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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.
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)More details |
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ING Orange Everyday |
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.More details |
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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.More details |
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Get $40 with a new Complete Freedom everyday bank account.More details |
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Westpac Choice |
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Westpac Choice for easy day-to-day bankingMore details |
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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.
There’s a myriad of bank accounts available in Australia, from accounts designed for children to pensioners and from students to businesses. Deciding which one is right for you depends on narrowing down your choices depending on which banking features you need. Compare accounts with Savvy to bring you accurate and up-to-date comparison information to help you make the best choice.
The type of account that’s best for you will depend on your demographic and how you intend to use your account. It will also depend on whether you’re looking for an everyday transaction account, a savings account, an offset account or a term deposit (which is a longer-term savings option).
Everyday transaction accounts are primary, everyday accounts which allow you to pay bills, shop and spend. They usually don’t earn any interest, and often have monthly account-keeping fees.
Savings accounts, which are often linked to a transaction account, are where you store your money to earn interest and to save up to buy big-ticket items such as cars and overseas holidays.
A term deposit is a deposit for a set period which often gives access to a higher interest rate.
An offset savings account reduces the interest you pay on your home loan by offsetting the principal amount you borrowed to buy your property.
Here are some ideas to help you further narrow down your choice of accounts:
Savvy can help you narrow down your choice of bank accounts by presenting you with clear and easy-to-understand banking comparison information. Compare accounts side by side until you find one that has the best possible interest rates and all the features you’re looking for.
The types of institution you can choose for taking out your account boils down to four basic options:
All these financial institutions are known as Authorised Deposit-Taking Institutions (ADIs). They’re all regulated in the same way by the Australian Prudential Regulation Authority (APRA). All Australian ADIs use the same type of encryption technology to safeguard their members’ details, so your identity information is just as safe with a building society as it is with a high street bank.
In addition, all Australian licenced financial institutions are covered by the Australian Government’s Financial Claims Scheme, which provides a safety net for deposits up to $250,000 per accountholder per ADI. This protects individual accountholders in the highly unlikely event that a financial institution should fail during a global financial crisis.
Our comparison service is free to use, meaning you can compare bank account offers at any time.
You can compare accounts and choose to open one online from wherever you are, at home or on the go.
By partnering with trusted Australian institutions, you can be more confident when comparing offers with us.
This is the first major decision you’ll need to make: do you want an everyday transaction account with lots of additional features, a savings account which will earn you interest, a term deposit which will get you an even higher interest rate, or an offset account that will save you paying interest on your home loan?
If you wish to use contactless payment methods and have a digital wallet on your phone, make sure the bank, building society or credit union you choose allows contactless payments through your type of phone. For example, some financial institutions don’t yet work with Samsung Pay but do use Apple Pay or Google Pay. Having your phone, smart watch and banking apps working seamlessly together can make life run more smoothly with less annoying technological hiccups.
Some banks and financial institutions are paired with either Visa or Mastercard and use the one card exclusively. If you wish to keep your particular credit or debit card, make sure the bank you open an account with will let you link your particular card to their accounts. It can make life difficult if your bank uses Mastercard and you have a Visa credit card or vice versa.
If so, you could look at an account with an online bank, as these banks often have the most sophisticated online platforms which can offer advanced banking features such as account sweeping, bill predictions and payment calendars. It may be best to open a transaction and savings account with the same financial institution to enable transfers between accounts to take place with no time delay. These days, though, most institutions offer a comprehensive online service.
If this is you, you can look at an account that offers free withdrawals from any ATM in Australia, rather than being charged for using another bank’s ATM each time you withdraw cash. If you do use an ATM often, these $2 to $2.50 ATM charges for using another bank can soon add up and erode your savings. If you travel frequently, look for an account that has free overseas ATM transactions permitted.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
