MyState Bank Everyday Account

Key features

If you don't want to pay the $6 monthly account fee with the Everyday Account from MyState Bank, you'll need to deposit at least $2,000 a month or be under 23 years of age. This is easy to do if you set up a direct salary deposit from your employer.  

The account also has great accessibility at ATMs; if you link your phone up to either Samsung, Apple or Google Pay, you can use your phone for in store purchases or to get cash out of ATMs. And whether you’re using your phone or your card, almost every ATM in Australia will be fee free to use.

MyState Bank also allows you to sign up for PayID, which means transferring money to a mate or family member will happen in a flash, taking less than 60 seconds and only requires their email or phone number.

If you travel internationally, there are no overseas ATM fees with the card but you will pay a 2% foreign exchange margin. There is an optional Visa debit card option with this account but if you use this overseas you'll pay a $5 overseas ATM fee and the foreign exchange margin is 3% for international transactions. 

Who is it good for

The MyState Bank Everyday Account is best for someone who is able to avoid the monthly fee, either by being under 23 years old, or by depositing at least $2,000 into the account each month.

Any catches

If you sign up for the account, then turn 23 years old, be aware that you’ll no longer avoid the $6 account fee by default.

And if you’ve got plans to spend up big, keep an eye on the $1,000 daily ATM withdrawal limit.