Competition amongst the banks is a beautiful thing. Recently competition in the everyday transaction account area has heated up. Whilst fully fee free accounts are not yet here there are a number of monthly fee free accounts available.
Here is a list of monthly fee free bank accounts from the majors and second tier banks.
Comes with a free debit card which you can use at NAB ATM’s fee free. They also do not charge overdrawn or dishonour penalty fees.
ANZ
ANZ had to pay for their new logo. No monthly fee free banking with them yet.
Commonwealth Bank
The Commonwealth Bank is big, probably because they charge monthly fees.
Westpac limp in with their Choice Account. If you deposit $2,000 or more per month the $5 monthly fee is waived.
Now it gets interesting.
If you withdraw more than $200 from any ATM in Australia, they will pay the ATM fee. It gets stranger. When you take out $200 cash when using EFTPOS, they’ll give you 50 cents.
They’ll also give you $20 each for the following:
- you deposit your salary into the account,
- when you make your first purchase using the associated debit card, and
- when your first direct debit is withdrawn.
Another big plus is no dishonour fees.
They want you bad!
Bankwest Hero Transaction Account
Current interest rate is a massive 4.00% pa for balances up to $5,000. Whilst the 4.00% is not fantastic for a savings account, it is for a transaction account.
Citibank Plus Transaction Account
Unlimited free ATM withdrawals at any Westpac, St George*, Bank SA or Citibank ATM in Australia.
* Except St George ATM’s in BP service stations.
Suncorp Everyday Basics Account
Summary
If you don’t mind stepping away from the comfort of the Big Four and paying for a branch on every corner, you might want to consider the second tier bank offerings. The big winner in this round up is ING Direct Everyday Orange with it’s generous cash incentives and Bankwest’s Hero account for it’s high interest rate.
Disclaimer: Details correct at time of publication. Please check all details before taking any action.