Australia’s Best Bank Accounts
Bank accounts are foundational to personal finance—whether you’re paying bills, receiving income, saving for a goal, or traveling abroad, the right account can significantly enhance your efficiency and financial outcomes. With a wide range of options available—from traditional banks to digital challengers—it can be overwhelming to choose wisely. The “best” Australian bank accounts are those that balance low fees, convenience, relevant perks, digital tools, and security. This guide provides an in-depth look at the types of accounts, key features, standout options, and practical advice to help you pick the best bank account for your lifestyle and needs.
| Provider | Account | Ability to earn interest? |
Monthly account fee* |
Debit card type |
|---|---|---|---|---|
| Australian Military Bank |
Military Rewards Account |
Yes | $0 | Visa |
| Bank of Melbourne |
Complete Freedom |
No | $0 | Visa |
| BankSA | Complete Freedom |
No | $0 | Visa |
| Bankwest | Easy Transaction Account |
No | $0 | Mastercard |
| Great Southern Bank |
Everyday Edge |
No | $0 | Visa |
| HSBC | Everyday Global Account |
No | $0 | Visa |
| ING | Orange Everyday |
No | $0 | Visa |
| Macquarie Bank |
Transaction Account |
Yes | $0 | Mastercard |
| St.George Bank |
Complete Freedom |
No | $0 | Visa |
| Suncorp Bank** | Carbon Insights Account |
Yes | $0 | Visa |
| Everyday Essentials Account |
No | $0 | Visa | |
| Everyday Options Account |
Yes | $0 | Visa | |
| Westpac | Choice | No | $5 | Mastercard |
Australian Military Bank— Military Rewards Account
Australian Military Bank’s Military Rewards Account offers 1% cashback on Visa PayWave purchases under $100, when you have deposited $2,000 each month. The cashback is capped at $25 per month. The account also earns you interest on your account balance, 0.01% p.a. at the time of writing. It also charges no monthly service fees, transaction fees within Australia or ATM fees for Australian Military Bank ATMs.
Bank of Melbourne, BankSA & St.George Bank — Complete Freedom Account
As all are subsidiaries of Westpac; Bank of Melbourne, BankSA and St.George Bank are all offering the same features when it comes to the Complete Freedom Account. These accounts don’t charge international transfer or monthly account-keeping fees and grant you access to My Offers Hub and ShopBack—where you can access discounts on popular lifestyle brands.
The account is also offering new customers (those who have not held a transaction account with the specific financial institution within the last two years) up to $50 cashback if they spend at least $50 on their new digital Visa debit card within 15 days of opening the account. This offer expires 30 September 2025.
Bankwest — Easy Transaction Account
Bankwest’s Easy Transaction Account charges no account fee and no international transaction fees. There are no overseas ATM access fees charged by Bankwest. However, fees may be charged by the ATM provider or merchant when using a non-bank or international ATM.
Great Southern Bank — Everyday Edge
Great Southern Bank’s Everyday Edge Account charges no account fee and offers rebates on international transaction and ATM fees when certain criteria is met. Rebates apply when you deposit at least $2,000 a month from non-Great Southern Bank accounts and make at least five card purchases. Fees may apply when using a non-bank ATM.
HSBC — Everyday Global Account
HSBC’s Everyday Global Account is designed for use both in Australia and overseas. It’s a multi-currency account that lets you hold up to 10 foreign currencies. It charges no monthly fee, transaction fees or ATM fees for HSBC-branded ATMs (except in select countries). It also offers 2% cashback on eligible tap and pay transactions under $100 (up to $50 cashback in a calendar month), when you deposit at least $2,000 per month.
ING — Orange Everyday
The ING Orange Everyday bank account offers features such as 1% cashback on eligible utility bills (up to $100 cashback a year) when certain monthly eligibility criteria are met. It also charges no monthly fee, as well as offering unlimited rebates on international transaction fees and up to five rebated ATM withdrawal fees a month when you meet certain conditions (deposit $1,000 a month and make at least five card purchases with your ING debit or credit card).
Macquarie Bank — Transaction Account
The Macquarie Bank Transaction Account charges no monthly fee, transaction fees or international purchase fees and also offers refunds for ATM fees charged in Australia. The account also earns you a variable interest rate on your account balance, currently 2.00% p.a. at the time of writing. Read the full T&Cs on Macquarie Bank’s website.
Suncorp Bank — Carbon Insights, Everyday Essentials and Everyday Options Accounts
Suncorp Bank’s Carbon Insights Account is designed to allow you to view an estimate of your carbon emissions based on your purchases. The account allows you to earn a variable interest rate (0.01% p.a. at the time of writing) and charges no monthly fees, overdraft fees or foreign currency conversion fees for online and overseas purchases. It allows unlimited fee-free transfers, cash withdrawals and balance enquiries at Suncorp Bank and atmx ATMs in Australia. You can also open up to nine sub-accounts to help save and accrue interest separate to the main account.
Suncorp Bank’s Everyday Essentials Account is designed for concession and health care card holders and those receiving government benefits. It charges no monthly fee and no foreign currency conversion fees on Visa debit card purchases. Suncorp also says it prevents most transactions from overdrawing your account
Suncorp Bank’s Everyday Options Account charges no monthly fee and no foreign currency conversion fees on Visa debit card purchases made online or overseas. The account also allows you to earn a variable interest rate (0.01% p.a. at the time of writing) and open up to nine sub-accounts to save and accrue interest separate to your main account.
Carbon Insights, Everyday Essentials and the Everyday Options account-holders also have access to Suncorp Bank’s Feel Good Rewards program, which allows you to earn cashback on eligible purchases with your Visa debit card.
Westpac — Choice
Westpac’s Choice Account has a $5 monthly account fee, but this is waived automatically for the first 12 months. This waiver continues if you deposit at least $2,000 each month, are under the age of 30 or are a full-time tertiary student, link your account to a Rocket Repay Home Loan or Investment Loan as an offset account or are a Westpac Choice Concession account holder. The account charges no fees on foreign currency transfers or withdrawals at branded and select non-branded ATMs. The account also allows you to access Westpac’s Rewards and Offers program, which offers discounts, cashbacks and other deals for account holders.
The account is also offering new customers up to $50 cashback if they spend at least $50 on their new digital Mastercard debit card within 15 days of opening the account. The transaction should be in-person and contactless. At the time of writing, the cashback is only available on accounts opened by 30 September 2025.
How to find the best bank account for you
The best bank account for you will depend on your banking needs and what you are looking for. Here are some features to consider when comparing everyday transaction accounts:
Monthly fees
Monthly fees, also called account-keeping fees, can add up over time. So it can be a good idea to look for a bank account with no monthly fees, or one where you can get the fees waived. If there are monthly fees charged, check whether the features on offer justify the cost.
Other fees
Other fees can apply depending on how you use your account. Common examples include currency conversion, ATM and EFTPOS transaction fees. It’s worth checking how much these fees are and considering whether you’re likely to encounter them.
Easy to use
Also consider how easy it is to make transactions and manage your account. Check if the provider supports the payment options you want to use, such as:
- Apple Pay
- Google Pay
- Samsung Pay
- BPAY
- PayID
- Osko
What Makes a Bank Account “Best”?
Key attributes that elevate an account include:
- Low or no ongoing fees, often waived under simple conditions.
- Wide accessibility, like free ATM usage and compatibility with digital wallets (Apple Pay, Google Pay, etc.).
- Perks and rewards, such as cashback, sign-up bonuses, or fee waivers on foreign transactions.
- Interest or savings enhancements, like bonus rates or round-up savings.
- Robust digital tools, including spending trackers and instant notifications.
- Security and deposit protection, with coverage under the Australian Government’s deposit guarantee scheme (up to $250,000 per institution).
Key Types of Bank Accounts in Australia
1. Transaction Accounts
Designed for everyday use—salary deposits, bill payments, purchases, and cash withdrawals—these accounts should offer minimal or no fees, debit card access, and digital convenience.
Examples & Features:
- Some banks impose a modest monthly fee but allow waivers if you meet deposit thresholds. For instance, certain accounts waive fees when you deposit a set amount per month or meet other conditions.
- Several everyday accounts offer special features like round-up tools or auto-savings—Bank Australia offers a “Round UP” function that shifts spare change to savings.
- Suncorp’s Everyday Options account includes up to nine sub-accounts, no monthly fees, zero foreign currency conversion costs, and the ability to lock in higher rates via FlexiRate.
- ING’s Orange Everyday provides no monthly fees, utility bill cashback, overseas ATM rebates, round-up savings, and no international transaction fees under certain conditions.
2. Savings Accounts
Aimed at growing balances, these accounts typically offer competitive interest rates—though often conditional on regular deposits or linked transaction accounts. Some even offer high flexible rates with no restrictions.
3. Offset Accounts
Used in tandem with mortgages, offset accounts effectively reduce the interest you pay on your home loan by offsetting the loan balance with your account balance. They offer both everyday banking functions and mortgage cost savings.
4. Term Deposits (Alternative Savings Vehicles)
Although not traditional transaction accounts, term deposits let you lock away funds at a fixed rate. Ideal for savers seeking secure returns with predictable outcomes.
Standout Features That Define the Best Accounts
- Zero Ongoing Fees — Many banks have done away with monthly fees, especially digital-focused institutions.
- Cashback & Sign-Up Perks — Banks increasingly incentivize customers with perks such as cashback, referral bonuses, or sign-up offers. Examples include gift card discounts, fuel or bill rebates, and loyalty points.
- ATM Fee Rebates — Some accounts refund domestic or international ATM fees, especially beyond your own bank’s network.
- Digital Budgeting Tools — Features such as instant spending notifications, categorization, and sub-account management improve financial control.
- Interest Earning on Unspent Funds — A few transaction accounts offer some interest reward—even if modest—or higher savings rates when tied appropriately.
- Security & Government Guarantee — All accounts with Australian-authorised deposit-taking institutions (ADIs) are covered under the government deposit guarantee up to $250,000.
Leading Account Examples and Why They Stand Out
ING – Orange Everyday
- No regular fees.
- Rebates on utility bills (1%) and overseas ATM withdrawals, if conditions are met.
- Round-up savings tools and basic interest when linked with Savings Maximiser.
Suncorp – Everyday Options Account
- No monthly account fees.
- Up to nine sub-accounts for goal-based budgeting.
- Zero foreign currency conversion fees.
- FlexiRate function to lock interest on sub-account balances.
Bank Australia – Everyday Access
- Fee-free ATM access nationwide.
- Visa debit card accepted globally.
- Small change savings and joint account options.
AMP Bank GO (Digital)
- No monthly fees, no minimum deposit or withdrawal restrictions.
- High savings interest via linked GO savings account.
- Strong digital interface and security features.
Other Noteworthy Mentions
- Traditional banks often enforce waivers for monthly fees—deposit thresholds or age-related criteria may apply.
- Aggregators like Money.com.au and Finder compare dozens of accounts, offering tools to filter by fee structure, ATM access, and benefits.
How to Choose the Right Account for Your Needs
To pick the best fit, consider:
- Your Daily Banking Habits: If you frequently withdraw cash or travel, customers value accounts offering ATM rebates or zero foreign fees.
- Savings Goals vs. Day-to-Day Access: Interested in earning interest? Look for accounts offering bonus rates or round-up savings.
- Value from Perks: Evaluate cashback or sign-up bonuses—but ensure they’re not outweighed by hidden costs.
- Ease of Use: Prioritize digital tools and budgeting features if you rely on mobile banking.
- Cost Structure: A $5 monthly fee may be waived by depositing $2,000 a month—calculate if that fits your lifestyle.
- Security and Access: Confirm deposit guarantee coverage and look for robust fraud protections.
Comparison Table
| Account Type / Provider | Monthly Fee | Key Features |
|---|---|---|
| ING – Orange Everyday | $0 | Utility cashback, ATM fee rebates, round-up savings, international card use |
| Suncorp – Everyday Options | $0 | Sub-accounts (up to 9), zero foreign fees, FlexiRate savings |
| Bank Australia – Everyday Access | $0 | Fee-free ATMs, small change rounding, global Visa Debit |
| AMP Bank GO (Digital) | $0 | Linked high-interest savings, no restrictions, advanced digital interface |
| Traditional Banks (e.g., ANZ, CBA, Westpac) | Might apply, often waivable | Common perks like discounts, customer loyalty programs, digital tools |
Tips to Maximise Value from Any Account
- Waive fees smartly: Meet deposit or transaction conditions when possible.
- Use earned perks: Cashbacks or utility rebates can offset banking costs significantly.
- Automate savings: Use round-up or transfer tools to passively grow your savings.
- Review periodically: Bank offers and features evolve—compare annually for best value.
- Avoid hidden charges: Beware of overdrawn, dishonour, or assisted withdrawal fees; ASIC found many low-income users were wrongly charged, prompting refunds.
Conclusion: Australia’s Best Bank Accounts
Australia’s best bank account depends on your personal needs—whether that means zero fees, digital convenience, interest earnings, or added perks. Highlighted accounts like ING’s Orange Everyday, Suncorp’s Everyday Options, Bank Australia’s Everyday Access, and AMP Bank GO illustrate how modern banking can combine functionality, savings, and user-friendly design. By assessing your daily habits, weighing features, and staying aware of evolving offers, you can choose an account that truly aligns with your financial goals.
Source: https://www.canstar.com.au/transaction-accounts/best-bank-accounts/
