How to pick the right bank account

Get yourself the right bank account and save hundreds of dollars a year.
 
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  • Updated:4 Jan 2006
 

01.Introduction

Picking-right-bank-account

Account options

When shopping for a bank account it’s difficult to know whether to go for one with up-front fees or take the risk that you won’t exceed your rebate or free transaction limit.

The main transaction account features available include:

  • Accounts with rebates or free transaction — with a number of free transactions or a rebate for fees often based generally on the amount of business you have with the institution. More...
  • Packaged deals— for one monthly fee, you get a transaction account and linked savings accounts. More...
  • Accounts with unlimited transactions for a set monthly fee. More...
  • Accounts with Visa/MasterCard debit facilities. More...

Please note: this information was current as of January 2006 but is still a useful guide to today's market.


Our analysis

Our analysis for this article involved recruiting real-life case studies, and using their banking patterns as 'scenarios' to work out what particular accounts would cost for each person over a year.

We've looked at what minimum monthly balance they maintain in their transaction account, what interst the account pays, and how many and of what types of transactions the person makes. We entered the information into a speadsheet with all Australian banks, the 10 largest credit unions and the 5 largest building societies transactions accounts and analysed what each account would cost. We took into account the free transactions or rebate the account offered, and any other features of the account that might impact on its cost.

 
 

 

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