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.

Savings Account	Account Details	Intro Rate p.a.	Variable Rate p.a.	Intro Period p.a.	Fees	Min Balance and Min Deposit
HSBC Online Savings Account	$0 per month for Unlimited Internet and Phone Banking transactions at no charge.	0.00%	5.00%p.a. interest on balances greater than $5,000 until 1 July 2010	-	$0	$0 per month
ANZ Access Advantage	$5 per month for Unlimited transactions	0.00%	0.00%	-	FREE	$5 per month
St.George Complete Freedom Account	$0 per month if deposit $2,000 per month, no minimum balance, which means you don’t have to keep your account balance at $2,000 for the whole month.	0.00%	0.00%p.a	0.00%	$0 per month*	Deposit $2,000 per month
St.George Express Freedom Account	Flat $3 per month account service fee with Free Visa Debit Card.	0.00%	0.00%p.a	0.00%	$3 per month	-
NAB Classic Banking	$0 monthly fee	0.01%	0.01%	0.00%	$0 monthly	$0
NAB Gold Banking	$10 monthly Or, simply deposit at least $5,000 per month and you won’t pay the monthly account service fee.	0.01%	0.01%	0.00%	$10 monthly* ($0 if deposit at least $5,000 per month)	$0

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.