RACQ Bank Everyday Account

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.

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.

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.