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 November 23rd, 2017
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
NAB Classic Banking
Visa
$0
$0
$0 monthly account fees.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.
Bankwest Qantas Transaction Account
Mastercard
$0
$2,000
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
HSBC Day to Day Transaction Account
Visa
$0
$0
Your Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.
ING Orange Everyday Account
Visa
$0
$1,000
$75 cash bonus & Apple Pay available.
Get a competitive ongoing variable rate when linked with an ING Savings Maximiser.
ANZ Access Advantage
Visa
$0
$2,000
Apple Pay, Android Pay & 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.
Bankwest Easy Transaction Account
Mastercard
$0
$2,000
No monthly account fees when you deposit at least $2,000 per month (e.g. salary). Plus save on ATM fees at major banks such as ANZ, Westpac, NAB, St.George and Commonwealth Bank.
Westpac Choice
Mastercard
$0
$2,000
$0 ATM withdrawal fee at 50,000+ ATMs globally.
Via Westpac's Global ATM Alliance. Get Cash without your debit card (conditions apply).
St.George Complete Freedom Account
Visa
$0
$2,000
Waived account keeping fees when minimum deposit is met with no minimum balance.
Bank of Melbourne Complete Freedom
Visa
$0
$2,000
Get Cardless cash and shop securely with your Visa debit card. Customise SMS and email alerts.
BankSA Complete Freedom Account
Visa
$0
$2,000
Cardless Cash available. Open one in less than 3 minutes.

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 November 23rd, 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. Go to site More
ING Orange Everyday Account
$75 cash bonus & Apple Pay available.
Get a competitive ongoing variable rate when linked with an ING Savings Maximiser.
Visa $0 $1,000 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 from 1 March 2018 make 5+ card purchases a month). Go to site More
HSBC Day to Day Transaction Account
Your Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.
Visa $0 $0 $0 account keeping fees. Unlimited free withdrawals at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. 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 November 23rd, 2017
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
HSBC Day to Day Transaction Account
Your Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.
Visa $0 $0 $0 account keeping fees. Unlimited free withdrawals at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Go to site 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. Go to site More
ING Orange Everyday Account
$75 cash bonus & Apple Pay available.
Get a competitive ongoing variable rate when linked with an ING Savings Maximiser.
Visa $0 $1,000 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 from 1 March 2018 make 5+ card purchases a month). Go to site 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 November 23rd, 2017
$
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 $0 / $0 More
BankVic Superfuture RSA
Ongoing, variable 1.85% p.a. Available on balances $50,000 or more.
1.85% 1.85% 0.00% $0 $0 / $50,000 More
BCU Retirement Savings Account
Ongoing, variable 2.11% p.a. Available on balances $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 November 23rd, 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. Go to site More
ING Orange Everyday Account
$75 cash bonus & Apple Pay available.
Get a competitive ongoing variable rate when linked with an ING Savings Maximiser.
Visa $0 $1,000 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 from 1 March 2018 make 5+ card purchases a month). Go to site More
St.George Complete Freedom Student Account
A student bank account with a linked Visa debit card and Mobile + Phone banking.
Visa $0 $0 account keeping fee for students. Unlimited Free withdrawals at St.George, Bank of Melbourne, BankSA and Westpac ATMs. Go to site More
HSBC Day to Day Transaction Account
Your Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.
Visa $0 $0 $0 account keeping fees. Unlimited free withdrawals at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Go to site More
ANZ Access Advantage
Apple Pay, Android Pay & 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. Go to site More
Bankwest Student Account
Get discounts from a range of brands like McDonalds, Hoyts and City Beach.
Mastercard $0 $0 $0 ATM fees at over 4,000 Bankwest and CommBank ATMs, $0 monthly fees. 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
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
P&N 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
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

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.

Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question