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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.

zero fee bank accounts credit cards
Last updated: 29 November 2019

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 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 and beyond 

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, no monthly fee
  • ANZ Access Advantage, $5 monthly fee (waived if you deposit a minimum of $2000 per month, are under 25 or a student)
  • Commonwealth Bank Everyday Smart Access account, $4 monthly fee (waived if you deposit a minimum of $2000 per month). Monthly account fee waiver will also apply if you're under 25 years of age or a full-time or part-time tertiary student at an Australian educational institution or undertaking an Australian Apprenticeship.
  • Commonwealth Bank Smart Access, $4 monthly fee (waived if you deposit a minimum of $2000 per month). Fee also waived if you deposit at least $1,000 per month and for those under 21 or on Student Options. 
  • Westpac Choice, $5 monthly fee (waived if you deposit a minimum of $2000 per month). Fee also waived for people under 21, full-time tertiary students, pensioner concession or health care card holders, new migrants or returning residents for the first 12 months. 

Some banks also offer certain sweeteners to customers, for example:

  • Citibank Plus Transaction account is great for travel money as it has no overseas ATM or purchase fees and no monthly fee
  • ING Direct's Orange Everyday account is fee-free and will rebate an ATM fee charged by any bank if you deposit at least $1000 from an external bank account to any personal ING account in your name each month and make at least five debit or credit card purchase using your ING debit or credit card each month. 

But even with the these transaction accounts, interest usually isn't paid – so your extra savings are often best directed elsewhere; see high-interest savings accounts for more.

Fee-free bank accounts

(updated 27 November 2019)

The following is a comprehensive list of bank accounts in Australia that don't charge account-keeping fees. If your bank does, we recommend you ask it to drop the fees or take your business elsewhere. 

  • 86 400 Pay Account
  • AMP Access Account
  • AMP Bett3r Spend Account
  • Australian Military Bank Access Account
  • Australian Unity Transaction Account
  • Bank First Everyday
  • Bank of Queensland Day2Day Plus Account
  • Bank of Sydney Everyday Saver Account
  • BankVic Everyday Account
  • Beyond Bank Purple Transactor
  • BOQ Specialist Everyday Plus Account
  • BOQ Specialist One Account
  • Citi Global Currency Account
  • Citi Plus Transaction Account
  • Coastline Credit Union Pay As You Go Account
  • Community First Credit Union Access
  • Credit Union SA Access Account
  • CUA Everyday Account
  • CUA Everyday Snap Account
  • Defence Bank Everyday Access
  • Delphi Bank Savings Account
  • Endeavour Mutual Bank Transaction Account
  • Gateway Bank Edge Account
  • Gateway Bank Everyday Savings
  • GMCU Personal Account
  • Goldfields Money Essential Account
  • Greater Bank Access Account
  • Greater Bank Ultimate Access Account
  • Heritage Bank Simply Access
  • HSBC - Day to Day Account
  • HSBC Everyday Global Account
  • Hume Bank All Purpose
  • Hunter United Premium Access Account
  • IMB Bank Everyday Account
  • ING Orange Everyday
  • Macquarie Platinum Transaction Account
  • Macquarie Transaction Account
  • Macquarie Credit Union Access Account
  • ME Everyday Transaction Account
  • MyState Bank Glide Account
  • NAB Classic Banking Account (with Standard Visa Debit Card)
  • Newcastle Permanent Basic Access Account
  • P&N Bank Transaction Account
  • P&N Bank Budgeting Account
  • Police Bank Easy Access Account
  • Police Credit Union RediAccess Account
  • QBANK On Call
  • Qudos Bank General Savings Account
  • RACQ Bank Everyday Account
  • RAMS Action Account
  • Summerland Credit Union Everyday Account First Choice
  • Suncorp Everyday Basics
  • Suncorp Everyday Options
  • Sydney Mutual Bank Transaction Account
  • The Mutual Bank Express Savings Account
  • UBank USaver Ultra Transaction Account
  • Unity Bank Access Saving Account
  • Up Everyday Account
  • Xinja Bank Account

Source: Mozo

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