How to pick the right bank account

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

03.Debit accounts - the way to go!

The number of accounts with debit facilities (Visa or more recently MasterCard debit) is growing, and we recommend you take up the option if available.

With a debit card, selecting credit and signing when making purchases at retailers instead of using EFTPOS, your transaction will be a Visa or MasterCard transaction, and will be fee free.

If you can properly combine Visa or MasterCard debit with your free transactions or rebates, you can minimise or completely eliminate transaction fees.

Most credit union and building society accounts have Visa debit, and banks offering the facility on many accounts include: ANZ, Adelaide Bank, St George/ Bank SA, BankWest, Bendigo Bank, Elders Rural Bank, HSBC, Suncorp and Westpac. Check the debit facility is available with the account you want.

Some institutions offer MasterCard debit, they include BankWest and Westpac.

Sign up to our free

Receive FREE email updates of our latest tests, consumer news and CHOICE marketing promotions.