Australia’s best everyday bank accounts

what is australia's best bank account

Are you considering opening a new bank account? With numerous options available in Australia, there are probably far more options than the last time you switched.

Choosing can be stressful, especially when it comes to the question of where to put your money. Are you looking for the highest interest rates? Or the lowest fees?

For all the myriad bank account options, there are definitely some accounts that stand out from the rest. The financial experts over at Canstar say these are five excellent everyday bank accounts worth considering, all with different features and benefits.

Macquarie Bank – Transaction Account

The Macquarie Bank Transaction Account is worth serious consideration for those who want to earn interest on their balance. The account currently earns 4.5 per cent interest on balances up to $250,000.

There are also no monthly fees, transaction fees, or international purchase fees. Additionally, it offers refunds on ATM fees within Australia.

Bankwest – Easy Transaction Account

Bankwest’s Easy Transaction Account has no monthly account fees, making it a cost-effective choice for everyday transactions.

Additionally, if you frequently travel or make international purchases, this account is a great pick as it does not charge fees for overseas ATM access.

Great Southern Bank – Everyday Edge Account

The Everyday Edge account from Great Southern Bank is another top contender, offering some exceptional benefits. It boasts zero monthly account-keeping fees and allows unlimited, fee-free transactions.

Also, if you deposit at least $2000 per month and use your linked Visa debit card for a minimum of five purchases, you can enjoy a refund on international transaction fees.

HSBC – Everyday Global Account

HSBC’s Everyday Global Account caters to both Australian and international customers, making it an excellent option for frequent travellers or those with international financial needs.

This multi-currency account allows you to hold up to 10 foreign currencies, eliminating the hassle of currency conversions.

Additionally, HSBC offers a 2 per cent cashback on eligible tap and pay transactions under $100, with a maximum monthly cashback of $50 (subject to conditions).

ING – Orange Everyday Account

ING’s Orange Everyday Account is another top everyday banking performer. With no monthly fees and an enticing offer of 1 per cent cashback on eligible utility bills, it presents a compelling choice for those seeking additional benefits with their account.

By meeting certain monthly eligibility criteria, users can accumulate up to $100 cashback annually. The account also provides unlimited rebates on international transaction fees, along with up to five rebated ATM withdrawal fees per month (subject to conditions).

When was the last time you shopped around for a new bank account? How long have you been with your current bank? Let us know in the comments section below.

Also read: Why is my tax return so low this year? What can I claim?

Written by Brad Lockyer

Brad has deep knowledge of retirement income, including Age Pension and other government entitlements, as well as health, money and lifestyle issues facing older Australians. Keen interests in current affairs, politics, sport and entertainment. Digital media professional with more than 10 years experience in the industry.

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  1. Wow – if I had the $s required to get the ” deals ” I probably wouldn’t use any of the mentioned banks – we moved to the Commonwealth bank – have an operating account and ” pensioner ” savings account “. Based on your information we will stay where we are.

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