Fee free everyday banking: Compare bank accounts with no monthly fees

Tired of paying a monthly fee to access and manage your own money? It could be time to start saving by switching over to a low-fee or no monthly fee bank account. Start comparing below.

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No monthly fee bank account comparisons on Mozo

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 172 bank accounts.
Last updated 15 December 2024 Important disclosures
  • Everyday Options Account

    $0.00

    Apple Pay, Google Wallet, PayID

    0.01% p.a.

    Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.

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  • Glide Account

    $0.00

    Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay

    0% p.a.

    Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.

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  • Everyday Account

    $0.00

    Apple Pay, Google Wallet, PayID, Samsung Pay

    0% p.a.

    Enjoy an all in one transaction account with no monthly service fee designed to help you easily manage your money. Link to your Bendigo Bank home loan to offset your monthly interest. Unlimited internet and app banking transfers, and Bendigo Bank ATM withdrawals. Unlimited EFTPOS withdrawals and retail purchases within Australia

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  • Everyday Global Account

    $0.00

    Apple Pay, Google Wallet

    0% p.a.

    Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^

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  • Orange Everyday

    $0.00

    Apple Pay, Google Wallet, PayID, PayTo

    0% p.a.

    The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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Bank account resources

Reviews, news, tips and guides to help find the best bank account for you.

What fees come with bank accounts?

While many providers offer fee-free bank accounts, there are still some accounts that require holders to pay certain fees. 

Some of these bank account fees can include:

  1. Monthly account keeping fees

  2. Transaction fees for ATM withdrawals, EFTPOS purchases, or branch visits

  3. Overdraft fees if you exceed your account balance

  4. Foreign transaction fees for overseas purchases or ATM withdrawals.

While these fees might seem small individually, they can add up significantly over time, potentially costing you hundreds of dollars per year. That’s where no fee bank accounts come in, letting you side step some common fees.

Why you should check out a fee-free bank account

Opting for a fee-free bank account can offer several advantages. The most obvious benefit is the money you'll save on various banking fees. Over time, these savings can be substantial, which can lead to some extra cash for your savings account or term deposit.

Simplicity is another key advantage. With no fees to keep track of, banking and budgeting becomes more straightforward. You won't need to worry about keeping cash aside each month for account keeping or for extra fees on withdrawals. 

Many fee-free accounts don't restrict the number of transactions you can make too, giving you more flexibility in how you manage your money. This increased banking freedom can be particularly beneficial for those who frequently use their accounts for various transactions.

When comparing fee-free bank accounts, it's important to look beyond just the lack of fees. 

Consider factors such as:

  • Branch access and accessibility of ATMs

  • Online and mobile banking features

  • Customer service quality and availability

  • Additional perks or rewards programs.

By carefully evaluating these aspects, you can find a fee-free account that not only saves you money but also meets all your banking needs.

Where to find fee-free bank accounts

Fee-free bank accounts are offered by a variety of financial institutions in Australia, including:

  1. Online banks: Many digital-only banks offer fee-free accounts as part of their low-cost business model. These banks often provide competitive interest rates and user-friendly mobile apps.

  2. Traditional banks: In response to competition from online banks, many established banks now offer fee-free options, especially for younger customers or those willing to meet certain conditions.

  3. Credit unions and customer owned banks: These member-owned providers also may offer fee-free accounts as part of serving its members' interests.

To find the best fee-free bank account for your needs, comparing options from multiple providers can help. Look at the overall features the account offers, including any requirements to maintain the fee-free status, such as minimum deposits or regular transactions.

Remember, while an account may be advertised as "fee-free," it's important to read the fine print. Some accounts may waive the monthly fee but still charge for certain transactions or services. Always review the product disclosure statement carefully before opening an account.

Take the time to compare your bank account options in the tables above. You may also want to consider pairing your fee-free account with a savings account or term deposit which you can compare on our hub page.

Picture of Cameron Thomson
Cameron Thomson
RG146
Money writer

Cameron has a Bachelor of Creative Writing and History, and a background in broadcast media from his time at 2SER Radio. This diverse set of skills has informed his analytical yet creative approach to dissecting financial data and uncovering long-term trends in consumer finance. Cameron is RG146 certified for Generic Knowledge and keeps a keen eye on current and historical deposit and savings rates on the Mozo database. Cameron is also interested in tracking the investment space, particularly share trading platforms, to help Aussie consumers save and invest their money more wisely.

Other frequently asked questions about fee free bank accounts 

Are there any requirements to maintain a fee-free status on my account?

While many accounts are truly fee-free with no conditions, some may require you to meet certain criteria to avoid fees. This may include making a minimum number of deposits each month, maintaining a minimum balance, or being under a certain age. Make sure to check the terms and conditions to understand any requirements.

Do fee-free bank accounts offer the same features as regular accounts?

In most cases, yes. Fee-free accounts typically offer standard features like EFTPOS access, online and mobile banking, and the ability to set up direct debits and credits. However, some may have limitations on certain services, so it's important to check that the account meets all your banking needs.

Can I still use ATMs with a fee-free bank account?

Yes, you can use ATMs with a fee-free bank account. However, to avoid fees, you may need to stick to your bank's ATM network or those of partner institutions. 

Are online only banks more likely to offer fee-free accounts?

Fee-free accounts are usually offered by online bank accounts. Lower overhead costs allow these banks to pass savings on to customers in the form of no fees and sometimes higher interest rates. However, many traditional banks now also offer competitive fee-free options to retain customers.

Bank Account Reviews

Commonwealth Bank Smart Access
Overall 9/10
Good bank

I’ve been using the Commonwealth Bank Smart Access account for a while now, and here’s my take on it. ### What I Like: One of the biggest pros for me is how accessible it is. Commonwealth Bank has such a huge branch and ATM network, so it’s super easy to get to your money. Their CommBank app is also really impressive—it's user-friendly, and I love the budgeting tools and real-time spending alerts. As a student, the $4 monthly fee is waived, which is a nice bonus. Plus, the range of products and services they offer means you can manage everything from savings accounts to home loans in one place. ### What I Don’t Like: The $4 monthly fee could be a deal-breaker if you don’t qualify for a waiver, especially when other banks offer fee-free options. It’s also not the best account for traveling overseas—ATM and currency conversion fees can add up quickly. Some of their additional services, like international transfers, are also quite expensive compared to other banks or apps. ### Overall: If you want a reliable bank with great accessibility and an excellent app, Commonwealth Bank is a solid choice. Just be mindful of the fees, especially if you don’t meet the criteria for waivers or if you travel often. It’s definitely convenient, but it’s worth weighing up whether the fees are worth it for your situation.

Read full review

I’ve been using the Commonwealth Bank Smart Access account for a while now, and here’s my take on it. ### What I Like: One of the biggest pros for me is how accessible it is. Commonwealth Bank has such a huge branch and ATM network, so it’s super easy to get to your money. Their CommBank app is also really impressive—it's user-friendly, and I love the budgeting tools and real-time spending alerts. As a student, the $4 monthly fee is waived, which is a nice bonus. Plus, the range of products and services they offer means you can manage everything from savings accounts to home loans in one place. ### What I Don’t Like: The $4 monthly fee could be a deal-breaker if you don’t qualify for a waiver, especially when other banks offer fee-free options. It’s also not the best account for traveling overseas—ATM and currency conversion fees can add up quickly. Some of their additional services, like international transfers, are also quite expensive compared to other banks or apps. ### Overall: If you want a reliable bank with great accessibility and an excellent app, Commonwealth Bank is a solid choice. Just be mindful of the fees, especially if you don’t meet the criteria for waivers or if you travel often. It’s definitely convenient, but it’s worth weighing up whether the fees are worth it for your situation.

Price
10/10
Features
10/10
Customer service
9/10
Convenience
10/10
Trust
10/10
Less
Sharni, Victoria, reviewed 4 days ago
Commonwealth Bank Smart Access
Overall 10/10
Efficient

I am very satisfied with the overall support, guidance, customer service and technology. It’s safe and user friendly. The team is always efficient.

Read full review

I am very satisfied with the overall support, guidance, customer service and technology. It’s safe and user friendly. The team is always efficient.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Bushra, New South Wales, reviewed 4 days ago
Commonwealth Bank Bank Account
Overall 6/10
Could be better

Bit disappointing. Used to be a great bank but have seen a noticeable decline over the last few years. I have had my account hacked into on several occasions and has never once been flagged by the bank, only once I noticed in my transactions. Would be great to be able to setup multiple savings accounts for different things such as holiday, presents etc

Read full review

Bit disappointing. Used to be a great bank but have seen a noticeable decline over the last few years. I have had my account hacked into on several occasions and has never once been flagged by the bank, only once I noticed in my transactions. Would be great to be able to setup multiple savings accounts for different things such as holiday, presents etc

Price
6/10
Features
6/10
Customer service
4/10
Convenience
5/10
Trust
6/10
Less
Lauren, South Australia, reviewed 4 days ago

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