The best bank accounts you’d happily introduce to your parents

What does the best bank account look like?

The best bank account will usually have some or all of the following features:

• No account keeping fees, or an option to easily have the account fees waived
• A range of different payment options available
• No monthly deposit conditions (or if there are some, ones that are easy to meet)
• A good mobile banking app to manage your account 24/7
• Extra perks such as cashback offers, points or special bonus offers

There's no single bank account that's best for everyone as all our needs are different – and what's best for you might not be best for someone else.

Some of the top bank accounts for May 2025

To make it a little easier for you, we've picked a few of the best accounts based on specific features:

1. Bank accounts with cashback offers or extra perks
2. Bank accounts with no fees
3. Bank accounts with good savings rates or tools
4. Bank accounts designed for travel
5. Bank accounts with smaller sub-accounts
6. Bank accounts for students or young people

1. Bank accounts with cashback offers or extra perks

HSBC Everyday Global

Earn 2% cashback on tap and pay purchases under $100 when you deposit $2,000 a month.

Virgin Money Go Account

Earn 8 Virgin Money Points for each purchase when you deposit $1,000 a month (or $1,000 if you're over 25) and make 5+ purchases a month.

ING Orange Everyday

Earn 1% cashback on utility bills when you deposit $1,000+ and make 5+ card purchases a month.

Macquarie Transaction Account

Earn 2.5% on your transaction account balance, with no conditions to meet.

2. Bank accounts with no fees

Macquarie Transaction Account

Pay no account fees, no international fees and get refunds on all Australian ATM fees.

UBank Spend Account

Pay account keeping fees, no overseas ATM fees, no international transaction fees.

3. Bank accounts designed for travel

HSBC Everyday Global

Hold 10 currencies in the one account and pay no international transaction fees. This account was the winner of the Best Global Debit Card in the 2023, 2024 and 2025 Finder Awards.

4. Bank accounts with savings rates and tools

ANZ Plus Account

The ANZ Plus app gives you an overview of your monthly spending, compares your spending month to month and lets you set up and track up to 99 savings goals. Plus, you can earn up to 4.75% p.a. on your ANZ Save balance.

Macquarie Transaction Account

Earn 2.5% on your transaction account balance, with no conditions to meet.

5. Bank accounts with smaller sub-accounts

Suncorp Everyday Options Account

Link up to 9 sub-accounts to your Everyday Options Account to help you manage your budget.

6. Bank accounts for students or young people

Westpac Choice Student

No account keeping fees full-time tertiary students and customers under 30 years old. Plus, if you're under 14 you can open the account and get a Handycard instead of a debit card.

MyState Glide Account

This account can be opened online for those aged 14 and older (not 18 as with many other accounts) and charges no account fees or local ATM fees.

How to find the best bank account for you

The best bank account for you depends on your needs, and hopefully our list above helps you work exactly what's important to you. If you travel overseas as a regular jet-setter, as bank account that has low or no international transaction fees could save you a small fortune. So have a think about your needs so you can find an account that saves you money in the long run. Here's a few things to consider:

Fees

Nasty little things that they are, fees can chew through your account balance, but you can get a bank account with no monthly account-keeping fees. Usually, the account is pretty no-frills without too many extra features; if a fee is payable, check what you're actually getting for that investment?

Terms and conditions

If there are monthly deposit conditions to meet, perhaps in order to waive the monthly fees, make sure it's an amount you can easily meet. For instance, some accounts require a minimum of $2k to be deposited per month in order to waive fees.

Branch or no branch?

Some banks – like Macquarie, or online banks – don't have branches. If you're happy to do all your banking online or on your phone, you're all set, but if good old-fashioned in-person service is important to you, make sure the bank you choose has local branches.

Overseas fees and charges

If you travel regularly or you're in the habit of shopping at overseas retailers, the best bank account for you might just be one that doesn't charge overseas ATM fees and international transaction fees.

Linked savings account

If you're planning to open a linked savings account with the same bank, look for bank that offers a good interest rate. It shouldn't be too hard to find one at 5% or higher.

Payment flexibility

Make sure the bank account offers the payment options you want – like BPAY, Apple Pay, Google Pay, Samsung Pay, PayID, tap and go with Visa payWave or Mastercard PayPass.

ATM access

If you use cash, a bank account with a big ATM network and smart ATMs that accept cash might be move them up to the top of your hitlist.

Joint account options

Stashing cash as a couple or with friends to manage joint expenses? Finding a bank that gives you both access to the account in a joint account is the way to go.

Back to table

Frequently asked questions

• Which bank account is best for everyday transactions?

  Bank accounts are all designed for day-to-day spending and transactions. The best one will have no fees, easy ways to access your account balance and extra features that you need.

• Can I earn interest with a bank account?

  Banks accounts typically don't pay any interest, as the account is designed for spending not saving. If you want to earn interest on your money you'll need to open a savings account instead.

• Are bank accounts secure?

  Yes, bank accounts are one of the safest places for your cash. Your deposit up to $250,000 with an Australian bank is guaranteed under the government bank guarantee scheme.

• Which account is best for a joint account?

  A lot of bank accounts can be opened as joint accounts with another person. When picking one, consider what you'll be using the account for and what features you need. For example, would spend tracking tools in the mobile app be handy for you? Or perhaps you're more interested in avoiding fees when travelling?

• What's the best account for overseas travel?

  If you travel a lot, a bank account with no international transaction fees would be ideal. These fees can be as high as 3.5% of the total transaction value per transaction, each time you make a purchase with your debit card in another currency. Avoiding these fees can save you lots of money.

To make sure you get accurate and helpful information, this guide has been edited by Sarah Megginson as part of our fact-checking process.

Written by

Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise

Alison has written 639 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living