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Comparing bank accounts to find the best free ones:

You're doing your bank a favour by having money in it, so why should you be paying for an account? They're often paying you nothing or next to nothing but get access to your cash and unless you're sensible or a rate tart (nothing wrong with that, that's what I am!) and chase the best interest rates from your cash savings then you're probably getting nothing back from your bank. While they're lending the money out at rates of around 15% for a personal loan and the banks are CHARGING you to have your money made available to them!!! It's ridiculous and it's time you ditch & switch ditch those over priced bank accounts and switch to a free bank account!



Updated: 30th of January 2014

Best fee free bank accounts in Australia:

NAB's new no fee, free bank account with a visa debit card is worth a look, great to see them getting rid of their high fees!

The account:
No Monthly Account Fees Ever - NAB
The Cost
It's Free, no fee personal bank account!
Interest Rate
Can't seem to find any information for this, it maybe better putting any money you're not using into a savings account, it's worth trying the instant access savings which currently gives 4.4%
ATM use:
No ATM fees at one of Australia’s largest ATM networks.
Extras
  • #1 No overdrawn fees
  • #2 Bank anywhere, anytime with mobile banking
  • #3 See where your money goes with NAB Money Tracker
  • #4 No ATM fees at one of Australia’s largest ATM networks
  • #5 24/7 security to help protect your money
  • #6 NAB Visa Debit card at no extra cost

  • If you have any suggestions for free annual bank accounts or comments

    If you've got other suggestions on free bank accounts or want to comment on certain banks head to the Australian Bank Account Forums.

    Other fee free bank accounts to look at

    Not one I've had any experience with, but ME Bank are offering a fee free bank account, and No ATM fees at ME Bank, Westpac, St.George, BankSA and Bank of Melbourne ATMs.
    ME Bank
    The Cost
    It's Free, no annual or monthly fees!
    ATM use:
    No ATM fees at ME Bank, Westpac, St.George, BankSA and Bank of Melbourne ATMs.


    Also worth considering if you deposit $2,000+ a month and want to get interest on money without moving it around all the time.

    St George - SENSE
    The Cost
    $5 per month - no fee if you deposit $2,000+ per month
    Interest Rate
    up to 2.85% - The St George SENSE account is worth a look for all the budgeting tools that are free with the account as long as you deposit the $2000+ every month, but to maximise your savings you could use an instant access cash savings account and get up to 4.6% interest: highest interest rates.
    ATM use:
    St.George / BankSA / Bank of Melbourne / Westpac ATMs (in Australia) are free.
    Extras
    the $5 per month fee is waived if you deposit a minimum of $2,000 by the last business day every month.

    Also worth considering if you deposit $2,000+ a month and do a lot of overseas transactions

    The Bank West - Rewards Transaction account offers free banking if you deposit $2,000 or more every calender month, however it also offers free overseas transactions, either online or through foreign ATMs, this is a great deal and is hard to beat, especially with so much been so cheap through sites like Amazon!

    Make the most out of your debit card bank accounts:

    Highest interest rates for a bank account

    Further reading on bank accountss:
    Open a Bank Account from immi.gov.au
    Smarter Banking - Make the most of your money from bankers.asn.au
    EFTPOS - Wikipedia
    EFTPOS - Cash out - Wikipedia
    Debit Card - Wikipedia
    Australian Banking Reforms bankingreforms.gov.au

    If I've made any mistakes or you've found better deals

    If you know of other accounts that offer interest and are fee free, or better than above please share them in the Australian Bank Acounts forum.




    © 2013 Gavin Hamilton - All rights reserved.