Transaction Account Comparison

Compare the leading transaction accounts on the Australian money market and start saving money today. Why pay monthly account keeping fees or have to pay for accessing your own money? Compare transaction accounts from a variety of banks easily and quickly by letting our easy-to-use comparison table do all the hard work for you. For more details on any of the accounts listed click through to the product where you can get an in-depth analysis and extensive overview before applying to open you new account.

An Overview of Transaction Accounts

Most Australians use a personal transaction account for everyday transactions, and since it’s likely to be your most regularly used bank account it is important to choose one suitable for your financial needs. Transaction accounts allow you to make branch and cheque transactions, pay bills and direct debits, make cash withdrawals at ATMs, EFTPOS point-of-sale purchases and make payments online and over the phone.

Some transaction accounts feature fees, either a flat rate monthly charge or a fee applied to individual transactions. The Australian banking market is extremely competitive so you should be able to find an account with low or no fees and unlimited transactions. Each bank offers a different set of features and fees on their transaction accounts, so it’s prudent to compare all the packages that are currently available before applying.

This type of account allows you to make a variety of transactions including in-branch deposits and withdrawals. Cash and debit cards linked to your account allow you to access your account at ATMs to check your balance, withdraw cash and you can often also make other transactions such as buying pay-as-you-go phone credit and depositing cheques. You should note that withdrawing cash from a different bank’s ATM could attract a charge.

The access you have to your money is important. If your account provides a debit card, you can make the same payments as with credit cards – including EFTOS point-of-sale payments, online and telephone purchases – with the advantage that you’re only spending money from your account.

Some transaction accounts feature an overdraft facility, but if your account is overdrawn you are charged interest. Most transaction accounts pay a very low rate or no interest when your balance is in credit. It’s a good idea to open a linked savings account with a high interest rate if you plan on investing any money, and use your transaction account just for your everyday essentials.

How to Compare Transaction Accounts

Everyone has their own priorities, approach to finances and spending habits, and there is a huge number of different transaction accounts available from the banks to meet these needs. To select the right one you should have a clear understanding of your requirements and the account features to study and compare.

Interest: Most transaction accounts pay no or very low interest on your money. This shouldn’t be too much of a concern though; if you have money to invest it should be in a high interest savings account.

Fees: Look out for fees when comparing transaction accounts. In recent years, Australian banks have reduced the fees they charge their customers for everyday transactions, but you should still be wary and check before applying. These fees may include a monthly maintenance charge; charges on individual transactions; withdrawing cash from another bank’s ATM; and authorised/unauthorised overdraft fees. Some accounts allow a certain number of free transactions per month and start to charge when you exceed this threshold. Ensure any fees applied to the account don’t penalise the types of transactions you make most often.

Access: Your transaction account should provide the level of access that you require. Different means of access suit different accountholders – look out for debit and ATM cards, telephone and internet banking, ATM and branch transactions and chequebooks.

Overdraft facility: Transaction accounts don’t always provide an overdraft facility, and usually charge a penalty fee if your account becomes overdrawn.

Other fees, charges and restrictions: Always study the small print of the terms and conditions, rules and regulations to find any hidden fees, charges and restrictions on transactions before applying.

Reasons for Applying for a Transaction Account

Your transaction account is your basic account covering your everyday banking needs. Whether or not you use other banking products and services, a good transaction bank account is an essential part of your financial life.

Benefits of the Transaction Account

The transaction account you open should offer you with the maximum banking benefits. Any fees applied to your account should not penalise your spending habits and the way you deposit and withdraw money. You should also expect flexibility in how you access your account, providing the appropriate bank cards, online and telephone banking and in person at the bank’s branches.

Your account should be simple to use and easy to link up with any other saving accounts, credit cards, investments and loans if you choose to use these products and services.