Transaction Accounts

There was a lot of coverage of transaction accounts last week, due mainly to the change in fees by the Commonwealth Bank.

In response to this we decided to have a look at the transaction accounts on the market at the moment.

One of the better-rounded products is the GIO Anyday Account. While the bigger players are paying around 0.10% for balances less than $2000, the GIO account pays 1.00%.

The fees also stack up well; $2 monthly account keeping fee, which is waived if $500 or more is kept in the account for the month. The transaction fees are all set at 35cents, whether you withdraw from an ATM, EFTPOS or by cheque. Some institutions are charging $1.50 to withdraw from another institutions ATM.

In all a very competitive product and worth a look for those who want a convenient account, which will give more than a token return on everyday living funds.