Feeling the pinch? Here are 5 bank accounts that don’t charge monthly fees

By Tara McCabe ·
Woman sitting on sofa, looking at bank accounts on laptop.

A shocking 40% of renters across Australia are struggling to pay for essentials including bills, food, clothing and transport, new research from the Australian Housing and Urban Research Institute has found.

The research shows that up to 26% of households earning less than $90,000 per year have had work hours reduced. Around 16% have suffered temporary job loss, while a further 11% have had their overall household income reduced.

In times like these every little bit of money saved helps. We’ve come up with a list of different everyday transaction accounts that don’t charge monthly account keeping fees, no matter what your bank balance is.

5 bank accounts worth a look:

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  • $0 monthly account keeping fee
  • Add up to 9 sub-accounts
  • 0.10% p.a. interest rate for balances over $1

If you have less money coming in right now, then you might be interested in Suncorp’s Everyday Options account. Regardless of what your balance is, this account won’t charge you a monthly account keeping fee. Plus to put a little aside for a rainy day, you can open up to nine sub-accounts. These come with a 0.10% p.a. interest rate for balances over $1.

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  • $0 monthly account keeping fee
  • Mobile payments option
  • Nifty new auto savings features

The last thing you want when your bank balance is low is to be hit with a fee. The good news is that MyState Bank’s Glide account won’t charge you a monthly administration fee, no matter what your balance is. With this account there are multiple mobile payment options available, including Apple Pay and Google Pay. Plus MyState has just introduced new nifty auto savings features to help you stash cash for a rainy day. For instance personal insights that allow you to review how you spend money.

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  • $0 monthly service fee
  • $0 transaction fees
  • Mobile payment options

Another everyday transaction account that does not charge a monthly service fee is HSBC’s Everyday Global Account. There are also zero transaction fees, meaning $0 fees for online banking, deposits, ATM withdrawals (from a HSBC ATM), EFTPOS and BPAY. Plus there’s the option to pay with Visa PayWave, Google Pay and Apple Pay.

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  • $0 monthly account keeping fee
  • No Citi fees to send money overseas
  • No foreign transaction fees

With Citi’s Global Currency Account there is no minimum balance required and no monthly account keeping fee. This particular account would be suited to someone who needs to send money internationally or often makes overseas purchases. Citi does not charge fees for either of these, although the bank or financial institution you are sending money to might.

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  • $0 monthly account keeping fees
  • Unlimited fee free transactions
  • Mobile payment options

Lastly, Australia’s largest credit union CUA’s Everyday Snap Account comes with no monthly account keeping fees. There are unlimited fee free card purchases or cash out transactions in store. Plus, if you like the convenience of paying with your mobile, Apple Pay, Google Pay and Samsung Pay are available.

Didn’t find the account you were after? Head to Mozo’s compare bank accounts page for more options.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Tara McCabe
Tara McCabe
Money writer

Tara McCabe writes across all areas of personal finance here at Mozo from banking through to insurance. Tara is expert at practical money tips, showing readers ways to live richer and be socially conscious while doing it. She earned a BA (Hons) in English Literature from Canterbury Christ Church University.