RACQ Bank Everyday Account

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.