The best fee-free bank accounts in Australia
From slow walkers to standing on the right-hand side of the escalator, every Aussie has something that gets on their nerves. But if there’s one thing that makes eyes roll across the country, it’s bank account fees. And if your bank balance is currently being eaten up by pesky fees, there has never been a better time to ditch and switch.
Mozo recently announced the winners of its 2019 Mozo Experts Choice Deposit Account Awards, which aimed to highlight the products our experts felt were top notch, including bank accounts with zero fees. But if you aren’t too keen on long lists, we’ve rounded up some top winners that won’t eat away at your bank balance.
Citi - Global Currency Account
- 2019 Mozo Experts Choice Award winner for Best Transaction Account
- No international transaction or ATM fees (2.50% foreign exchange ATM fee if local currency isn’t preloaded)
- Ability to hold up to 10 currencies
If you’re after a bank account that bodes well with your travel side, you might want to check out the Citi Global Currency Account. Aside from having a 2019 Mozo Experts Choice Award for Best Transaction Account under its belt, the account can hold up to 10 currencies, giving you total control of your cash no matter where you are in the world. There’s no account fee, or minimum balance required, plus as long as you withdraw the same currency from the account there’s no international transaction or ATM fees! However, you will be charged a 2.50% foreign exchange fee if you make a withdrawal from an ATM and forget to preload a currency of a country you’re visiting.
Bankwest - Hero Transaction Account
- 2019 Mozo Experts Choice Award winner for Exceptional Everyday Account
- $0 monthly fee when you deposit $2,000 a month
- 1.50% interest on balances up to $5,000
Everyone loves a hero and if you’re ready to be saved from monthly fees, meet the Bankwest Hero Transaction account. This 2019 Mozo Experts Choice winner packs a punch when it comes to value, featuring a 1.50% interest rate on balances up to $5,000 - an uncommon feature for regular everyday transaction accounts. And as long as you deposit $2,000 into the account each month, there’s no monthly fee.
ING - Orange Everyday
- 2019 Mozo Experts Choice Award winner for Exceptional Everyday Account
- No ATM withdrawal fees in Australia or overseas
- Roundup feature available
Last but certainly not least is the ING Orange Everyday account, an account that took out a 2019 Mozo Experts Choice Award for Exceptional Everyday Account and a bank that proudly walked away with the title of Everyday Bank of the Year. When it comes to the ING Orange Everyday account, you’ll pay no ATM withdrawal fees, both in Australia or overseas, and no monthly fee as long as you deposit $1,000 into the account and make at least five debit card purchases every month. Too easy!
But if none of these winners tickle your fancy, you can check out our full list of winners, or head on over to our bank account comparison tool for even more options.
^See information about the Mozo Experts Choice Bank Account Awards
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