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:
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Greater Building Society Access, no account fee, a base rebate and rebate based on account balance and Visa debit.
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Heritage Building Society Simply Access — no account fee, 15 or more free transactions plus the ability to earn a rebate and Visa debit.
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Members Equity InterestME Savings Account no account fee and 15 free EFTPOS.
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NSW Teachers Credit Union Access, no account fee, 12 or more free transactions and Visa debit.
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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:
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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.
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Home Building Society One Account. $5 a month, charges only for ATM and giroPost withdrawals.