05.Free transactions or rebates
Don’t mind limited transactions?
If you’re not the sort of person who makes multiple transactions and you’re able to keep your banking to a few transactions per month, look for an account with no or a low account-keeping fee and a high number of free transactions or a rebate that’s likely to cover the cost of transaction fees.
Many of these accounts are structured to minimise over-the-counter access and to encourage you to bank online, over the phone, or via ATMs and EFTPOS.
Accounts that did reasonably well when we analysed them:
Greater Building Society Access, no account fee, a base rebate and rebate based on account balance and Visa debit.
Heritage Building Society Simply Access — no account fee, 15 or more free transactions plus the ability to earn a rebate and Visa debit.
Members Equity InterestME Savings Account no account fee and 15 free EFTPOS.
NSW Teachers Credit Union Access, no account fee, 12 or more free transactions and Visa debit.
Queensland Teachers Credit Union Current Account, no account fee, base rebate and rebate based on account balance and Visa debit.
Want free over-the-counter access?
If you don’t mind a limited number of free transactions but still want free over-the-counter access, accounts to consider include:
Arab Bank Statement Savings, $3 a month only if minimum monthly balance falls below $100 and no transactions for 12 months, 10 free EFTPOS and ATM transactions (branch access via NAB branches), no cheque facility.
Home Building Society One Account. $5 a month, charges only for ATM and giroPost withdrawals.