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

No fee bank accounts in Australia - why it’s worth ditching paying monthly fees

If you think about it, bank accounts are the focal point of financial life for many Australians. They’re where we get paid, where we pay our bills and where we transfer money to our friends. In essence, bank accounts (or transaction accounts as they’re also known) are pretty important. 

That said, who wants to fork out unnecessary bank account fees if they don’t have to? This is especially true when it comes to account fees which generally come in at around $5-6 each month. While that might not seem like a lot, over the course of a year it works out at an additional $60-$70 - money you’d probably rather spend elsewhere.   

The good news is that there are plenty of bank accounts in Australia with zero monthly account keeping fees. In fact, roughly 77% of the transaction accounts being tracked in the Mozo database currently* don’t have any monthly account keeping fees attached.

What fees come with bank accounts?

When it comes to comparing bank accounts, there are a number of potential costs to be mindful of, including monthly account fees. These include fees which you may be charged to withdraw money, to use payment options like EFTPOS, or even when making transactions overseas. Here’s a quick run through of the common fees: 

• Account fees: Some banks charge a regular account fee for the cost of ‘account keeping’ or the privilege of holding your money. As we said above, there are plenty of fee-free options in this respect though, and even the small number of banks which do charge monthly account fees generally have a zero fee option if certain conditions are met. 

• Domestic ATM withdrawal fees: While increasingly rare these days, some banks still charge customers a small fee to withdraw cash from ATMs in Australia. This is a separate charge to the fees some ATM operators also charge (e.g. ATMs you may find in pubs or at outdoor events). 

• EFTPOS fees: A small number of bank accounts come with fees for electronic and EFTPOS transactions, or a limit on the number of free transactions of this type that can be made each month.

• Overseas ATM withdrawal fees: While most banks no longer charge withdrawal fees in Australia, it’s a different case for Aussie travellers, because the majority of bank accounts come with overseas ATM withdrawal fees. Remember, these fees are separate from those charged by ATM operators - which are not only prevalent, but expensive, in many parts of the world.  

• Overseas purchase and transaction fees: If you’re planning to use the debit card linked to your transaction account while overseas (or when shopping on an overseas website), you’ll likely have to pay an overseas transaction fee of between 2-3%. Plus some banks also charge an additional purchase fee. 

What do these fees actually cost you ask? We’ve analysed the 100+ bank accounts in our database to reveal just how much banks typically charge on a number of common fees, and how many bank accounts actually come with each type of fee attached. 

Bank accounts with no monthly fees

There’s plenty of choice for Australians looking for a monthly fee-free bank account, including the following accounts which are available to those aged 18 and above. 

• 86 400 - Pay Account

• AMP Bank - Access Account

• AMP Bank - Bett3r Spend Account

• ANZ - Student Access Advantage

• Australian Military Bank - Access Account

• Australian Unity - Transaction Account

• Auswide Bank - Instant Access Account

• Bank First - Everyday

• Bank of Melbourne - Complete Freedom Account

• Bank of Queensland - Day2Day Plus Account

• Bank of Sydney - Everyday Saver Account

• BankSA - Complete Freedom Account

• BankVic - Everyday Account

• Bankwest - Easy Transaction Account

• bcu - Access Account

• bcu - Concession Account

• Bendigo Bank - Student Account

• Beyond Bank - Purple Transactor

• BOQ Specialist - Everyday Plus Account

• BOQ Specialist - One Account

• Citi - Global Currency Account

• Citi - Plus Transaction Account

• Coastline Credit Union - Pay As You Go Account

• Commonwealth Bank - Student Smart Access

• Community First Credit Union - Access

• Community First Credit Union - Student Starter

• Credit Union SA - Access Account

• Defence Bank - Everyday Access

• Endeavour Mutual Bank - Transaction Account

• Family First Credit Union - Everyday Access

• Firefighters Mutual Bank - Everyday Direct Account

• Gateway Bank - Edge Account

• GMCU - My Connect Account

• GMCU - My Everyday Account

• Goldfields Money - Essential Account

• Great Southern Bank - Everyday Account

• Great Southern Bank - Everyday Snap Account

• Greater Bank - Access Account

• Greater Bank - Ultimate Access Account

• Health Professionals Bank - Everyday Direct Account

• Heritage Bank - Simply Access

• HSBC - Day to Day Account

• HSBC - Everyday Global Account

• Hume Bank - All Purpose

• Illawarra Credit Union - Everyday Student

• IMB Bank - Everyday Account

• IMB Bank - Everyday Unlimited Kick Start

• ING - Orange Everyday

• Macquarie - Platinum Transaction Account

• Macquarie - Transaction Account

• Macquarie Credit Union - Access Account

• ME - Everyday Transaction Account

• MyLife MyFinance - Access Account

• MyState Bank - Glide Account

• NAB - Classic Banking Account (with Standard Visa Debit Card)

• Newcastle Permanent - Basic Access Account

• Orange Credit Union - All Purpose Savings Account

• Orange Credit Union - Budget Account

• P&N Bank - & Transaction Account

• P&N Bank - Budgeting Account

• P&N Bank - Concession Account

• P&N Bank - Easypay Access Account

• P&N Bank - Student Account

• People's Choice - Everyday Living Account

• Police Bank - Easy Access Account

• Police Credit Union - RediAccess Account

• QBANK - On Call

• Qudos Bank - General Savings Account

• Queensland Country Bank - Learners and Earners Account

• RACQ Bank - Everyday Account

• RAMS - Action Account

• Regional Australia Bank - eFree

• St.George - Complete Freedom Account

• Summerland Credit Union - Everyday Account

• Suncorp - Everyday Options

• Sydney Mutual Bank - Transaction Account

• Teachers Mutual Bank - Everyday Direct Account

• The Capricornian - Student Access Account

• The Mutual Bank - Express Savings Account

• UBank - USpend Transaction Account

• UniBank - Everyday Direct Account

• Unity Bank - Access Saving Account

• Up - Everyday Account

• Virgin Money - Go Account

• WAW Credit Union - Youth Transact

• Westpac - Choice (Student)

Bank accounts for travellers with no international fees

We know that Australians love to travel, but it’s safe to say that most people would rather not have their holiday budgets eaten into by bank fees. Thankfully there are a growing number of bank accounts which don’t come with overseas ATM withdrawal fees, overseas purchase fees and overseas transaction fees when paying with a debit card linked to the account. Some of these include:

• 86 400 - Pay Account

• Citi - Global Currency Account

• Citi - Plus Transaction Account

• HSBC - Everyday Global Account

• Macquarie - Platinum Transaction Account

• Macquarie - Transaction Account

• Suncorp - Everyday Options

• UBank - USpend Transaction Account

• Up - Everyday Account

Better still, none of the transaction accounts listed above currently* have a monthly fee, nor are there any conditions which need to be met in order to activate these fee waivers. But if you’re interested in learning more about the different travel money options on offer, check out our dedicated travel debit card hub.

How can I avoid bank account fees?

According to ASICs MoneySmart, there are two important steps to take when comparing transaction accounts: work out which bank account features you need, then opt for a no-fee or low-fee account. That’s why when it comes to avoiding bank fees, one of the best strategies is simply to pick an account which doesn’t charge them. However, depending on your bank account, these other tips may prove useful: 

• Be aware of any conditions: If you have an account which does require you to meet monthly conditions in order to get particular fees waived, then make sure you know exactly what they are so you can meet them each month. Finding it difficult to do so? It might be worth looking for a basic account with no strings attached. 

• Withdraw cash wisely: Just because your bank doesn’t charge you an ATM withdrawal fee doesn’t mean that the actual ATM operator won’t sting you with a $2 fee for every withdrawal or balance inquiry you make. To avoid this, stick to ATMs which you know are free e.g. those within your bank's network, or ATMs from the four major banks (ANZ, Commonwealth Bank, NAB and Westpac). 

• Keep an eye on your balance: If your account balance falls below zero then you may have to pay an overdraft fee or dishonour fee, or even interest on the outstanding balance. That’s why it’s always a good idea to regularly check your balance, and if you can, create a buffer to ensure that you’ve always got enough in your account. 

*Accurate as of 05 October, 2021. The Mozo database tracks over 100 Australian bank accounts for personal use, including accounts for kids, students and pensioners.