RACQ Bank Everyday Account

$0.00

Apple Pay, Google Pay, PayID, Samsung Pay

0% p.a.

RACQ Bank Everyday Account

$0.00

Apple Pay, Google Pay, PayID, Samsung Pay

0% p.a.

Mozo Review   RACQ Bank Everyday Account Review

Last updated: 21 February 2019.

What's hot:
  • $0 monthly account keeping fee

  • No minimum balance

What's not:
  • $4.50 overseas ATM fee

  • $300 emergency Visa Debit replacement card

Mozo snapshot:

The RACQ Bank Everyday Account is a no frills everyday transaction account with no minimum balance requirements and free access to Visa Debit, phone and internet banking.

Key features:

With the RACQ Everyday Transaction account, you'll get free transactions from EFTPOS, phone and internet banking and Queenslanders will be especially happy to hear that they’ll not be charged for any deposits or withdrawals made at any of the 14 QT Mutual Bank branches across the state.  

As well as having no minimum balance or opening deposit, the account comes with a linked Visa Debit card that can be used anywhere Visa is accepted globally. You can also use the payWave functionality for any “tap and go” purchases under $100 in Australia. You can spend with one less care knowing your card is covered by Visa’s Zero Liability Policy which protects you from any unauthorised transactions (conditions apply).

It is important to remember that like many other everyday bank accounts, there’s no interest paid on the balance. If growing your nest egg is high on your to do list right now, you’ll want to make sure you link the QT Mutual Bank Everyday Account with a high interest savings account which you can find with a quick search of the Mozo database here.

Who it's good for:

The RACQ Bank Everyday Account is best suited to Aussies over 18 years looking for a basic bank account to stash their spending money.

Any catches?

You can use your card overseas but it won’t be free. There is a $4.50 overseas ATM fee and 3% foreign exchange commission which could put a damper on any overseas holiday shopping trip if you don’t budget for this added expense. Should you lose your debit card overseas you’ll also be up for an emergency Visa Debit replacement card at a whopping $300.

It’s also a wise idea to keep your account statements in a safe place because getting a statement older than six months will cost you $2 a pop.

Details

Rates and fees information correct as at 12 November 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.00% p.a.

  • n/a

  • n/a

Fees
  • $0.00

  • n/a

  • Unlimited free EFTPOS, phone and internet transactions

  • $0.00

  • None

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $4.50

  • 3.00%

  • $0.00 monthly

Other financial bits
  • $0.00

  • $0.00

Features
  • $1,000.00

  • yes

  • no

  • yes

  • yes

  • yes

  • yes

  • yes

  • none

  • none

Atm card
  • $4.50

  • $0.00

  • 3.00%

Debit card
  • $4.50

  • $0.00

  • 3.00%

Payment options

Apple Pay, Google Pay, PayID, Samsung Pay

Customer Reviews

How are RACQ Bank bank accounts rated by the Mozo community?

Overall customer rating
9.0/10
Price
10.0/10
Features
-
Customer service
8.5/10
Convenience
8.5/10
Trust
9.0/10

Latest reviews of RACQ Bank Everyday Account

  • Overall
    8/10
    Good fees and charges.

    Was previously QTMB and has recently merged with RACQ to become a bank. They have not been in...

    Was previously QTMB and has recently merged with RACQ to become a bank. They have not been in operation for long so I haven't had a lot of dealings yet.

    Price
    10/10
    Features
    -1/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    8/10

    Sheralynn | Queensland

    reviewed over 1 year ago

  • Overall
    10/10
    Reliable, courteous and helpful

    Courteous, fast, friendly with no cons towards me over many years.

    Courteous, fast, friendly with no cons towards me over many years.

    Price
    10/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Irene | Queensland

    reviewed over 2 years ago

  • Overall
    7/10
    Great personal service

    Despite some systems challenges, this is a bank that delivers its promise. The staff are the...

    Despite some systems challenges, this is a bank that delivers its promise. The staff are the heroes & whilst it is a small operation with limited speed, we have rarely had a problem over the 30 years we have banked with them. The one gripe is they charge for over the counter services which are not particularly friendly and deter the banks ability to cross sell product while the customer is in branch. At present staff numbers also do not allow this to occur.

    Price
    5/10
    Features
    5/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    7/10

    Brad | Queensland

    reviewed over 4 years ago

  • Overall
    10/10
    Personal service

    Very helpful staff. Great listeners.

    Very helpful staff. Great listeners.

    Price
    8/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    7/10
    Trust
    10/10

    Leanne | South Australia

    reviewed over 4 years ago

  • Overall
    7/10
    Quality bank!

    This bank is reliable with competitive rates but it only has one branch in my city with limited...

    This bank is reliable with competitive rates but it only has one branch in my city with limited opening hours after 4pm.

    Price
    5/10
    Features
    6/10
    Customer service
    8/10
    Convenience
    3/10
    Trust
    8/10

    Eloise | Queensland

    reviewed over 4 years ago

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