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.
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.
