Thumbnail icon for RACQ Bank

RACQ Bank Everyday Account

Account fee
$0.00
Payment options
Apple Pay, Google Pay, PayID, Samsung Pay
Interest rate
0% p.a.

Mozo editorial review RACQ Bank Everyday Account

Last updated: 23 March 2020.

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What's hot
  • $0 monthly account keeping fee
  • No minimum balance
  • Apple Pay, Google Pay, Samsung Pay & PayID available
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 monthly account keeping fee, no minimum balance requirements and free access to Visa Debit, phone and internet banking. Plus, if you're all about digital payments, there is Apple Pay, Google Pay, Samsung Pay or PayID available with this account. 

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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, or you can opt to use your phone to pay via Apple Pay, Google Pay, Samsung Pay or PayID. And remember, 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.

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Who is it 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.

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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 the 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 good to note that you'll have to pay $1 to receive statements more frequently than once every six months.

Details

Rates and fees information correct as at 7 July 2020. 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
8.6/10
Price
9.0/10
Features
6.7/10
Customer service
9.0/10
Convenience
8.2/10
Trust
8.4/10

Latest reviews of RACQ Bank Everyday Account

  • Overall 10/10
    Great customer personal service.

    RACQ is a smaller bank where you can speak directly to your contact personally, either over the phone or in the branch A very personable approach that makes me feel important to their bank, I can also use the big 4 ATMs at no charge.

    Read full review

    RACQ is a smaller bank where you can speak directly to your contact personally, either over the phone or in the branch A very personable approach that makes me feel important to their bank, I can also use the big 4 ATMs at no charge.

    Price
    10/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Grant, Queensland reviewed 5 months ago
  • Overall 10/10
    Awesome bank.

    I absolutely love RACQ bank.

    Read full review

    I absolutely love RACQ bank.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Karen, Queensland reviewed 5 months ago
  • Overall 5/10
    Not great.

    Took over Queensland Teacher's Mutual Bank and the services and product declined substantially.

    Read full review

    Took over Queensland Teacher's Mutual Bank and the services and product declined substantially.

    Price
    6/10
    Features
    1/10
    Customer service
    8/10
    Convenience
    4/10
    Trust
    4/10
    Less
    Megan, Queensland reviewed 7 months ago
  • 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 operation for long so I haven't had a lot of dealings yet.

    Read full review

    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
    Less
    Sheralynn, Queensland reviewed over 2 years ago
  • Overall 10/10
    Reliable, courteous and helpful

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

    Read full review

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

    Price
    10/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -
    Less
    Irene, Queensland reviewed about 3 years ago

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