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Compare Transaction Accounts

Savvy’s complete guide to comparing transaction accounts to help you find the best transaction accounts for your needs in Australia today

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, updated on July 31st, 2023       

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Compare transaction accounts

Finding the best bank account can save you hundreds on fees and connect you with the very latest in smart banking technology.  Compare bank accounts from a wide variety of providers with Savvy to find the very best offers available on the market right now.

site-logos Up Everyday Account
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • PayId,
  • Osko,
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Mastercard $0 0%
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)

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site-logos ING Orange Everyday
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • PayId,
  • Apple Pay,
  • Google Wallet,
Visa $0 0%
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.

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site-logos NAB Classic Banking Account
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • PayId,
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Visa $0 0.01%
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No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.

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site-logos St.George Complete Freedom Account
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Visa $0 0%
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Get $40 with a new Complete Freedom everyday bank account.

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site-logos Westpac Choice
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $5
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Mastercard $0 $0
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Westpac Choice for easy day-to-day banking

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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.

You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.

How to compare transaction accounts explained

Although everyday transaction bank accounts have been around since the beginning of banking, there are plenty of new developments in this most popular category of personal banking.  Find out how to compare transaction accounts with Savvy to help you find an account that is perfectly tailored to your banking needs.  We provide bank account comparison information free of charge to make your banking life easier.

What features should I look for when I’m comparing transaction accounts?

There’s a wide range of transaction accounts available in Australia, from accounts for babies and kids to students and teens, young adults, businesses (both small and large), joint accounts, all the way up to retirees and those aged over 65.  There are even hybrid accounts available for children and pensioners, which are bank accounts that combine the features you’d normally expect in a transaction account (such as the ability to link a debit card, and the ability to pay people via BPAY) but are also interest-earning accounts.

However, all of these various accounts have features in common and it’s these that you should first compare when choosing a new transaction account.  Savvy can make this task easier by offering clear comparison information so you can easily see which transaction account may best fit your needs.

Compare the fees charged

Whether it’s a $2.50 fee for ‘teller-assisted transactions’ or a charge per transaction to pay someone through an internet online account, many banks charge for common transactions. However, this situation is rapidly changing as digital banks and neobanks put pressure on existing establishments to lower or abandon certain fees.  As a result many banks now offer fee-free accounts and mobile apps offering a whole range of useful features and options you can customise to make your banking experience more personal.

Can you access a fee-free account?

When comparing your options, you should always look for transaction accounts that have no monthly or other fees.  You shouldn’t be charged an account-keeping fee if you’re aged under 25, a full-time student, a retiree or aged over 65.  If you don’t fall into any of these categories, around two-thirds of banks, credit unions and building societies will charge you a monthly account-keeping fee of between $3 and $6, but this means a third of banks won’t charge you a monthly fee at all.

Look for free ATM use and cash banking

Some banks offer free ATM use at any machine in Australia and will reimburse you if you’re charged by a private ATM operator.  Other banks offer free use of ATMs overseas.  If you regularly have cash you need to keep safe, some banks offer free night safes that are accessible 24/7, which could save you on transaction fees if you need to bank cash regularly.

Compare business banking fees

If you’re a business owner, expect to pay at least $10 per month or up to $60 for premium business banking.  You may need to pay these higher monthly fees if your company is rapidly growing or if you regularly transfer large sums of money between accounts.  Look at the type of transactions you undertake regularly and find a bank that either doesn’t charge for that type of transaction or offers exemptions.

For example, if part of your business involves importing or buying materials from overseas, you should compare business accounts from digital banks which offer free international transactions.  Some of the major banks also offer global currency or everyday international transaction accounts, which allow you to receive funds in many different currencies and either hold them in that currency or convert them to Australian dollars when you choose (such as at a time when the exchange rate is favourable.)

Check Post Office transaction fees

For those living in remote areas of Australia, getting to a bank may be an issue.  If so, check which banks offer free withdrawals and deposits through Bank@Post so you’re able to use your local post office for some of your banking transactions.  This can be a convenient way to make payments for those living far from a bank or who don’t have a good internet connection.

Keep an eye out for bundle deals

Whatever type of customer you are, it’s important to check for bundle deals.  These may offer free banking if you have a linked transaction and savings account, an offset account linked to a home loan or if you have your home or car insurance with the same bank. Such deals can lock you into one provider but can save you money in the process.

Savvy can help you weave through this maze of account fees to find the cheapest account for the way you like to do your banking.  By offering free, detailed, accurate and up-to-date comparison information, we can help you make great financial choices for you and your family.

Functionality

Make sure the account you choose will enable you to shop, pay your bills and make payments to other people in a way that fits in with your lifestyle. If you’re an active account user, compare the mobile apps of various banks to see which one is the simplest for you to understand and use.  Make sure the financial institution you choose is compatible with your brand of phone or smartwatch. If you have a credit card preference, check whether the bank is linked to Mastercard or Visa.  Some accounts come with deposit requirements (such as you need to deposit a minimum of $2,000 per month) in order to qualify for free banking, so when comparing make sure you can meet such requirements.

What are some of the newest developments in transaction accounts?

The functionality of transaction accounts changes over time and the past decade has seen rapid progress and change in the banking sector.  New market entrants (such as online neobanks) have forced banks to re-think the way they relate to their customers and what functionality they offer.  Some of the most recent developments in transaction bank accounts are:

  • split accounts – the ability to split your account up into multiple sub-accounts and give each a different name and icon
  • account prediction – where your online platform or app recognises trends in your spending and sends you alerts when bills are due
  • account summaries – where the mobile app gathers your spending into categories and gives you a summary of how much you’ve spent in each category in the past day, week or month
  • rounding – where each transaction you make is rounded up to either the nearest $1 or $5 and the rounded-up amount is automatically transferred to your linked savings account
  • sweeping – where you set an upper limit for your transaction account and any time your account goes over this limit, the excess amount is automatically transferred into your chosen savings account
  • multiple colour debit cards – having multiple free accounts and choosing the colour of your debit card to match so you can keep tabs on different spending categories (for example, using your red card for all takeaway food spending so you can track how much it’s costing you)
  • digital wallets and card-free ATM withdrawals – so all your cards are kept safe ‘in the cloud’, accessible by clicking on an icon on your phone
  • biometric verification – using your fingerprints, voice, facial recognition or eye scanning to secure your personal financial information

Types of bank account

Why compare bank accounts with Savvy?

More of your questions about comparing transaction accounts

Do all banks offer free cash withdrawals at ATMs?

No – the general rule is the larger the bank’s network of ATMs, the more you’re charged for using other banks’ ATMs. Those banks who don’t own any ATMs frequently offer free ATM usage at all other banks or free Bank@Post withdrawals at post offices.

Do I have to have a separate savings and transaction account?

No – you can keep all your funds in one transaction account and there are also a few hybrid accounts which offer transaction account functionality and also pay interest.  However, the interest you’ll earn from such accounts compares poorly with high-interest savings accounts or term deposits.  It’s important to note, though, that some of the best business accounts offer all the functionality needed for a large company and competitive interest rates also.

What do the best joint transaction bank accounts offer?

The best joint bank accounts offer free multiple debit cards so each account-holder has their own debit card.  All these cards are linked and have the same functionality.  The exception to this is in joint accounts between parents (or grandparents) and young children, especially those under the age of 12, where the parents’ card may come with additional controls to allow monitoring and regulation of spending of a young child’s money.

Can I have more than one transaction account?

Yes – there’s no limit to the number of transaction accounts you can have.  Some banks offer free banking (both savings and transaction accounts) and even encourage you to have multiple accounts for different purposes.  For example, you could have one savings account for your long-term goal (such as your home deposit) and others for shorter-term savings (such as Christmas presents or an annual holiday).

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