Bank or transaction accounts are an essential part of everyday life, serving as a point of call for income, expenses, and money transfers. That being said, while bank or transaction accounts may come across as 'free' product offerings, some banks will look to take advantage, charging you a range of fees at any opportunity.
Thankfully, some banks charge you $0, allowing you to manage your money without worrying about unnecessary costs. Explore this guide to learn how fee-free bank accounts offer both convenient and cost-effective options for everyday use.
What bank has no account fees?
Below is an overview of several fee-free bank accounts from major Australian banks, categorised by the type of fee waived.
No monthly account fees
Most banks now promote fee-free accounts, but there’s usually a catch. Below are the key conditions set by the big four banks to qualify for fee-free status.
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CommBank Everyday Transaction Account - the account stays free as long as you're under 30 or you put $2,000 into it each month
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ANZ Plus Everyday - no monthly fees, but a $10 fee is charged each month when you connect your ANZ Plus Everyday account to your ANZ Plus Home Loan to use it as an offset account.
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Westpac Choice - the $5 monthly account-keeping fee is waived on Westpac Choice accounts if you’re under 30 or a full-time tertiary student, new to Australia within the past 12 months, deposit at least $2,000 each month, or link your Choice account to a Rocket Repay or Rocket Investment Loan as an offset.
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NAB Classic Banking Account - the NAB Visa Debit card has no monthly fee, while the NAB Platinum Visa Debit card carries a $10 monthly fee.
No domestic ATM withdrawal fees
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Macquarie Transaction Account
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ANZ Plus Everyday (for major bank ATMs)
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Westpac Choice (for branded and select non-branded ATMs)
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ING Orange Everyday
No international transaction fees
While you won’t have to pay international fees on overseas card purchases for these banks, correspondent fees from foreign banks and merchants may still apply.
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Macquarie Transaction Account
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HSBC Everyday Global Account
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ING Orange Everyday
No overseas ATM withdrawal fees
Third-party ATM operator fees may still apply here.
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Westpac Choice
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Macquarie Transaction Account
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HSBC Everyday Global Account - Using non-HSBC ATMs, and some ATMs within the HSBC Group, may result in operator fees for withdrawals or balance checks.
What fees should I look out for?
There are a number of potential costs, including monthly account fees, that you may look to avoid when hunting for a fee-free bank or transaction account. These include:
Account fees
Some banks charge a monthly account fee for the privilege of holding your money. Some may offer to waive this fee, but you'll likely need to deposit a minimum amount per month, such as your salary. These fees might be waived if you're a student, under 21, or a senior/pensioner.
Most major banks' transaction accounts still do this, unfortunately, so it pays to shop around.
Domestic ATM withdrawal fees
Withdrawal fees are charged by some banks, depending on the ATM and the overall ATM network.
For example, ANZ will not charge ATM fees to its customers, as well as those with a card from another Australian bank. On the other hand, a bank such as Bank of Queensland (BOQ) will not charge its customers, but instead charges those with a card from another bank when making a withdrawal.
Overseas fees
Many bank accounts come with overseas ATM withdrawal fees. These fees are separate, yet usually in addition to those charged by ATM networks.
If you're planning to use the debit card linked to your transaction account while overseas, you'll likely have to pay an overseas transaction fee. This fee is charged for the cost of transferring Australian dollars to foreign currency, depending on your location, and is typically 2-3% of the purchase price.
For those who travel or shop overseas, it can be useful to look for a bank account that charges neither of these fees.
Card fees
When you need an additional card, say for your partner, child or joint account holder, banks will typically charge a fee for issuing and maintaining that extra card.
If you misplace your card, some banks will also charge a replacement fee to issue a new one - misplacing it abroad could even cost you more, especially if you need access to it, pronto.
Avoiding bank or transaction account fees
Fees such as those outlined above can potentially be avoided depending on the bank account features that are required. At the end of the day, a bank or transaction account with all the bells and whistles, including some perks, may increase the likelihood of fees being charged as opposed to a bare-bones account.
Typically, bank or transaction accounts will offer the following features:
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Online banking
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Branch banking
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BPay
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Mobile payments
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ATM & EFTPOS access
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Bank or debit cards
It's important to identify the most important features to you prior to your bank account search, given the number of bank and transaction account options available that could leave you with more questions than answers.
Ask yourself whether you want an account that offers budgeting and saving tools. Perhaps a linked savings account is required? Or would you prefer access to a large ATM network? These are just some key factors to consider in your journey to avoid fees. You can then dive in further, breaking down individual features and other perks provided by banks that look to take you on as a customer.
Start your search with InfoChoice’s comparison table, showcasing some high-interest savings accounts from Australia’s top banks.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1.55% p.a. | 4.45% p.a. Intro rate for 5 months then 1.55% p.a. | $555 | 5 months | $0 | $99,999,999 | $0 | $0 | $0 | |||||||||||
0.10% p.a. Bonus rate of 4.05% Rate varies on savings amount. | 4.15% p.a. | $846 | – | $0 | $99,999,999 | $1 | $0 | $0 | |||||||||||
0.10% p.a. Bonus rate of 4.15% Rate varies on savings amount. | 4.25% p.a. | $867 | – | $0 | $99,999,999 | $$formattedMinMonthlyDep.format("%,d",$!{product.minimumMonthlyDeposit}) | $0 | $0 | |||||||||||
4.15% p.a. | 4.15% p.a. | $846 | – | $0 | $4,999 | $0 | $0 | $0 |
Choosing a fee-free account
If you find an account that ticks all the boxes, but still charges for certain services like overseas fees, weigh up how likely you are to use these services. If you were to travel overseas, you may consider finding a bank or debit card with fee-free international transactions and ATM fees, and keeping it in your wallet when you head abroad.
At the end of the day, choosing the right account for you depends solely on your financial situation and the purpose of the account. By being consumer-savvy and doing your research, the potential is there for you to turn a bank account that may offer low fees for features such as overseas ATM access into a fee-free account.
First published in January 2023
