Compare Bank Accounts for Australia

Everyday Accounts Compared
Provider Account Name Account Fees Minimum Balance Information
Account Fees
$5
waived if you deposit a minimum of $2,000 by the last business day every month
Minimum Balance
$0
Account Information

SENSE is an everyday transaction and savings account, working together to help you get ahead. Two accounts, one statement.

Provider Account Name Account Fees Minimum Balance Information
Account Fees
$3
waived if you deposit a minimum of $1,000 by the last business day every month
Minimum Balance
$1
Account Information

A low-cost online account for customers who don’t want to transact via the branch network or use cheques. You have unlimited access to Internet and Phone Banking, with a Visa Debit Card for electronic purchases.

Provider Account Name Account Fees Minimum Balance Information
Account Fees
$5 a month
FREE if you deposit at least $2,000 per calendar month - eg your salary
Minimum Balance
$1
Account Information

A full-service account offering unlimited^ branch, cheque and electronic transactions, plus the benefits of a Visa Debit Card for 24/7 access to your money anywhere in the world.

Provider Account Name Account Fees Minimum Balance Information
Account Fees
$5
waived if you deposit at least $2,000 per calendar month
Minimum Balance
$0
Account Information

BankSA Complete Freedom Everyday account is an excellent transaction account. So long as you make a regular deposit each month you have the benefit of a transaction account with all the trimmings and best of all its completely free.

Provider Account Name Account Fees Minimum Balance Information
Account Fees
$5
Free if you deposit at least $2,000 per calendar month - eg your salary
Minimum Balance
$0
Account Information

The Westpac Choice everyday account is an award winning everyday account that is fee free if you deposit $2,000 a month into your account. Perfect to put your salary into.

Provider Account Name Account Fees Minimum Balance Information
Account Fees
$5
waived if you deposit a minimum of $2,000 by the last business day every month
Minimum Balance
$0
Account Information

BankSA SENSE account combines a savings account and a transaction account working together to help you get ahead. You receive one statement for both accounts and can earn a great interest rate on savings accounts deposits.

Provider Account Name Account Fees Minimum Balance Information
Account Fees
$0
Various other fees apply
Minimum Balance
$0
Account Information

BankSA Investment Cash account is a great way to get your ahead with your savings. This account offers a tiered variable rate of interest so the more you save the greater the reward.

Provider Account Name Account Fees Minimum Balance Information
Account Fees
$0
Minimum Balance
$0
Account Information

A low cost student bank account – ideal for under 18s, students & apprentices. This account comes fee free and allows unlimited transactions.

Provider Account Name Account Fees Minimum Balance Information
Account Fees
$18
Minimum Balance
$0
Account Information

If yours is a business where you prefer face to face banking and make a lot of payments by cheque then the Business Cheque Account from BankSA is the account for you.

Provider Account Name Account Fees Minimum Balance Information
Account Fees
$3
waived if you deposit a minimum of $1,000 by the last business day of the month
Minimum Balance
$0
Account Information

If you are someone who prefers not to pay for banking services this account is suitable for you, because it offers unlimited everyday banking transactions free of charge and monthly fees are waived if you make a minimum monthly deposit of at least $1000 each month

Provider Account Name Account Fees Minimum Balance Information
Account Fees
$5
waived if you deposit a minimum of $2,000 by the last business day of the month
Minimum Balance
$0
Account Information

If you like to avoid paying monthly bank fees then the Bank of Melbourne Complete Freedom Account is suitable for you. This is because the monthly fee is waived if you make a minimum deposit or have your home loan repayment automatically deducted from this account.

Provider Account Name Account Fees Minimum Balance Information
Account Fees
$3
Waived if you deposit a minimum of $1,000 by the last business day of the month
Minimum Balance
$0
Account Information

If you appreciate fee free banking then this account is suitable for you because it offers unlimited transactions at no charge with monthly fees waived if you make a minimum monthly deposit of at least $1000 each month.

Provider Account Name Account Fees Minimum Balance Information
Account Fees
$0
Minimum Balance
$0
Account Information

The Investment Cash Account from St.George is a fantastic way to stay ahead with your savings, the more you save the higher the return.

Bank Accounts Explained

Bank accounts are the safest and most practical place to keep cash. When a person opens a bank account, they are entering into a contract with the bank. The agreement means the bank account holder gives their money to the bank to hold, in return the bank gives the account holder quick, easy and instant access to their balance. Bank accounts also have a number of other features that can be really useful.

Bank Account Features

  • Debit Card – Once a bank account is opened, the bank will issue the holder with a debit card, which on its own fulfils the banks end of the agreement to provide quick, easy and instant access to funds.
  • Cheque book – People comparing bank accounts should think about whether they need a cheque book. If the answer is yes, then there is an additional cost for the privilege of using cheques to make payment. There are somethings that should be borne is mind. Paying by cheque is not immediate and takes time. Cheque books are not very practical to carry and criminals can misuse cheques. Many people tend to prefer using debit cards to make payments with cheque book facilities increasingly becoming outdated.
  • Overdraft facility – If you are comparing bank accounts then you should consider whether you will need to borrow and if so how much you need to borrow. You should check whether the bank account you are considering comes with an overdraft facility and more importantly what the fees and interest rates are for using the overdraft.
  • Interest on your balance – If you tend to hold a lot of savings in your bank account as opposed to being at zero balance or in the red, then obviously the most important consideration is the rate of interest the bank is prepared to pay on your savings. Banks vary enormously on their interest rates so it is important to check rates when comparing different bank accounts.
  • If you are looking for a banking solution then comparedinkum.com.au is the best place to begin your search. As a financial comparison website, comparedinkum.com.au helps you to quickly assess a range of different options from a variety of different banks and make a choice that is best for you.

Bank Accounts Hints And Tips

  • An individual’s savings often forms the bedrock of their personal finances; therefore it makes sense to look for the best possible deal. This does not mean exclusively searching for the account that offers the highest rate of interest, but also looking for an account which best suits your needs.
  • Regular savings accounts offered by banks and building societies are the most common type of savings accounts. These accounts pay a higher rate of interest compared to current accounts, and sometimes lock in the customers funds for a set period, or require a regular contribution every month.
  • Some banks offer internet savings accounts, which because of their lower overheads compared to branch savings accounts, offer higher rates of interest than those type of accounts, online savings accounts often allow their customers to withdraw their cash without providing notice.
  • A final type of savings account is what is known as a term deposit account. This type of account holds a fixed deposit for a fixed amount for a specified period of time and generally offers the highest interest rates available. The big disadvantage with this type of account is should the account holder require money urgently if notice is not provided, or before the term of the deposit has ended, the holder will have to forfeit the interest earned.

Latest Compare Bank Accounts News from the comparedinkum Blog

Westpac Banking And Insurance Customers Entitled To Refunds

Westpac has announced that as many as 200,000 of its insurance and banking customers may be entitled to receive a part of a $65 million package of refunds after it was revealed that the lender failed to properly apply discounts to specific package deals. Westpac admitted it made an error which is likely to affect customers who hold Premier Advantage Packages. St George and the Bank of Melbourne customers who have held Advantage Packages since 2010 will also be entitled to receive refunds. Continue reading

Goldman Sachs Could Set Up Online Retail Bank In Australia

Australian banks have been put on notice after global investment bank Goldman Sachs announced that it is intending to enter the UK market with a high-interest online savings account in 2018. In an interview with the Financial Times, Stephen Scherr of Goldman Sachs said the investment bank plans to increase its retail profile by offering online personal banking in the UK in the same way it has already done in the US. The bank intends to provide consumers with easy-to-use savings accounts that offer high rates of interest. Continue reading

ANZ Adopts Samsung Pay Giving Customers Extra Choice

Australian banking major ANZ has added Samsung Pay’s digital wallet platform which makes it the first of the big four lenders to allow its customers who hold debit or credit cards the option of choosing between Apple Pay and Android Pay. ANZ said it is allowing its customers to choose any of the major mobile payment technologies as well as its own platform ANZ goMoney. The bank said the decision was driven by a desire to offer customers superior services by embracing digital technologies. Continue reading

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