Bank Accounts and Transaction Account Comparison

Your bank accounts give you access to your money for your everyday needs and without a transaction account you would be at a loss to pay your bills, buy your groceries or fuel you car. However, your transaction account could be hampering your access to your money even as you use it to pay for dinner or buy online because if you are not using the best bank account for your spending needs and habits, then it could be costing you money.

Featured Bank Account

The NAB Classic Bank account is a revolutionary financial product. Earn an incredible interest rate usually only found with high interest savings accounts on an everyday transaction bank account. On top of that, pay no fee.

• Maximum Rate: 0.01%
• Standard Variable Rate: 0.01%
• Bonus Rate: 0.00%
• Monthly Account Fees: $0
• Minimum Balance: $0
• Minimum Deposit: $0

Read the NAB Classic Banking terms and conditions

No Fee Transaction Account Comparison

	Description	Monthly Account Fees	Debit Card Access	ATM Withdrawal Fee	Interest Rate p.a.	Details
NAB Classic Banking	No overdrawn fees. Press Credit when you shop and get complimentary 3 months Purchase Protection Insurance.	0	Yes, Visa	0	0.01%	No minimum deposits required to get $0 monthly service fee.
Citibank Plus Transaction Account	Transfer funds instantly between Citibank accounts in more than 25 participating countries.	$0	Yes, Visa	0	0.00%	No ATM fees using Citibank, Westpac, BankSA and St .George branded ATMs

Bank Accounts and Transaction Account Comparison

Savings Account	Account Details	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Bonus Interest p.a.	Fees	Min Balance/Min Deposit
NAB Classic Banking	No monthly account keeping fees and unlimited ATM withdrawals and EFTPOS transactions.	0.01%	0.01%	0.00%	$0	$0 / $0
HSBC Day to Day Transaction Account	Get $10 every month, No monthly account keeping fees, plus unlimited ATM withdrawals and EFTPOS transactions.	2.75%	2.75%	0.00%	$0	$0 / $0
St. George SENSE	One of the highest interest rates on an everyday bank account.	5.10%	5.1%	0%	$FREE if $2,000+ deposited each month (otherwise $5)	$0 / $0
Citibank Plus Transaction Account	$0 monthly fees, $0 minimum Balance and $0 ATM Fees at Citibank, Westpac, BankSA and St .George branded ATMs around Australia.	0.00%	0.00%	0.00%	$$0	$0 / $0
ANZ Access Advantage	$5 per month for Unlimited transactions	0.00%	0.00%	0.00%	$5	$0 / $0

Current or Checking Account

One of the most used types of bank accounts is the checking account. This account is opened for the purpose of paying bills, receiving your pay and for paying everyday expenses. Without a checking account you would have to use money orders or bank drafts to pay your bills, a rather costly and time consuming project.

Another advantage of these types of bank accounts is that you can set up automatic payments for bills that you have to pay each month such as mortgage payments and utilities. You can also get a debit card with these types of bank accounts which will allow you to get cash from ATMs or pay for merchandise at retail shops without having to carry cash.

The bank will send you monthly statements showing your transactions for the month. You can also get these statements electronically via your bank’s site on the Internet.

Most of these types of bank accounts charge you a monthly fee for these services. There are some banks that do offer free cheque accounts if some requirements are met. It is best to shop around for the account that best suits you.

Savings Account

A savings account is an account which pays you interest on the money you have saved and deposited with the bank. These types of bank accounts have the advantage of money being readily available to you for withdrawal. Interest is credited to your account monthly or quarterly. The bank usually sends statements at regular intervals so that you can keep track of transactions.

Term Deposit

In these types of bank accounts, the bank pays a fixed interest for a fixed period of time between seven days and several years. Although you are able to withdraw funds if you give the bank notice, you will suffer loss of interest. When these types of bank accounts mature, you may choose to renew them or take your money including all interest paid on the account. The interest rates on term deposits are usually higher than on savings accounts, but remember access is more limited.

Having bank accounts are almost a must today for convenience sake. Be sure to consider all points of the different types of bank accounts before opening one. By all means, make your decision as to which account is best for you and then go ahead and open one. It will save your time and money.

To make sure you are using the right transaction account you need to compare:

• The monthly account fee
• The transaction fees
• The access cards you can use with your account, and whether you can take advantage of a Visa Debit card
• The application process
• The customer service, branch and call centre facilities of your provider

Why You Should Compare Bank Accounts

At Savings Account Finder™ we have made it easy to compare all bank and transaction accounts in Australia, because we understand how important it is, that you are using the right product.

So, why is it so important to compare transaction accounts? Because:

• You shouldn’t pay transaction fees. Comparing transaction fees charged on an account can show you how the account should be used, and can tell you whether the account suits your spending style. For example, if you do a lot of online banking and internet transfers, then you need to compare transaction account fees based on their charges for online transactions. Or if you use a business transaction account and need branch access for transparency purposes, then you need to compare the fees for assisted transactions.
• You need to be able to access your funds. This means you need to be able to access them in a way which suits your lifestyle and needs. If you are a busy parent you don’t need a transaction account which makes you go into a branch to change your PIN, and if you do a lot of traveling you need to able to access your funds safely and securely via Visa, rather than risk carrying cash with you.
• The best bank account will help you save money, and even help you earn money. There are Australian transaction accounts available which offer you unlimited transactions for a set fee, and others which offer fee free transactions on certain accounts. By simply avoiding transaction fees on your bank accounts will save you money. Plus, there are even banks and financial institutions which will pay you when you use your transaction account – for example, ING Direct will credit you $0.50 each time you withdraw $200 or more in an EFTPOS transaction.

How to Choose the Best Bank Account

There are so many different types of transaction accounts, but that is only because there are so many different types of people, making so many different types of transactions, the accounts are simply created to match these variances. Therefore, if you need help choosing the best bank account for you and your transactions, answer these simple questions:

• How much money will be deposited into your bank account each month? This is an important figure when choosing a transaction account as there are accounts which will waive the monthly or transaction fees if you maintain a minimum amount, or simply make a minimum deposit each month.
• Who needs access to the account? Compare bank accounts with free additional card holders, and if you need a joint bank account, compare the providers who will allow you to apply online, and enter your joint account holder’s information online, saving you time in coordinating schedules within bank times to open a joint account where both account holders need to be present.
• How do you pay for your bills and purchases? Pinpointing how you use your account will help you compare the features which are most important to you; this helps you choose an account with free cheque facilities if you prefer to use a cheque book to manage your finances, or allows you to choose a cheaper – and often fee free – online bank account if you buy over the internet and use online banking.

At Savings Account Finder™ we have taken the hard work out of choosing a transaction account and we have compared every feature from fees and credit card access, to online application forms and direct debits. Therefore, all you have to do is review our reviews, and travel through our secure link to apply and save today.

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