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

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.