RACQ Bank Everyday Account

$0.00

rediATM, NAB

Visa Debit or
EFTPOS

RACQ Bank Everyday Account Review

Rates and fees information correct as at 25 September 2018.

Review published: 9 June 2015

What's hot:

  • $0 monthly account keeping fee

  • No minimum balance

  • Access to extensive ATM network

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 -an extensive ATM network, no minimum balance requirements and free access to Visa Debit, phone and internet banking.

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.

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

Product Type Overall Rating Price Features Service Convenience Trust
9.0

Based on 2
RACQ Bank bank accounts reviews

10.0 8.5 8.5 9.0

Read RACQ Bank bank account reviews by the Mozo community

Latest reviews of RACQ Bank Everyday Account

RACQ Bank

RACQ Bank Everyday Account bank account review

Overall rating   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.

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

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   8 / 10

Less

Sheralynn, Queensland, reviewed 7 months ago

QT Mutual Bank

QT Mutual Bank Everyday Account bank account review

Overall rating   10 / 10

Reliable, courteous and helpful

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

Full review

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

    Price   10 / 10

Less

Irene, Queensland, reviewed over 1 year ago

QT Mutual Bank

QT Mutual Bank Everyday Account bank account review

Overall rating   7 / 10

Great personal service

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...

Full review

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

Less

Brad, Queensland, reviewed over 3 years ago

QT Mutual Bank

QT Mutual Bank Everyday Account bank account review

Overall rating   10 / 10

Personal service

Very helpful staff. Great listeners.

Full review

Very helpful staff. Great listeners.

    Price   8 / 10

    Features   7 / 10

    Customer service   10 / 10

    Convenience   7 / 10

    Trust   10 / 10

Less

Leanne, South Australia, reviewed over 3 years ago

QT Mutual Bank

QT Mutual Bank Everyday Account bank account review

Overall rating   7 / 10

Quality bank!

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

Full review

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

Less

Eloise, Queensland, reviewed over 3 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 0.00% p.a.

  • none

  • n/a

Fees

  • $0.00

  • none

  • Unlimited free transactions from rediATMs, EFTPOS, phone and internet

  • $0.00

  • rediATM, NAB

  • $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%

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