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Bank accounts – find a happy home for your money
It's safer here than under your mattress. Get a transaction account with $0 fees and all the digital bells and whistles you need to get your money moving.
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The Suncorp Bank Everyday Options account is one of the best debit cards to help you budget. You can link up to 9 smaller sub-accounts to your main account to help you manage different expenses. For example, you could have one sub-account for bills, one sub account for emergencies and one for your fun 'splurge' purchases. Plus, there are no account keeping fees to pay on any of the accounts.
The Suncorp Bank Everyday Options account is one of the best debit cards to help you budget. You can link up to 9 smaller sub-accounts to your main account to help you manage different expenses. For example, you could have one sub-account for bills, one sub account for emergencies and one for your fun 'splurge' purchases. Plus, there are no account keeping fees to pay on any of the accounts.
What is a bank account?
A bank account is a deposit product that holds your money. Banks, credit unions, building societies or other financial institutions offer them. Your employer can deposit your salary or wages directly into your bank account, which you can access whenever you want through ATM cash withdrawals, EFTPOS purchases with the linked debit card or bills payment.
Bank accounts are also often referred to as everyday accounts or tranhow saction accounts.
How to compare bank accounts in Australia
When starting your bank account comparison, consider the following features to make sure you choose the right bank account for you.
Consider the account-keeping fees.
Look for an account that charges no or low monthly account keeping fees. Or, if there is an account-keeping fee, you can often get the fee waived by depositing a certain amount of money into the account each month.
Check the 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.
Check the ATM fees
Will you be charged an ATM withdrawal fee to access your cash? Don't forget to check the overseas ATM withdrawal fee too as this can be quite high with some bank accounts.
Compare the overseas fees and charges.
If you travel a lot or regularly shop online from overseas retailers, check the international transaction fee when comparing bank accounts. Some bank accounts don't charge an international transaction fee at all, and others will waive this fee if you meet certain deposit conditions.
Look at the linked savings account.
If you want to link a savings account to your bank account with the same bank, check the interest rate you can earn with the savings account. If you're trying to save money, more interest you can earn on your savings account means better.
Consider the payment options.
If you want to make contactless purchases with your phone, check that the bank 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.
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 bank account.
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.
How does Finder help compare bank accounts?
Every year Finder's data analysts and banking experts assess 100+ bank accounts in our database to look for the most competitive products in the market as part of the annual Finder Awards. To determine the best transaction accounts we look at all the accounts in our database and filter for those with no account keeping fees, no local ATM fees and no international transaction fees. From here, we assess the extra benefits and features these accounts offer and determine which account offers the most value overall - usually in the form of a cash back offer, interest or rebated ATM fees.
As well as our annual awards program our Finder authors have researched and published 100+ banking guides and product reviews, and regularly appear in the media, for example on Sunrise, 7News and SBS News.
Compare bank accounts: Key features and benefits
Safer than cash. Bank accounts offer a secure place to hold your money. It is much safer (and easier) than keeping your money in physical cash. Plus, the Australian government protects your deposit up to $250,000 in an Australian bank account.
Easy access to your money. The money in your bank account is yours to access and use whenever you want. You can withdraw cash at an ATM, use the debit card to purchase things in stores, pay your bills or shop online 24/7.
Free debit card. Bank accounts come with a free debit card linked to your account, usually either Visa or Mastercard debit card. You can use this debit card in stores in Australia and overseas, at ATMs and online. Unlike a credit card, the money on your debit card is limited to what you deposit into the account.
Transaction history. You can see all your past bank account transactions and purchases by logging into your Internet banking portal or mobile banking app. This is handy to keep track of where and how you're spending your money.
No interest charged. Unlike a credit card that is a type of loan that you need to repay, the money in your bank account is your money. You can only spend what you have in the bank account, so there are no interest repayments to worry about. There's also no risk of spending more than you have.
Mobile banking app. Most bank accounts offer mobile app access. You can keep track of your bank account, manage your expenses and see your transactions in the app 24/7.
Linked to savings. A bank account can also be linked to a savings account with the same bank. You can move money from your savings into your bank account so you can spend it when needed.
Comparing no fee transaction accounts
No fee transaction accounts are bank accounts with no (or limited) fees. Bank accounts have a large list of fees for various things, and it's unlikely you'll find one with no fees at all. However, the main fees that people like to avoid are monthly account keeping fees (for accounts that do charge this fee it's usually around $5 per month). Luckily, these fees are easy to avoid as there are plently of bank accounts today that don't charge this fee. See the list below for a few examples.
Determine what fees are most important for you to avoid, and look for a transaction account that doesn't charge these. For example, if you travel a lot and regulalrly shop online from international sites you'll probably want a transaction account with no international transaction fees. Or perhaps you regulalry use ATMs to withdraw cash, in which case you'd probably want a transaction account with no ATM fees.
Bank account or savings account: Which do you need?
A bank account (also called a transaction account) and a savings account are 2 different types of accounts that serve different purposes. A bank account is a transaction product designed for daily use to buy things in stores, withdraw from ATMs, pay bills, transfer money to friends and receive your salary or wages. A bank account comes with a debit card but typically doesn't pay interest on your money (although there are some rare examples of bank accounts that do pay interest, such as the Macquarie Transaction Account).
A savings account is another account that you can link to your bank account. A savings account pays interest on the money in the account as it's designed to help you save. It doesn't come with a debit card as it's not meant to be used as a transaction account for purchases and day-to-day spending.
You don't have to pick just one of these. In fact, having both a bank account and savings account linked together is a great way to manage your spending and saving side-by-side.
How to open a bank account
Here's how to open a new bank account online in 5 steps:
Compare. Compare bank accounts using the table above and find the right one for you.
Apply online. Once you've chosen one, click "Go to site" to complete the online application.
Add your details. Fill in your name, age, address, contact details and residency status.
Verify your identity. Once the bank has verified your identity with your driver's licence, passport or other forms of ID, your account will be opened instantly.
Fund your account. Transfer some money into your new bank account from another account or deposit cash into the account via a bank branch, ATM or Post Office. You'll soon receive your debit card in the mail.
What type of bank account are you looking for?
Need a bit more help choosing a bank account? The right bank account for you will depend on how you plan to use the account and what you're looking for.
If you travel a lot or often purchase things online from overseas merchants, these bank accounts charge low or no foreign transaction fees or international ATM fees.
Compare bank accounts with no monthly account keeping fees and no ATM withdrawal fees to save you cash.
Frequently asked questions
A transaction account is designed for spending (including daily purchases, paying bills, transferring money, shopping online etc.) while a savings account is design for saving. A transaction account comes with a debit card to allow you to easily spend the money, while a savings account doesn't come with a debit card and instead earns interest to encourage you to keep money in the account.
It's more common for a bank account to have no minimum deposit requirements than it is to have a minimum deposit requirement. So if you're looking for an account without a deposit condiiton, this will be easy to find. Some examples include HSBC Everyday Global, Virgin Money Go Account and St.George Complete Freedom Account.
There are usually no costs involved to open a bank account. Some banks will require you to make an initial deposit of at least $1 in order to activate the account. If you're opening a bank account with a member-owned bank, mutual or co-operative sometimes you will be required to first join as a member and pay a membership fee (this varies, but is usually around $10). However, this isn't very common anymore.
It's a good idea to have your salary sent to your main everyday bank account. This way, you can instantly use the money to pay your bills, make any recurring payments and buy things you need. Once the money is in your bank account you can transfer some into other accounts you might have (like a savings account or a joint bank account you share with someone else).
Some bank accounts that don't charge international transaction fees include HSBC Everyday Global, Macquarie Transaction Account, UBank Spend Account, ING Orange Everyday Account and Suncorp Everyday Options Account.
Most bank accounts offer similar features for paying bills. Look for an account that offers BPay paymets and the ability to schedule recurring payments. It could also be worthwile to choose an account that offers Osko for instant money transfers, which could be handy if you need to pay a bill ASAP. Another feature that will help you pay your bills is a mobile banking app - this will allow you to pay bills anywhere, anytime without having to log into Internet banking on your desktop computer.
Why you can trust Finder's banking experts
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
You save time. We spend 100s of hours researching bank accounts so you can sort the gold from the junk faster.
You compare more. Our comparison tools bring you more banking products from across the market.
Serina Bird is a proud frugalista who has amassed a multi-million dollar portfolio through frugal living and investing. She is the author of several books, including How To Pay Your Mortgage Off in 10 Years, The Joyful Frugalista and The Joyful Startup Guide, and host of The Joyful Frugalista podcast.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio
Alison's expertise
Alison has written 660 Finder guides across topics including:
Get an everyday transaction account for over 50s with no monthly fees, no ATM withdrawal fees in Australia and with Apple Pay, Google Pay and Samsung Pay available.
The Australian Military Bank Mess Account requires your attention if you wish to simplify managing the daily finances of your ADF related organisation.
I am an international student at Griffith University, Gold Coast. Can you please suggest which and what type of bank account should I get? From where come savings bank account and bank account both are one thing, so can you explain me the difference. Thank you
You’ll want to get 2 accounts: a transaction account and a savings account.
Your transaction account is for everyday banking: receiving income/pay, making purchases, shopping online, transferring money to friends etc.
Your savings account is where you put your savings to earn interest. Right now, you can get interest rates of 5% or higher.
You don’t have to get a transaction account and savings account with the same bank, but it can be helpful to do so, for easy of transferring between accounts.
You may want to start by choosing a high interest savings account that suits you and then pick a transaction account with the same bank.
Three people representing a large group of retired people are looking to open a special account to collect money for a specific purpose. The group is not an incorporated association.
Is it possible to open an account on-line with the three members living in different areas in Australia?
Thanks for your comment and I hope you are doing well.
We have a page that shows a list of savings accounts for charities, a bank account for a group that collects money for a specific purpose. According to our review, these accounts are designed for Australians who want to passively make their own contributions for the greater good.
On the page, you will find a table that compares the features and benefits and fees. This way it will be easier for you to see which provider fits you best. If you need further help, a quick guide on how to compare community accounts is also stated on the page. You can also click the compare box beside each savings account option and compare up to 4 options side by side for faster comparison. As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of the chosen account before applying. You may also contact the bank should you have any questions about their product.
Which banks do not charge unpaid payment fee?
I am using CommBank now and I am really unhappy they charge me unpaid payment fee so I want to change my card.
Sorry to hear your experience. Please note that the unpaid payment fee/dishonor fee occurs when you set a payment schedule and your account has insufficient amount for that, and even if you change banks you may still experience being charged with the said fee if you forget to put some money on your scheduled payment. It is important that you check your account’s balance from time to time and if there’s a scheduled payment, it is a good idea to get in touch with your bank on how you may prevent this type of charge.
hi
i am 16 years old and i have a casual job that pays about 13$ an hour and i work for about 8-10 hrs a week sometimes more.
Can you please tell me the best bank i should go with, eg interest rate, credit/bonus interest or superannuation, im not sure what exactly they mean but i was hoping you can tell me which bank account i should go with eg ANZ, Commbank, Westpac, NAB or anything else
can you also tell me the difference between debit, mastercard, visa or credit card and which i can get, (i am 16 years old)
You can read our guide on savings account for some basic information you need to know.
A debit card is a card that is tied directly to your checking account and you can use the card to a store and make a purchase. That would mean purchases would be drawn directly out of your own funds/checking account.
A credit card is a card issued by a bank that allows you to borrow money in such a way that the bank finances the purchases you make at a store. A credit card will charge you interest if you do not make your payment on an agreed date with the bank. Visa and Mastercard provide the technology and networks required for processing card payments.
Our comparison table with a list of savings accounts will help you choose which account suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
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You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
You save time. We spend 100s of hours researching bank accounts so you can sort the gold from the junk faster.
You compare more. Our comparison tools bring you more banking products from across the market.
I am an international student at Griffith University, Gold Coast. Can you please suggest which and what type of bank account should I get? From where come savings bank account and bank account both are one thing, so can you explain me the difference. Thank you
Hi Nilraj,
You’ll want to get 2 accounts: a transaction account and a savings account.
Your transaction account is for everyday banking: receiving income/pay, making purchases, shopping online, transferring money to friends etc.
Your savings account is where you put your savings to earn interest. Right now, you can get interest rates of 5% or higher.
You don’t have to get a transaction account and savings account with the same bank, but it can be helpful to do so, for easy of transferring between accounts.
You may want to start by choosing a high interest savings account that suits you and then pick a transaction account with the same bank.
Hope this helps!
Three people representing a large group of retired people are looking to open a special account to collect money for a specific purpose. The group is not an incorporated association.
Is it possible to open an account on-line with the three members living in different areas in Australia?
Hi Paul,
Thanks for your comment and I hope you are doing well.
We have a page that shows a list of savings accounts for charities, a bank account for a group that collects money for a specific purpose. According to our review, these accounts are designed for Australians who want to passively make their own contributions for the greater good.
On the page, you will find a table that compares the features and benefits and fees. This way it will be easier for you to see which provider fits you best. If you need further help, a quick guide on how to compare community accounts is also stated on the page. You can also click the compare box beside each savings account option and compare up to 4 options side by side for faster comparison. As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of the chosen account before applying. You may also contact the bank should you have any questions about their product.
Best,
Nikki
Which banks do not charge unpaid payment fee?
I am using CommBank now and I am really unhappy they charge me unpaid payment fee so I want to change my card.
Hi Shuo,
Thank you for getting in touch with Finder.
Sorry to hear your experience. Please note that the unpaid payment fee/dishonor fee occurs when you set a payment schedule and your account has insufficient amount for that, and even if you change banks you may still experience being charged with the said fee if you forget to put some money on your scheduled payment. It is important that you check your account’s balance from time to time and if there’s a scheduled payment, it is a good idea to get in touch with your bank on how you may prevent this type of charge.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
hi
i am 16 years old and i have a casual job that pays about 13$ an hour and i work for about 8-10 hrs a week sometimes more.
Can you please tell me the best bank i should go with, eg interest rate, credit/bonus interest or superannuation, im not sure what exactly they mean but i was hoping you can tell me which bank account i should go with eg ANZ, Commbank, Westpac, NAB or anything else
can you also tell me the difference between debit, mastercard, visa or credit card and which i can get, (i am 16 years old)
thanks
Hi Magid,
Thanks for reaching out.
You can read our guide on savings account for some basic information you need to know.
A debit card is a card that is tied directly to your checking account and you can use the card to a store and make a purchase. That would mean purchases would be drawn directly out of your own funds/checking account.
A credit card is a card issued by a bank that allows you to borrow money in such a way that the bank finances the purchases you make at a store. A credit card will charge you interest if you do not make your payment on an agreed date with the bank.
Visa and Mastercard provide the technology and networks required for processing card payments.
Our comparison table with a list of savings accounts will help you choose which account suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Hope that helps,
Joanne
How do I delete an account I accidentally made ?
Hello Jess,
Thank you for your inquiry. Just would like to confirm if you mean a “bank account”?
If you are, you may contact the bank or the financial institution concerned so that they can initiate the closure.
Hope this helps.
Cheers,
Jonathan