Our verdict

This account is designed for easy day-to-day spending, however there are a few fees to be aware of.

Finder Awards winner

Green Award

This account does charge a monthly account keeping fee of $5 unless you meet one of the fee waiver criteria. You'll have the fee waived if you deposit at least $2,000, are aged under 25, have combined Bank Australia loans or savings worth $50,000+ or have a Bank Australia Premium Home Loan. While there are several ways to get the monthly fee waived, most banks these days don't charge a monthly account fee at all. Although, if you're planning to have your regular salary or wages deposited into the account you should be able to meet the monthly deposit condition fairly easily.

If you live outside of a major city, there may not be many Bank Australia branches near you. So keep this in mind if you’re looking for a bank account with easy branch access. However, you can make free cash withdrawals and deposits at any Australia Post store via Bank@Post.

Be aware that this account also charges overseas ATM fees and international transaction fees, which can quickly add up if you travel a lot.

Bank Australia was named Green Bank of The Year in the 2023 Finder Awards for its sustainable finance options and its commitment to avoid investment in harmful industries like fossil fuels and animal exports. So if you're looking for a more ethical banking solution, it could be a great option for you.

Pros

Free linked Visa Debit Card
Pay no withdrawal fees at 3000+ rediATMs Australia wide
24/7 fraud monitoring
Earn some interest on your everyday funds

Cons

Strict requirements apply to have the monthly fee waived
ATMs outside the rediATM network may attract a withdrawal fee
No branches to visits

Details

Key details

Product Name	Bank Australia Everyday Access Account
Monthly account fee	$5
Card access	Visa
Own network ATM fee	$0
International ATM Fee	International ATM fee $3.50
International transaction fee	3%
Monthly deposit required to waive account fee	$2,000
Contactless Payments	Apple Pay, Google Pay, Samsung Pay, Garmin Pay

Eligibility

Minimum Age	18
Joint account availability	Yes
Minimum opening deposit	$1
Residency status	Permanent Australian residents with an Australian address

Finder Green Bank 2023

Bank Australia

PFinder Green Bank of the Year 2023 award

Key features

$0 Monthly account keeping fees if you deposit at least $2,000

There is a $5 monthly account keeping fee charged to your account that is waived when you make external deposits of $2,000 or more. This fee is also waived for account holders under the age of 25 or those who have a combined total of at least $50,000 in loans, savings and investments with Bank Australia.

Can I still spend the $2,000 after I've deposited it?

Yes – after you've deposited the amount for the month, you can spend it and still take advantage of the waived monthly fee.

Unlimited electronic transactions

Enjoy unlimited free transactions in Australia with EFTPOS internet and phone banking, mobile banking and Visa debit card or rediCard transactions.

Linked Visa Debit Card with access to the rediATM network

You can choose to have your Visa Debit Card linked to your account, which will then allow you to make direct withdrawals at any rediATM in Australia fee-free. You can also use the Visa Debit card to make purchases at any EFTPOS terminal where Visa is accepted. The money is drawn straight out of your transaction account.

Bank@Post

With a Visa debit card you are also permitted to make cash withdrawals and deposits at any Australian Post that offers Bank@Post.

Overseas ATM withdrawals using the card

You can use your rediCARD or Visa Debit Card to make overseas withdrawals at ATMs or banks, but will be charged $3.50 for the transaction.

Currency conversion fees

For any transaction that requires a conversion of a foreign currency to the Australian dollar you will be charged 3% of the Australian dollar amount.

Australia's first 100% customer owned bank

Bank Australia believes that their profits should go back to it's members and the community, create positive social and environmental outcomes. It's an online bank and therefore, does not have any branches.

Compare other Bank Australia savings and everyday accounts here

How to apply

If you've compared your options and decided this account is right for you, you can apply online in less than 10 minutes. Make sure you meet the eligibility criteria and have the necessary documents handy.

Eligibility

Minimum age. Only individuals aged 18 or older are able to complete the online application.
Residency requirements. In order to become a member of Bank Australia and open an account with them you must be an Australian resident with a residential address in the country.

Depository requirements. You will not be required to make a minimum deposit when opening this account, but you will need to deposit at least $2,000 in the first month to avoid any fees if you do not meet the other requirements for fee free banking.

Documentation needed

Tax file number. Providing your tax file number (TFN) is not mandatory, yet it will help to ensure that your withholding taxes are correct on any of your interest earning accounts.
Identification. In order to be eligible for the Everyday Access Account you will need to verify your identity first using details from your passport, driver's licence or Medicare card.

What happens after I submit my application?

When filling out your application for membership, you will also be asked which account or accounts you are interested in. This allows you to save time by submitting both applications simultaneously. Once accepted, you will be given the details of your membership and new transaction account, and your Visa Debit Card will be sent to the address you provided via Australian post.

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Bank Australia Everyday Access Account

Pros

Cons

Finder Green Bank 2023

Bank Australia

Key features

$0 Monthly account keeping fees if you deposit at least $2,000

Can I still spend the $2,000 after I've deposited it?

Unlimited electronic transactions

Linked Visa Debit Card with access to the rediATM network

Bank@Post

Overseas ATM withdrawals using the card

Currency conversion fees

Australia's first 100% customer owned bank

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other transaction accounts

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