Transaction Accounts Comparison

Your transaction account is your everyday account and this is why it is so important to make sure you choose the best transaction account for your needs. A transaction account will allow you to do everything from withdraw money from an ATM, make EFTPOS purchases, make online payments with a linked credit card and pay your bills in person or on the phone. Therefore, because you are using your transaction account for all of your everyday banking needs, using the wrong account can easily attract mountains of fees.

Savings Account	Account Details	Intro Rate + Base p.a.	Base Rate p.a.	Intro Rate p.a.	Fees	Min Balance/Min Deposit
ANZ Access Advantage	$5 per month for Unlimited transactions	0.00%	0.00%	0.00%	FREE	$5/$5
NAB Classic Banking	Until 21 January 2010: $5 monthly fee Or simply deposit at least $3,500 per month and you won’t pay the monthly account fee. From 22 January 2010: $0 monthly fee	0.01%	0.01%	0.00%	FREE	$0/$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%	10 per month (FREE if deposit $5,000 per month)	$0/$0
HSBC Online Savings Account	An online transaction account with zero monthly fees and other no-charge banking options	0.05%	0.05%	0.00%	FREE	$0/$0

Featured Bank Account

St. George present this amazing everyday transaction account! With the St. George SENSE, get a high interest rate, usually found exclusively on high interest savings accounts, with a normal bank account. On top of this, pay no account keeping fees if you deposit $2,000+ each month, and use all St. George and Westpac ATMs free.

• Variable Rate of 4.85% p.a.
• Reverts back to Standard Variable Rate of 4.85% p.a.
• Monthly account keeping fees: FREE if $2,000+ deposited each month (otherwise $5)
• Savings Account Finders Featured Bank Account

Click here to read the St. George SENSE terms and conditions

The best transaction account:

·        Is one which doesn’t penalise you for the way you receive and spend your money.

·        Is one which allows you access to your money in a way which suits you without penalty, whether that is online, over the phone or in person.

·        Is one which is simple to open and use.

·        Is one which works in conjunction with your other savings accounts, loans, credit cards and investments.

·        Can be found right here.

How to Choose and Compare the Best Transaction Accounts

With so many different transaction accounts to choose from, you can find yourself navigating a maze of fees, fine print and access options to find the best transaction account for your needs. However, it is important to remember that there is such a range of transaction accounts because everyone uses their money differently, at different times in their life. Therefore, even if you opened a transaction account which suited your needs two years ago, take the time now to consider whether your needs have changed, and whether there is a transaction account which is better suited to your current situation.

To choose and compare transaction accounts:

·        Review your bank statements and assess your spending habits. This will help you determine your spending style as you can see in black and white where and how you are spending your money, as well as the fees these transactions are attracting. Knowing whether you make more EFTPOS transactions than credit card purchases or whether you pay your bills at the post office or use BPAY online will help you determine which features to look for in a new transaction account.

·        Decide whether you could use your transaction account differently. Choosing the best transaction account is not only about finding an account which suits the way you spend and save. It is also about finding out about new products and features available to you as a banking customer. For example, if you have been being penalised for paying your bills in person, perhaps it is time to look for a transaction account which extra security features such as a Digipass or text message notification system, to make you feel more secure in paying your bills online.

·        It’s alright to have more than one transaction account. There are many transaction accounts which have very low, or no, monthly account keeping fees, so if you want the freedom of having several accounts where you can pick and choose the features which best suit you from each account at the time you are paying a bill or making a purchase, then compare and contrast more than one account.

·        Don’t be distracted by promotions or gimmicks, look closer. Some transaction accounts will offer special promotions such as free gift cards when you sign up for an account, and these promotions will always have a deadline to encourage you to sign up now and read the fine print later – well, don’t be fooled. Also avoid being taken in by gimmicks such as the ability to put your choice of image on your access card, because you may get an ATM card with your favourite wedding photo on it, but is it linked to the best transaction account for your needs?

How to Benefit From the Best Transaction Account

Finding the best transaction account for you and your financial needs is like finding a tailor-made pair of boots – you’ll wonder how you ever went without it when it’s so comfortable and easy to use.

Benefits of finding the right transaction account:

·        You can save on transaction fees and account costs. Without having examined your spending habits and bank statements you probably don’t realise just how much of your hard earned cash is going to fees. However, once you open a transaction account which suits your spending habits, you will find you have more funds left at the end of each month.

·        You can find complimentary banking products. Upon examining both your spending habits and financial needs you may have realised you need to set up a savings plan or an investment program, and with clear financial goals you will be able to find a transaction account which allows you to easily transfer funds to a high interest savings account, or allocate funds to a secured term deposit investment. Or perhaps you will choose a transaction account which can be linked to a credit or debit card which allows you to transfer all of your funds to a high interest savings account, while you spend on your credit card for the month.

·        You’ll have access to your funds when and wherever you choose. If you travel overseas then you will be able to benefit from a transaction account with international access and low international fees. Or if you are a busy mother then you will be able to pay your bills late at night online without needing to trek into a branch.

Opening a transaction account which suits your lifestyle can truly change your life as you find you have the banking facilities you need to make your life easier, you have the transaction account features to keep track of your funds and you can hold onto your funds because you’re not being penalised by transaction fees which don’t suit you. Make your comparisons of the transaction accounts available to you right here, and find out more or sign up now through our secure link transfers.

Related Resources

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