Compare transaction accounts for everyday spending

Your transaction account is an accout you'll likely use every single day, so it's important to choose the right one.

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By

Alison Banney

Updated

Fact checked
Transaction accounts (also known as bank accounts) are used for your everyday spending like paying bills, buying groceries and making deposits into other accounts. They're used for your day-to-day transactions, and come with a debit card that you can use in stores, online or at ATMs. You can compare transaction accounts below.
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Product Monthly fee Govt. Guarantee Own network ATM fee Card type
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
$0 monthly fees, unlimited free transactions plus a Visa debit card and digital card.
Go to siteMore info
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Eligible Visa Debit cardholders can get cashback when using their card to shop at partner retailers.

You can link up to 9 sub-accounts to your Everyday Options Account to help you manage your budget and different expenses.
Go to siteMore info
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Get $40 cashback on groceries when you spend $160 on your digital Visa Debit card within 60 days at Woolworths or Coles. New customers only. (T&C’s apply).
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ING Orange Everyday Account
Apple Pay Google Pay
ING logo
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
1% cashback on utility bills (T&Cs apply)

Access unlimited rebates on all international transaction fees when the account conditions are met.
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Westpac Choice
Apple Pay Google Pay Samsung Pay Garmin Pay Digital Card
Westpac logo
Monthly fee
$5
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
Eligible cardholders can get discounts when shopping at partner brands.

Go to siteMore info
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Rates accurate as at: April 24th, 2025 Learn about our information service

What is a transaction account?

A transaction account is a bank account that is designed for day-to-day spending. You can receive your salary or wages into the account, and use it to make daily purchases as well as pay ongoing bills and expenses.

Transaction accounts come with a debit card which you can use to buy things with the money in the account.

How does a transaction account work?

Although transaction accounts differ slightly between banks, they all serve the same basic purpose: to provide you with various, easy ways of accessing your money. You can use your debit card to access the money in your transaction account to make purchases in shops, through branch or ATM withdrawals and online purchases. You can use your transaction account to:

  • Make deposits
  • Make bill payments
  • Transfer money between your own accounts and to others' accounts
  • Withdraw cash from ATMs
  • Make purchases at EFTPOS terminals, online and via PayPal
  • Make purchases overseas or use overseas ATMs
  • Set up automatic payments for things like rent or mortgage payments
  • Receive your income

What's the best transaction account?

Every year Finder analyses hundreds of accounts in our database to determine the best accounts. In the 2025 Finder Banking Awards, the winner of the best transaction account was the Macquarie Transaction Account.

Macquarie Bank Transaction Account

Macquarie Bank Transaction Account logo
More info
$0
Monthly fee
$0
ATM withdrawal fees
Mastercard
Debit Card
The Macquarie Transaction Account is one of the best bank accounts in the market if you're wanting to also earn interest on your balance. Your bank account balance will earn 2.5% p.a. interest with no conditions to meet, helping you save more money. It also has no account keeping fees, no international ATM fees and pays a refund on any local ATM fees charged.
  • Earn interest on your balance
  • No ATM fees
  • No international purchase fees
  • No monthly account keeping fees
  • Convenient on-the-go banking with the mobile banking app
  • No branch access
Rewards program N/A
Annual Fee $0
Purchase Rate
Welcome offer
Interest-free period Up to days on purchases
Balance transfer N/A
Bonus points N/A
Rewards points per $ spent N/A
Foreign currency conversion fee

Transaction account fees

There are a number of fees and charges you could be faced with when using your transaction account. This dpends on the type of transaction account you have, and how you use it. Some of the main fees include:

  • Account keeping fees: Some transaction accounts charge these monthly, and they can range from $4-$10 or even more.
  • ATM withdrawal fees: Some transactin accounts will charge a fee when you use your debit card to withdraw cash from an ATM.
  • International fees: Some transaction accounts charge an international transaction fee (usually around 3.5%) when you use your account to make purchases overseas.
  • Transaction fees: Some banks will charge extra if you make transactions in a branch, such as depositing money.
  • Overdrawn fee: If you withdraw more money than what's available in your transaction account, you may be charged a fee.
Alex Holderness's headshot
Our expert says

"Transaction accounts seem like a pretty basic product - but don't overlook the fees. International fees may not mean much day to day, but can really stack up when you're on holiday tapping away at the swim up bar. This is often a % of the transaction and can range from 0% to 3%+. There's also international ATM fees, so if you're someone that holidays even once a year - be sure to check that. "

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How to compare transction accounts

Consider the following features to make sure you choose the right transaction account for you.

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Are there any account-keeping fees?

Look for an account that charges no or low monthly account keeping fees.

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Are there any deposit conditions?

If the account requires you to meet a monthly deposit requirement (this can be anywhere from $200 to $2,000 a month), make sure it's an amount that you can easily meet each month.

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What are the ATM fees?

Don't forget to check the overseas ATM withdrawal fee too as this can be quite high with some bank accounts.

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Check the overseas fees.

If you travel a lot or regularly shop online from overseas retailers, check the international transaction fee. Some accounts don't charge an international transaction fee at all, and others will waive this fee if you meet certain deposit conditions.

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Consider the linked savings account.

If you want to link a savings account to your trnasaction account with the same bank, check the interest rate you can earn with the savings account.

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Consider the payment options.

If you want to make contactless purchases with your phone, check that the account supports Apple Pay, Google Pay or Samsung Pay. If you want to make instant bank-to-bank transfers, looking for an account that offers instant payments with PayID and Osko.

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Do you need a joint account?

If you're looking for a bank account that you can share with another person (such as your partner), make sure you check if the account can be opened as a joint account. Most transaction accounts can be opened as a joint account.

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Does it offer any special deals?

Some bank accounts offer cash bonus offers or cash back deals when you open an account. Others will offer an ongoing cashback offer when you make purchases. Just make sure the fees charged on the account don't outweigh any benefit offered with these cash promotions.

Transaction account benefits

  • Easy money management. A transaction account gives you a secure place to deposit your pay and other income and then easily manage the way in which it is being spent from one place.
  • Make purchases anywhere.You have practically unlimited means of making purchases and withdrawals using the money in your transaction account; online, in shops and restaurants, at ATMs both overseas and at home.
  • Convenience. If you choose a transaction account that has online banking and a mobile banking app, you will be able to see your balance daily and manage your spending wherever you are.
  • Access cash easily. With your linked debit card, you can withdraw your money at an ATM or self-serve checkout if you need access to cash.

Frequently asked questions

Alison Banney's headshot
Written by

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 638 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living
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6 Responses

    Default Gravatar
    RhondaMarch 25, 2022

    I am looking to move from ING and looking for a comparable company that doesn’t charge a monthly fee or ATM transactions nor overseas ATM fees

    Default Gravatar
    PamMarch 27, 2019

    Hi am looking to have my uk pension into a bank account monthly in Australia. My existing bank wants to charge me $12 a month for this. Is there a bank that does this free.

      Default GravatarFinder
      JeniMarch 30, 2019Finder

      Hi Pam,

      Thank you for getting in touch with Finder.

      You may consider opening a global account like the HSBC Global account or Citi Currency Global account. If you have a super account, you may transfer your UK pension to my super especially if your super is registered in the UK as a Qualifying Recognised Overseas Pension Scheme (QROPS). You may also contact the ATO to find out other options regarding your UK pension and to avoid future fees.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    juneSeptember 13, 2015

    Can I use any atm while overseas for free.

      AvatarFinder
      ShirleySeptember 14, 2015Finder

      Hi June,

      Thanks for your question.

      This is a possibility with the Citibank Plus Transaction account and the Westpac Choice account if you use certain ATMs. You may also compare debit cards for overseas travel.

      You can also find a comparison of travel friendly credit cards, prepaid cards and travel cards by reading our travel money guide. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you travel.

      Cheers,
      Shirley

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