When it comes to your everyday bank account, the one you choose will make a great deal of difference to the ease and convenience of your life. Whether you’re a set-and-forget type of person or like to check your bank account balance several times a week, there’s sure to be an account that meets your everyday banking needs. Compare bank accounts with Savvy to give you easy-to-understand comparison information and help you make the best choice for your banking needs.
These bank accounts are the ones you use for your main banking needs, such as paying your rent or mortgage, paying bills and shopping. They’re also known as cash transaction accounts and current accounts.
They’re often linked to a credit card or debit card to enable the account holder to use tap and go services such as payWave or PayPass. Contactless payment methods such as Apple Pay, Google Pay and Samsung Pay are all means of paying for goods by transferring money out of your account.
The other main type of bank account is a savings account, which comes in the form of term deposit accounts and offset accounts. These accounts are designed for more long-term saving, as the name suggests, and aren’t as suitable for everyday usage.
Transaction accounts fulfil several basic banking functions. These are:
There are many variations and ways to carry out these basic banking functions and as digital banking matures in Australia, many innovative new products are being introduced. For example, small online digital banks (known as neobanks) are now offering accounts which are linked to sophisticated applications which can predict when your utility bills are due and help you put money aside to pay your bills. They can organise your household budget for you, and automatically transfer money from your account to a savings or offset account once a certain limit is reached.
It’s important to know the areas to look for when comparing transaction accounts. Some of these include:
For this reason, it’s important to compare bank accounts with Savvy before choosing which account is right for you.
There are a variety of different types of everyday bank accounts depending on the demographic of the customer. Special accounts exist for the following categories:
Babies, kids, children, youth and teens
Some accounts are for under 18’s only, while others allow customers up to the age of 21 or even 25. Some special kids’ accounts are a hybrid between a transaction and savings account and offer the ability to make cash withdrawals but also award interest for money deposited.
These can offer features such as free international transfers, multiple currency transactions, free use of ATMs overseas and no account-keeping fees are offered on student accounts
Small businesses can benefit from linked accounting tools which help make reconciling a transaction account easier. The best small business bank accounts come with multiple accounting tools which can help the small business owner reconcile their account, prepare their BAS statements and even submit their tax returns online
Having your aged pension paid into some transaction accounts can result in fee-free banking for pensioners, with account and transaction fees waived. Accounts with no fees are a boost for aged pensioners who may be struggling with the rising cost of living in their retirement years.
Choose between ‘one to sign’ or ‘both to sign’ options. This refers to the way the account operates, and whether one person can authorise transactions or if both parties need to give their authorisation for any given transaction. You can also choose who receives bank statements (one or both) and by which means (paper statement or emailed statements). Compare accounts with Savvy to find the best joint bank account for a couple.
All transaction accounts can be linked to a debit card, enabling the account holder to withdraw money and make payments whenever a card number is required.