Key features:
You’ll receive unlimited free access to the rediATM and NAB ATM networks but just be aware there is a daily withdrawal limit of $1000. Transactions from EFTPOS, phone and internet banking also come at no extra cost, 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 bank account with an extensive ATM network.
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.
