Choosing the wrong bank account can be a nightmare. Sneaky fees, poor customer service, risk of fraud, and bad rates of interest can turn anyone’s banking upside down. But with so many options, it can be hard to pick the right bank. The good news is that Australia has several fantastic banking options that are easy to get started with for people of all financial situations.
Here are some of the best banks currently on the market in Australia.
ME bank offers a wide range of excellent online accounts. Particularly noteworthy is their award-winning Everyday Transaction Account. This account has zero fees, zero minimum deposit, and free ATM withdrawals across Australia. You can also open up a savings account along with the transaction account to earn up to an impressive 1.80% p.a. interest on your savings. Their accounts include a great mobile app to track your finances. It only takes about five minutes to apply and open up an account online, so there’s no reason not to give this bank a shot.¹
If you’re particularly looking for a savings account, you can’t go wrong with Rabobank. Rabobank offers a number of excellent online savings accounts including its popular High Interest Savings Account which offers an interest rate of up to 2.25% P.A. for the first 4 months and 0.80% thereafter. The account has no monthly fees, no minimum balance and interest is paid into your account on a monthly basis. Having an account with Rabobank also means you’re supporting local farmers – the bank reinvests all of its deposits into Australian agricultural businesses.²
BankFirst is an outstanding choice for your banking needs, offering Everyday Transaction accounts with no monthly fees, an included Visa debit card with PayWave contactless technology, and excellent online and mobile banking services. BankFirst’s Everyday Account also provides an 0.05% interest rate on your balance applied every quarter which a nice bonus for a non-savings account. BankFirst makes it easy to open your account online and also includes free withdrawals at any Commonwealth ATM per month. Australians over 18 are able to apply for a BankFirst account and it is certainly well worth considering open an account there.³
Credit Union Australia (CUA) has a great range of products including both everyday and savings accounts. With the basic CUA Everyday account you get a Visa debit card included that allows you to pay all over the country and take out cash for free at any of the thousands of rediATM machines across Australia. In addition, the Everyday 50+ Account is especially tailored to seniors to meet all their banking needs. In addition, CUA has various high interest savings accounts that are worth looking into such as the eSaver Flexi Account and the eSaver Rewards Account which offer up to 1.70% p.a. interest on your balance. CUA accounts are easy to open online and the process usually takes less than five minutes.⁴
HSBC Everyday Global Account
HSBC’s Everyday Global Account is flexible, secure and convenient and clients routinely find that it offers everything they are looking for. With no monthly account fee, global usage of the debit card and no ATM fees charged by HSBC Australia, it’s an excellent choice for your banking needs. In addition, new clients who open an Everyday Global Account can earn a generous $100 welcome bonus. To qualify, clients must deposit a minimum of $2,000 for three consecutive months sometime within six months of opening the account. Even better, purchases under $100 that are made with payWave, Google Pay and Apple Pay lead to cash back advantages into your account of up to $50.⁵
As always, before signing up with any new bank it is important to do your own research. Each person is different and the perfect bank for one person may not be so good for another. Read reviews and assess the pros and cons of a few options so that you can be sure to sign up for the best bank for your situation.