Our research found two transactions accounts with the combination of no monthly fee (with no minimum deposit requirement to waive the fee), an unlimited number of most “everyday” transactions, and no penalty fees.
ING Direct Orange Everyday
ING Direct has no ATM or branch network, but customers can use other banks’ ATMs and Australia Post for deposits and withdrawals. Third-party ATM fees apply, but are rebated for transactions of at least $200; if you don’t like withdrawing at least that amount, expect to pay about $2 each time. And when customers use their debit card to get at least $200 cash out from a retailer, ING puts 50 cents into their account (smaller cash out transactions are fee-free).
ING does not charge penalty fees; like most banks, overdraft interest applies. Until 15 May 2010, a bonus of $20 is paid on the first ccasion customers have their salary directly credited to the account, use their debit card and make a direct debit payment – up to $60 in bonus credits.
NAB Classic Banking
This account has no penalty fees, no monthly fee and no transaction fees for most everyday transactions. This account ticks almost every box, and unlike some others, doesn’t require customers make a regular monthly deposit or withdraw at least $200 at a time to avoid fees.
One catch is a fee when branch staff set up periodical payments ($1.80 to $5.30 per transaction), but NAB says branch and phone staff will help customers to set up such arrangements via internet banking, thereby avoiding the fees. Other automated payment methods, such as Bpay, direct debits and internet banking transfers, are free.
NAB doesn’t require a minimum withdrawal to avoid ATM fees at the NAB/rediATM network. This Big Four bank also displayed genuine industry leadership when it abolished overdrawn account fees on personal transaction and savings accounts, previously its most common source of customer complaints.