthly service fee whilst you are a full time tertiary student More
      BankSA Complete Freedom Student Account
      An everyday banking account for students with a linked Visa debit card and $0 monthly account service fee.
      Visa $0 $0 No ATM withdrawal fee at over 3,000 BankSA, Bank of Melbourne, St.George & Westpac ATMs around Australia. More
      Police and Nurses Student Account
      A bank account for secondary and tertiary students aged between 16-25 years old.
      Visa $0 $0 Unlimited + free transactions via rediATM, NAB and BOQ ATMs. More

      Aimed at both school and university students, bank accounts for students operate in much the same way as standard bank accounts. Differences include a lower fee structure and some student-focused perks such as travel money and credit card fee waivers, as well as discounts at popular brands such as Apple and Hoyts.

      • Student bank accounts waive the monthly account-keeping fee.
      • You’re rewarded with a low rate of interest on your student account balance.
      • Student bank accounts offer fee waivers on related banking products like credit cards and travel cards.

      Compare a range of student and young adult bank accounts.

      Bank accounts for concession card holders

      As well as meeting age and residency requirements, you must also hold a Commonwealth concession card to be eligible for a concession account. Concession accounts feature free staff-assisted withdrawals and waived overdrawn fees.

      • St.George and other financial institutions allow Concession account holders to make unlimited free withdrawals from bank branches and free periodic payments.
      • The monthly account service fee is waived.

      How to choose and apply for a bank account.

      Jacob Joseph

      Jacob is a writer and video journalist with finder.com.au. Credit cards, personal loans and savings accounts are his bread and butter, and he likes nothing more helping people understand the sometimes overly complex world of personal finance.

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