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Fee-free bank accounts

Paying a monthly fee on your everyday bank account? If so, it could be time to switch to a fee-free option.

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Last updated: 31 January 2022

Banks fees have been a focus for CHOICE since the turn of the decade, starting with our Better Banking campaign in early 2011. 

Our stance? Banks shouldn't charge you fees for the privilege of using your money to grow fabulously profitable. 

Exhibit A is account-keeping fees. The fact that banks charge you money for merely keeping your money on hand is, frankly, ridiculous. 

The fact that banks charge you money for merely keeping your money on hand is, frankly, ridiculous

Your money is the lifeblood of their business model, but you have to pay them? 

There are many fee-free transaction accounts out there these days, not least because our earlier campaign shamed more than a few banks into dropping fees. 

Below (with the help of the data gurus at Mozo) we highlight the fee-free accounts on the market today. If you're still paying account-keeping fees, it's really time to part ways with that account or tell your bank to drop the fees or else. 

The big four

Of the big four banks, only NAB offers an account with no monthly fee without conditions. ANZ, CBA and Westpac all require a minimum deposit:

  • NAB Classic Banking Account (with standard Visa debit card), no monthly fee
  • ANZ Access Advantage, $5 monthly fee (waived if you deposit a minimum of $2000 per month, are under 25 or are a student)
  • Commonwealth Bank Everyday Smart Access account, $4 monthly fee (waived if you deposit a minimum of $2000 per month, are a student, or are under 25 years of age). 
  • Westpac Choice, $5 monthly fee (waived if you deposit a minimum of $2000 per month or are a student)

But even with the these transaction accounts, interest usually isn't paid unless you have a very high balance – so your extra savings are often best directed elsewhere. See high-interest savings accounts for more.

Fee-free bank accounts

(Updated 24 January 2022)

The following is a comprehensive list of bank accounts in Australia that don't charge account-keeping fees or impose conditions on fee-free everyday banking (though with some you have to be a student or have a concession card, as indicated). If your bank does charge monthly account-keeping fees, we recommend you ask it to drop the fees or take your business elsewhere:

86 400 – Pay Account

AMP Bank – Access Account

AMP Bank – Bett3r Spend Account

Australian Military Bank – Access Account

Australian Mutual Bank – Transaction Account

Australian Unity – Transaction Account

Auswide Bank – Instant Access Account

Bank First – Everyday

Bank First – First Account

Bank of Melbourne – Complete Freedom Account

Bank of Queensland – Day2Day Plus Account

Bank of Sydney – Everyday Saver Account

BankSA – Complete Freedom Account

BankVic – Everyday Account

Bankwest – Easy Transaction Account

bcu – Access Account

bcu – Basic Access Account

bcu – Concession Account

Bendigo Bank – Student Account

Beyond Bank – Purple Transactor

BOQ Specialist – Everyday Plus Account

BOQ Specialist – One Account

Central West Credit Union – Cash Management

Central West Credit Union – On-call Savings

Citi – Global Currency Account

Citi – Plus Transaction Account

Coastline Credit Union – Kickstart Access Account (12–17 years)

Coastline Credit Union – Pay As You Go Account

Community First Credit Union – Access

Community First Credit Union – Student Starter

Credit Union SA – Access Account

Defence Bank – Everyday Access

Defence Bank – Teen Saver

Delphi Bank – Savings Account

Family First Credit Union – Cash Management

Family First Credit Union – Everyday Access

Firefighters Mutual Bank – Everyday Direct Account

First Choice Credit Union – On Call Savings

Gateway Bank – Edge Account

Gateway Bank – Everyday Savings

GMCU – My Connect Account

GMCU – My Everyday Account

Goldfields Money – Essential Account

Great Southern Bank – Everyday Account

Great Southern Bank – Everyday Snap Account

Great Southern Bank – Everyday Youth Account

Greater Bank – Access Account

Greater Bank – Ultimate Access Account

Heritage Bank – Simply Access

Hiver – Everyday Account

HSBC – Day to Day Account

HSBC – Everyday Global Account

Hume Bank – All Purpose

Illawarra Credit Union – Everyday Student

IMB Bank – Everyday Account

IMB Bank – Everyday Unlimited Kick Start

ING – Orange Everyday

ING – Orange Everyday Youth

Macquarie Credit Union – Access Account

Macquarie – Platinum Transaction Account

Macquarie – Transaction Account

ME – Everyday Transaction Account

MyLife MyFinance – Access Account

MyState Bank – Glide Account

Newcastle Permanent – Basic Access Account

Orange Credit Union – All Purpose Savings Account

Orange Credit Union – Budget Account

P&N Bank – & Transaction Account

P&N Bank – Budgeting Account

P&N Bank – Concession Account

P&N Bank – Easypay Access Account

P&N Bank – Student Account

People's Choice – Everyday Living Account

Police Bank – Easy Access Account

Police Credit Union – RediAccess Account

QBANK – On Call

QBANK – Teen On Call

Qudos Bank – General Savings Account

Queensland Country Bank – Learners and Earners Account

RACQ Bank – Everyday Account

RAMS – Action Account

Regional Australia Bank – eFree

Regional Australia Bank – Youth Account

South West Slopes Credit Union – General Savings Account

St.George – Complete Freedom Account

Summerland Credit Union – Everyday Account – Essential Access

Summerland Credit Union – Learn2Earn

Summerland Credit Union – MoneySense

Suncorp – Everyday Options

Suncorp – Everyday Options Kids (aged 11–15)

Suncorp – Everyday Options Kids (aged 16–18)

Suncorp – Everyday Options Student

Teachers Mutual Bank – Everyday Direct Account

The Capricornian – Student Access Account

The Mutual Bank – Express Savings Account

The Mutual Bank – Student Saver

UBank – USpend Transaction Account

UniBank – Everyday Direct Account

Unity Bank – Access Saving Account

Up – Everyday Account

Virgin Money – Go Account

WAW Credit Union – Youth Transact

Source: Mozo.

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