The best bank account will usually have some or all of the following features:
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.
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To make it a little easier for you, we've picked a few of the best accounts based on specific features:
Earn 2% cashback on tap and pay purchases under $100 when you deposit $2,000 a month.
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.
Earn 1% cashback on utility bills when you deposit $1,000+ and make 5+ card purchases a month.
Earn 2.75% on your transaction account balance, with no conditions to meet.
Pay no account fees, no international fees and get refunds on all Australian ATM fees.
Pay account keeping fees, no overseas ATM fees, no international transaction fees.
Hold 10 currencies in the one account and pay no international transaction fees. This account was the winner of the Best Travel Debit Card in the 2022 Finder Awards.
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 5% p.a. on your ANZ Save balance.
Earn 2.75% on your transaction account balance, with no conditions to meet.
Link up to 9 sub-accounts to your Everyday Options Account to help you manage your budget.
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.
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.
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:
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?
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.
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.
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.
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.
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.
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.
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.
At Finder, we've been comparing bank accounts for more than a decade. Using the product data we've collected, ongoing consumer testing, customer surveys and many (many!) account comparisons, we've assessed accounts in our panel based on a few key features that we know you care most about to bring you our picks. While we haven't looked at all accounts in the market, we're confident our picks are strong offers.
You can see what we've considered when choosing the top pick for each category below.
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A travel debit card is just a regular Australian debit card with less international fees an charges, making it a great option to use overseas. See a range of debit cards suited for travel in this guide.
Now is the best time to start looking at the new bank account offers and promotions available. There is fierce competition between banks for your business so you should take advantage of this opportunity and get yourself a deal.
International transaction fees can add up to a lot of wasted money. These debit cards are great for travelling and online shopping and will save you money by waiving this annoying fee.
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When used wisely, a debit card provides you with great flexibility when it comes to handling your everyday financial needs.
I’m getting rid of my Big 4 bank accounts; they are more concerned these days about shareholders than they are about their customers. Shut my ANZ and CommBank and now i use Wise and Up. I will open a Bendigo bank account as backup, but mainly so I have a facility to deposit cash if the need arises.
Up is great, with low to no fees and great FX rates and the speed of transfer is terrific.
I also use Wise for traveling and in Australia and can transfer between Wise and Up in about 5 to 10 seconds,
Bendigo bank for cash deposit or withdrawal, Up for normal spending and transfers and income in, and Wise for normal spending travel with still Up for travel also.
The only con for Up is I don’t think you can ring them, but their chat has been excellent.