What types of bank accounts are available?

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.

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 October 21st, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
NAB Classic Banking
Visa
$0
$0
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.
HSBC Everyday Global Account
Visa
$0
$0
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.
ING Orange Everyday Account
Visa
$0
$0
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.
NAB Classic Banking with Platinum Visa Debit Card
Visa
$0
$0
$10 cashback on contactless purchases, $0 foreign transaction fee and complimentary travel insurance.
$10 monthly account fee.
Receive $10 cashback when you spend $1000 on contactless purchases. Complimentary travel insurance, transport accident insurance, purchase protection insurance and more when you meet eligibility criteria.
Citi Global Currency Account
Mastercard
$0
$0
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.
UBank USaver Ultra Transaction Account
Visa
$0
$0
Earn up to 2.87% p.a. interest on your linked savings account.
$0 monthly account fee.
You must open the UBank USaver savings account in order to get this account. Enjoy access to ATMs in Australia and overseas for free and a 0% foreign exchange fee for online purchases. Manage your spending with a built-in sweep facility that automatically moves money between your linked accounts based on the limits you set.
AMP Bett3r Account - Pay Account
Visa
$0
$2,000
Earn 1.50% interest. Manage your budget effectively with a bundle of accounts.
$5 waivable monthly account fee.
Earn 1.50% interest on your balance. Monthly account fee waived if you deposit at least $2,000 a month from a source that is not another AMP bank account. Enjoy linked individual Pay, Spend and Save accounts to reach your savings goals.
MyState Everyday Account
Visa
$0
$2,000
A flexible option for day-to-day spending.
$6 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month or are 23 years or under. Apple Pay, Google Pay, Samsung Pay available.
HSBC Day to Day Transaction Account
Visa
$0
$0
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.

Compare up to 4 providers

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 October 21st, 2018
$
Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details Monthly Account Fee
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.
Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
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.
Visa $0 $0 ING charges no ATM withdrawal fees and offers a rebate on any third-party ATM fees and international transaction fees when you deposit $1,000 and make 5+ card purchases a month. Go to site More
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.
Visa $0 $0 $0 account keeping fees. Unlimited free withdrawals at over 13,000 HSBC ATMs. Go to site More
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.
Visa $0 $0 Go to site More
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.
Mastercard $0 $0 Go to site More
UBank USaver Ultra Transaction Account
Earn up to 2.87% p.a. interest on your linked savings account. $0 monthly account fee. You must open the UBank USaver savings account in order to get this account. Enjoy access to ATMs in Australia and overseas for free and a 0% foreign exchange fee for online purchases. Manage your spending with a built-in sweep facility that automatically moves money between your linked accounts based on the limits you set.
Visa $0 $0 Go to site 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 October 21st, 2018
$
Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details Monthly Account Fee
NAB Classic Banking with Platinum Visa Debit Card
Receive 1% cashback on contactless purchases with a NAB Platinum Visa debit card and enjoy complimentary overseas travel insurance (conditions apply).
Visa $0 $0 $10 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
Bankwest Qantas Transaction Account
Earn 12 Qantas Frequent Flyer points per $100 in your account each month.
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. 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 October 21st, 2018
$
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Monthly Account Fee
Customs Bank Online Supersaver
Ongoing, variable 1.75% p.a. Available on balances $5,001 or more.
1.75% 1.75% 0.00% $0 $5,001 / $0 More
BankVic Superfuture RSA
Ongoing, variable 1.00% p.a. Available on balances $50,000 or more.
1.00% 1.00% 0.00% $0 $0 / $50,000 More
BCU Retirement Savings Account
Ongoing, variable 0.66% p.a. Available on balances up to $1,999.99.
0.66% 0.66% 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 October 21st, 2018
$
Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details Monthly Account Fee
ING Orange Everyday Youth Account
ING Orange Everyday Youth account is for Australians aged 15-17 years old. It offers Apple Pay and Google Pay, with no ATM fees, no account-keeping fees and no foreign transaction fees. Earn a competitive interest rate when you link with an ING Savings Maximiser, without having to meet any deposit or withdrawal conditions.
Visa $0 $0 More
Bendigo Bank Student Account
A flexible option for students over 12 years old. Enjoy 0.50% interest on balances $5,000 and over and pay $0 monthly account keeping fees. Personalise your debit card with an image of your choice and use Apple Pay, Google Pay & Samsung Pay to make payments using your smartphone.
Mastercard $0 $0 No monthly account service fee, unlimited e-banking transfer, BPAY and Pay Anyone. Earn 0.50% interest on balances $5,000 and over. More
Bank Australia Everyday Access Account
Fee-free access to 3000+ ATMS in Australia. $5 waivable monthly account fee. Pay no account keeping fee if you deposit at least $2000 monthly. The fee is also waived if you're under 25 years old, or have a loan or investment of $50,000 with Bank Australia.
Visa $0 $2,000 Earn 0.10% p.a. on deposits $100,000 and above. Deposits under $100,000 earn lower interest. No monthly fee if you deposit $2,000 per month, or have a loan or investment of $50,000 with Bank Australia, or are under 25 years of age. 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. The following concession accounts have special features to make everyday transactions easier.

  • The St.George Concession account allows concession account holders to make unlimited free transactions and withdrawals from bank branches with $0 account keeping fees.
  • The BDCU Alliance Bank Concession account offers no monthly fees and minimum balance requirement, along with unlimited free transactions and withdrawals from any rediATM network.
  • The Bank of Melbourne Concession account allows you to access ATMs around the world for free (within the Westpac Global ATM Alliance) and offers $0 account keeping fees and unlimited free staff-assisted transactions.
  • The BankSA Concession account provides customers with unlimited free transactions and withdrawals, $0 service maintenance fee and free staff assistance over the phone.

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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