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An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
Read our Mozo Review to learn more about the Suncorp Everyday Options
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Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
Read our Mozo Review to learn more about the MyState Bank Glide Account
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$0.00
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0% p.a.
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2023 winner for Exceptional Everyday Account.^
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2023 winner for Exceptional Everyday Account.^
Read our Mozo Review to learn more about the HSBC Everyday Global Account
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^See information about the Mozo Experts Choice Bank accounts Awards
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If you think about it, bank accounts are the focal point of financial life for many Australians. They’re where we get paid, where we pay our bills and where we transfer money to our friends. In essence, bank accounts (or transaction accounts as they’re also known) are pretty important.
That said, who wants to fork out unnecessary bank account fees if they don’t have to? This is especially true when it comes to account fees which generally come in at around $5-6 each month. While that might not seem like a lot, over the course of a year it works out at an additional $60-$70 - money you’d probably rather spend elsewhere.
The good news is that there are plenty of bank accounts in Australia with zero monthly account keeping fees. In fact, roughly 77% of the transaction accounts being tracked in the Mozo database currently* don’t have any monthly account keeping fees attached.
When it comes to comparing bank accounts, there are a number of potential costs to be mindful of, including monthly account fees. These include fees which you may be charged to withdraw money, to use payment options like EFTPOS, or even when making transactions overseas. Here’s a quick run through of the common fees:
Account fees: Some banks charge a regular account fee for the cost of ‘account keeping’ or the privilege of holding your money. As we said above, there are plenty of fee-free options in this respect though, and even the small number of banks which do charge monthly account fees generally have a zero fee option if certain conditions are met.
Domestic ATM withdrawal fees: While increasingly rare these days, some banks still charge customers a small fee to withdraw cash from ATMs in Australia. This is a separate charge to the fees some ATM operators also charge (e.g. ATMs you may find in pubs or at outdoor events).
EFTPOS fees: A small number of bank accounts come with fees for electronic and EFTPOS transactions, or a limit on the number of free transactions of this type that can be made each month.
Overseas ATM withdrawal fees: While most banks no longer charge withdrawal fees in Australia, it’s a different case for Aussie travellers, because the majority of bank accounts come with overseas ATM withdrawal fees. Remember, these fees are separate from those charged by ATM operators - which are not only prevalent, but expensive, in many parts of the world.
Overseas purchase and transaction fees: If you’re planning to use the debit card linked to your transaction account while overseas (or when shopping on an overseas website), you’ll likely have to pay an overseas transaction fee of between 2-3%. Plus some banks also charge an additional purchase fee.
What do these fees actually cost you ask? We’ve analysed the 100+ bank accounts in our database to reveal just how much banks typically charge on a number of common fees, and how many bank accounts actually come with each type of fee attached.
There’s plenty of choice for Australians looking for a monthly fee-free bank account, including the following accounts which are available to those aged 18 and above.
86 400 - Pay Account
AMP Bank - Access Account
AMP Bank - Bett3r Spend Account
ANZ - Student Access Advantage
Australian Military Bank - Access Account
Australian Unity - Transaction Account
Auswide Bank - Instant Access Account
Bank First - Everyday
Bank of Melbourne - Complete Freedom Account
Bank of Queensland - Day2Day Plus Account
Bank of Sydney - Everyday Saver Account
BankSA - Complete Freedom Account
BankVic - Everyday Account
Bankwest - Easy Transaction Account
bcu - Access Account
bcu - Concession Account
Bendigo Bank - Student Account
Beyond Bank - Purple Transactor
BOQ Specialist - Everyday Plus Account
BOQ Specialist - One Account
Citi - Global Currency Account
Citi - Plus Transaction Account
Coastline Credit Union - Pay As You Go Account
Commonwealth Bank - Student Smart Access
Community First Credit Union - Access
Community First Credit Union - Student Starter
Credit Union SA - Access Account
Defence Bank - Everyday Access
Endeavour Mutual Bank - Transaction Account
Family First Credit Union - Everyday Access
Firefighters Mutual Bank - Everyday Direct Account
Gateway Bank - Edge Account
GMCU - My Connect Account
GMCU - My Everyday Account
Goldfields Money - Essential Account
Great Southern Bank - Everyday Account
Great Southern Bank - Everyday Snap Account
Greater Bank - Access Account
Greater Bank - Ultimate Access Account
Health Professionals Bank - Everyday Direct Account
Heritage Bank - Simply Access
HSBC - Day to Day Account
HSBC - Everyday Global Account
Hume Bank - All Purpose
Illawarra Credit Union - Everyday Student
IMB Bank - Everyday Account
IMB Bank - Everyday Unlimited Kick Start
ING - Orange Everyday
Macquarie - Platinum Transaction Account
Macquarie - Transaction Account
Macquarie Credit Union - Access Account
ME - Everyday Transaction Account
MyLife MyFinance - Access Account
MyState Bank - Glide Account
NAB - Classic Banking Account (with Standard Visa Debit Card)
Newcastle Permanent - Basic Access Account
Orange Credit Union - All Purpose Savings Account
Orange Credit Union - Budget Account
P&N Bank - & Transaction Account
P&N Bank - Budgeting Account
P&N Bank - Concession Account
P&N Bank - Easypay Access Account
P&N Bank - Student Account
People's Choice - Everyday Living Account
Police Bank - Easy Access Account
Police Credit Union - RediAccess Account
QBANK - On Call
Qudos Bank - General Savings Account
Queensland Country Bank - Learners and Earners Account
RACQ Bank - Everyday Account
RAMS - Action Account
Regional Australia Bank - eFree
St.George - Complete Freedom Account
Summerland Credit Union - Everyday Account
Suncorp - Everyday Options
Sydney Mutual Bank - Transaction Account
Teachers Mutual Bank - Everyday Direct Account
The Capricornian - Student Access Account
The Mutual Bank - Express Savings Account
UBank - USpend Transaction Account
UniBank - Everyday Direct Account
Unity Bank - Access Saving Account
Up - Everyday Account
Virgin Money - Go Account
WAW Credit Union - Youth Transact
Westpac - Choice (Student)
We know that Australians love to travel, but it’s safe to say that most people would rather not have their holiday budgets eaten into by bank fees. Thankfully there are a growing number of bank accounts which don’t come with overseas ATM withdrawal fees, overseas purchase fees and overseas transaction fees when paying with a debit card linked to the account. Some of these include:
86 400 - Pay Account
Citi - Global Currency Account
Citi - Plus Transaction Account
HSBC - Everyday Global Account
Macquarie - Platinum Transaction Account
Macquarie - Transaction Account
Suncorp - Everyday Options
UBank - USpend Transaction Account
Up - Everyday Account
Better still, none of the transaction accounts listed above currently* have a monthly fee, nor are there any conditions which need to be met in order to activate these fee waivers. But if you’re interested in learning more about the different travel money options on offer, check out our dedicated travel debit card hub.
According to ASICs MoneySmart, there are two important steps to take when comparing transaction accounts: work out which bank account features you need, then opt for a no-fee or low-fee account. That’s why when it comes to avoiding bank fees, one of the best strategies is simply to pick an account which doesn’t charge them. However, depending on your bank account, these other tips may prove useful:
Be aware of any conditions: If you have an account which does require you to meet monthly conditions in order to get particular fees waived, then make sure you know exactly what they are so you can meet them each month. Finding it difficult to do so? It might be worth looking for a basic account with no strings attached.
Withdraw cash wisely: Just because your bank doesn’t charge you an ATM withdrawal fee doesn’t mean that the actual ATM operator won’t sting you with a $2 fee for every withdrawal or balance inquiry you make. To avoid this, stick to ATMs which you know are free e.g. those within your bank's network, or ATMs from the four major banks (ANZ, Commonwealth Bank, NAB and Westpac).
Keep an eye on your balance: If your account balance falls below zero then you may have to pay an overdraft fee or dishonour fee, or even interest on the outstanding balance. That’s why it’s always a good idea to regularly check your balance, and if you can, create a buffer to ensure that you’ve always got enough in your account.
*Accurate as of 05 October, 2021. The Mozo database tracks over 100 Australian bank accounts for personal use, including accounts for kids, students and pensioners.
Many bank accounts for children and even students don’t come with monthly account fees and some of the more common bank fees. Many do come with overseas transaction fees though, so that may be something worth considering for any holidays or trips abroad.
There are two different types of automated teller machine (ATM) fees which customers can be charged for withdrawing cash: those charged by banks and those charged by ATM operators. Many bank accounts don’t come with fees for cash withdrawals from ATMs though, and there are a number ATMs in which you can withdraw money for free in Australia (e.g. those from the big four banks).
The vast majority of Australian savings accounts being tracked in the Mozo database don’t come with a monthly account fee. Savers may need to meet monthly requirements or conditions in order to earn the maximum interest rate available on some accounts though.
Most bank accounts don’t come with an interest rate attached, and even the ones that do offer relatively low rates. So if you’re looking to earn an interest rate on your money, a better option may be to compare high interest savings accounts instead.
Different bank accounts will suit the needs of different people depending on what they want in the way of features and fees, so there’s no single ‘right’ option. However, if you are looking for Australia’s best bank accounts then you might be interested in our Mozo Experts Choice Awards for Bank Accounts which are named by our panel of expert judges.
If you’re ready to make the switch to a bank account with no monthly account keeping fee then a great place to start is by scrolling up to the comparison table at the top of this page. Or if you’re interested in running your eyes over even more accounts, head on over to our bank account comparison table.
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