How to pick the right bank account

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  • Updated:4 Jan 2006

04.Unlimited transactions

In the analysis we did (see Our analysis), accounts offering unlimited free transactions for a set monthly fee as a group compared reasonably favorably in comparison to other accounts that have more flexible fee structures. They also provide the benefit of not having to worry about whether you’re exceeding your rebate or free transaction limit.

Included transactions are usually EFTPOS, ATM (not usually other bank ATMs or overseas transactions), direct debits, internet and BPAY transactions, credit transactions and in many cases cheque withdrawals.

Some accounts also waive the base fee if you maintain the minimum monthly balance, (although it can be worth keeping your money in a high interest account instead)

  • ANZ Access Advantage, $5 a month.
  • Bank of Queensland Reverse Charges, $4 a month.
  • BankWest Lite Transaction Account transaction option, $5 a month.
  • Elders Rural Bank Everyday Account, all access option, $7 a month includes ALL (Elders and non-Elders) ATM.
  • HSBC Online Savings, no monthly fee, it doesn’t have many of its own ATMs but five free non-HSBC ATM withdrawals are also included.
  • NAB Smart Access, $5 a month.
  • St George/Bank SA Freedom Plus, $6 a month.
  • Suncorp Everyday Options, $5 a month (includes non-Suncorp ATM withdrawals outside Qld).
  • Westpac One, $5 a month, and One Premium, $15 a month.

The following accounts offer unlimited electronic access, but not over the counter, or cheques:

  • BankWest Lite Transaction Account direct option, $2.99 a month.
  • Elders Rural Bank Everyday Account, electronic option, $5 a month, includes ALL (Elders and non-Elders) ATM.
  • NAB Smart Direct, $3 a month.

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