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.
|NAB Classic Banking Account|
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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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.
Transaction accounts are crucial for managing your everyday expenses, from paying your bills and rent to doing your grocery shopping.
Your account doesn't have to be with a bricks-and-mortar bank, however, with a wide range of online-only banks and institutions on the market.
Giving your child a bank account with special restrictions attached can help teach them financial literacy and the importance of money.
Student transaction accounts often come without fees and are designed to help you manage your funds and encourage good habits.
If it's come time in your relationship to start managing couples' expenses together, a joint account could help you do so more effectively.
Banks and other institutions offer special transaction accounts for businesses of all sizes to enable you to cover your ongoing expenses.
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?