Transaction Accounts

Please see a wide selection of Transaction Accounts on offer for Australian customers. You can use the user-friendly table to compare essential factors of different Transactions Accounts including the fees, rates and if there is a minimum deposit. Check to see if a transaction account is suited to you by looking at the possibilities for withdrawal, Direct Debit, Bpay and so on. What are the fees and is there a flat monthly fee? Is interest paid and if so, how much? These are all areas you might like to consider before going for one of these transaction bank accounts. Before you choose a particular transaction account make sure that you read the terms and conditions of each account so that you fully understand the rules of the account and your financial obligations.

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COMPANYACCOUNT

ACCOUNT

Account name

TYPE

TYPE

Account type

INTEREST APY

INTEREST APE

Annual Equivalent Rate is the effective annual interest rate

INTEREST GROSS

INTEREST GROSS

Gross interest is the annual rate of interest which is paid without the deduction of lower rate tax to eligible individuals and certain organisations

PAID

PAID

How often interest is paid on account

ACCESS

ACCESS

How account can be accessed

OD RATE

OD RATE

Cost of overdraft

BANKING CHARGES

BANKING CHARGES

Additional banking charges

SERVICES CHARGES

SERVICES CHARGES

Charges for extra services

FEATURES

FEATURES

Account features

MORE INFO

Westpac Choice
Westpac Choice

Westpac ChoiceTransaction Account0%0%DailyOnline, Branch, Post, TelAsk on applicationFees may apply$0Features

Features

Free Banking: Yes
Debit Card: Yes
Cheque Guarantee Card: No
Standing Orders: Yes
Direct Debit: Yes
Overdraft Facility: No
Account Manager: No

Multiple ways to access your money, including Online Banking, Mobile Banking, tablet, Telephone Banking, eftpos, Debit MasterCard® or Handycard, cheque, BPAY® or at a branch

Westpac Choice
Westpac Choice account is an award winning everyday transaction account that provides easy access to your money. Just deposit $2000 per month to receive $0 monthly service fee. Access your money at over 3,000 Westpac, St.George, BankSA and Bank of Melbourne ATMs. DETAIL INFORMATION >>Services

Services

Adding a Debit MasterCard to your Westpac Choice Account will allow you to make purchases overseas, online and over the phone - at over 30 million locations worldwide.


Advantages

Advantages

1. Day to day banking
2. $0 monthly service fee
3. Award winning everyday transaction account provides easy access to your money. 


Disadvantages

Disadvantages

1. No interest is paid on balances in this account.

2. Check the terms and conditions for the maximum amount you can withdraw each day.

St.George Complete Freedom Account
St.George  Complete Freedom Account

St.George Complete Freedom AccountTransaction Account0.01 % p.a.0.01 % p.a.MonthlyOnline, ATM, Branches, EFTPOS, BPAYAvailableLate Bill Payments$5.00Features

Features

Free Banking: No
Debit Card: Yes
Cheque Guarantee Card: Yes
Standing Orders: Yes
Direct Debit: Yes
Overdraft Facility: Yes
Account Manager: No

1. 10 free SMS Alerts per month alert you to balance or transaction information
2. Shop securely with your own money, online, at home, over the phone or overseas wherever Visa is accepted with your Visa Debit Card
3. Unlimited access to over 2,700 St.George, Westpac and BankSA branded ATMs around Australia.

St.George  Complete Freedom Account
A full-service account offering unlimited branch, cheque and electronic transactions, plus the benefits of a Visa Debit Card for 24/7† access to your money anywhere in the world for a low, flat monthly account service fee (does not apply in any month where a customer deposits at least $2,000 by the last business day of the month eg their salary or has their St.George home loan repayment automatically deducted from bank accounts). Read all of their terms and conditions before you apply so that you understand what you are purchasing. DETAIL INFORMATION >>Services

Services

Unlimited access to over 2,700 St.George, Westpac and BankSA branded ATMs around Australia.


Advantages

Advantages

1. Visa Debit Card available to customers who are over 18 and have an Australian residential address
2. Unlimited^ everyday transactions
3. St.George Internet and Phone Banking (including Bpay®)
4. Over 2,800 St.George, Westpac and BankSA branded ATMs
5. 10 free SMS Alerts included each month#
6. Worldwide ATM access
7. No minimum monthly balance required
8. Flat account service fee of just $5 a month
9. Monthly account service fee does not apply when a customer:
10. Deposits at least $2,000 by the last business day of a month~ into their Complete Freedom Account; or
11. Makes their St.George home loan repayments by automatic transfer from their Complete Freedom Account.


Disadvantages

Disadvantages

1. If your monthly deposits fall below $2000 a month the $5 monthly account service fee will apply.

Bank of Melbourne SENSE
Bank of Melbourne SENSE

Bank of Melbourne SENSETransaction Account3.10% p.a. on SENSE Savings3.10%DailyOnline, branch, SMSAvailablePeriodical payment - $4$0 ($5 if min monthly deposit <$2000)Features

Features

Free Banking: Yes
Debit Card: Yes
Cheque Guarantee Card: No
Standing Orders: Yes
Direct Debit: Yes
Overdraft Facility: Yes
Account Manager: No

1. Each time we process a purchase made from your SENSE Everyday Account using your Visa Debit Card, FreedomCard, Maestro/Cirrus ATM Card or BPAY® transaction, and that amount is not a whole dollar amount, we round up the transaction amount to the next dollar and transfer the amount of the rounding to your SENSE Savings Account.
2. Your savings target is set for funds in your SENSE Savings Account. You will contribute to your savings target automatically by rounding amounts. To save even faster, you can also set up a regular transfer from your SENSE Everyday Account to your SENSE Savings Account.
3. Electronic transactions are assigned to a category based on information provided by third parties. We’ve assigned 10 expense categories: Cash, Home Expenses, Daily Living, Health & Education, Transportation, Leisure, Insurance & Super, Transfers, Other.

Bank of Melbourne SENSE
Make sense of your spending - One account for everyday banking. Another for saving. All on the one statement.Bank of Melbourne SENSE is two accounts working together, so you can access your money when you want, and save at the same time. You’ll pay no account service fees when you deposit at least $2,000 a month, such as your salary, into your SENSE Everyday account. Please make sure that you read all of their terms and conditions in detail before you apply so that you thoroughly understand what you are purchasing. DETAIL INFORMATION >>Services

Services

1. Flexible - 2 linked accounts – SENSE Everyday transaction account and SENSE Savings
2. Great rate - Earn 3.85% p.a. on SENSE Savings
3. Track savings and spending - One easy statement to set savings goals and track spending history
4. Visa Debit Card -Shop securely with a Visa Debit card at home, online or overseas using money from your SENSE account
5. Convenient access -24/7 access at over 2950 Bank of Melbourne, Westpac, StGeorge and BankSA ATMs and via Phone and Internet Banking
6. Compare accounts - Compare transaction accounts and Compare savings accounts


Advantages

Advantages

1. Make sense of your spending - One account for everyday banking. Another for saving. All on the one statement.
2. See where you're spending your money and what you're saving - One easy-to-read statement, complete with helpful colour spending charts, groups your everyday transactions into ten pre-determined expense categories
3. Turn your shopping into saving. Purchases made using your Visa Debit Card are rounded up to the next dollar. This rounded amount is automatically transferred to your SENSE Savings account. It’s just like a virtual coin jar, with no monthly service fee and a high interest rate.
4. Applying online is simple! It will take up to 10 minutes - All you will need to supply is your contact details, such as address, phone number and an email address. You don’t have to be an existing Bank of Melbourne customer to complete an online application.


Disadvantages

Disadvantages

1. If you deposit less then $2000 a month in to your SENSE account then you will have to pay a monthly account fee of $5
2. You are not eligible for a SENSE account if you are not a permanent resident of Australia

Bank SA Complete FreedomTransaction Account
Bank SA Complete FreedomTransaction Account

Bank SA Compete Freedom AccountTransaction Account0.01%p.a0.01 % p.a.DailyOnline,Telephone,BranchAsk on applicationExtra services$5Features

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee Card: No
Standing Orders: Yes
Direct Debit: Yes
Overdraft Facility: No
Account Manager: No

Day-to-day bank account

Bank SA Complete FreedomTransaction Account
The Bank SA transaction account is a bank account with unlimited free transactions and with an optional Visa Debit Card – so you can access your money at any time you wish to. If you deposit at least $2,000 there is no account service fee. A free service provides updates per SMS and Email to help you to keep track of your account. Apply now and enjoy comfortable everyday banking. DETAIL INFORMATION >>Services

Services

Email Updates, Online application


Advantages

Advantages

1.No monthly account service fee if deposit is over $2.000
2.Free unlimited everyday transactions
3.Customised SMS and Email updates


Disadvantages

Disadvantages

Minimum deposit of $2,000 for free account service

St.George Express Freedom Account
St.George Express Freedom Account

Express Freedom AccountTransaction Account0.01 % p.a.0.01 % p.a.MonthlyOnline, Tel, ATM, Branches, EFTPOS, BPAYAvailableExtra services$3.00Features

Features

Free Banking: No
Debit Card: Yes
Cheque Guarantee Card: Yes
Standing Orders: Yes
Direct Debit: Yes
Overdraft Facility: Yes
Account Manager: No

A low cost account ideal for electronic banking with a Visa Debit Card

St.George Express Freedom Account
St.George Express Freedom Account offers you low-cost online bank accounts for customers who don’t want to transact via the branch network or use cheques. You have unlimited^ access to Internet and Phone Banking, with a Visa Debit Card for electronic purchases. Plus the monthly account service fee does not apply in any month where a customer deposits a minimum of $1,000 by the last business day of the month~ eg their salary. If you have any questions contact their customer support team. Click for information. DETAIL INFORMATION >>Services

Services

1. Unlimited St.George /Westpac/BankSA branded ATMs in Australia, EFTPOS, direct debit, Bank@Post and Internet and Phone Banking transactions
2. Low flat monthly fee of $3
3. Chequebook available upon request
4. Pay as you go branch and cheque services


Advantages

Advantages

1. Visa Debit Card available to customers who are over 18 and have an Australian residential address
2. Unlimited^ everyday transactions
3. St.George Internet and Phone Banking (including Bpay®)
4. Over 2,800 St.George, Westpac and BankSA branded ATMs
5. 10 free SMS Alerts included each month#
6. Worldwide ATM access
7. No minimum monthly balance required
8. Flat account service fee of just $5 a month
9. Monthly account service fee does not apply when a customer:
10. Deposits at least $2,000 by the last business day of a month~ into their Complete Freedom Account; or
11. Makes their St.George home loan repayments by automatic transfer from their Complete Freedom Account.


Disadvantages

Disadvantages

1. Daily limits on cash withdrawals, and purchases

If you wish to speak to someone: Contact Us

Compare Transaction Accounts

Transaction accounts for your daily finances

A transaction account gives you easy access and managing of your money

Who can apply for a transaction account?

To open a transaction account you probably have to be a minimum of 18 years old and a full Australian resident.

How does one open a transaction account?

It is possible to open a transaction account at a branch of the bank or building society, but it can be done comfortably online as well. You will have to provide documents to prove your identity and your full address.

How much does a transaction account cost?

The fees for a transaction account vary from bank to bank and it is worth checking different account providers to see what they charge. Sometimes this can be a monthly maintenance fee, sometimes there will be transaction fees, or you will be charged when you withdraw money from a cash machine.

How to manage a transaction account?

To manage an account is easily done online, but it always is important to check your statements to protect yourself from fraud. It is possible to access your money from around the world, make payments and move money around from the comfort of your own chair.

How to find the best transaction account

On the chart above you will see a list of transaction accounts on which your money will be safe, and which you can open online in a few easy steps. Compare their terms and conditions, check their fees and account limits and read the small print before you apply.

Does one need a savings account as well?

On a transaction account you probably will receive interest payments if you are in credit, but this will not be much. If you want to save money and make it grow, then it is worth putting some money on to a savings account regularly and take advantage of the much higher interest you will be paid there.

How to compare transaction accounts?

If you are like most people, you use your bank account on a daily basis with little thought about whether it is the most suitable product on the market for you. It doesn’t necessarily have to be this way though so it is worth investigating the various transaction accounts on the market. Which transaction account is suitable for you? There is no easy answer to this question, what suits you and your family might not necessarily be suitable for you. In order to compare the various transaction accounts, you need to look at the way that you spend. The best way to do this, is to look into the last few bank account statements that you have or look online and determine what you spend and how much. This will give you valuable information on your spending habits and help you realise which account is best for you.

Transaction Accounts - Latest News News and Charts

Customers transaction accounts debit cards involved in the data breach at Target are being reissued.

21 January 2014
Which Way To Pay

Citibank is the second major bank to reissue all customers’ transaction account debit cards since the breach at Target last month.

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Green Reforms may cost Banks over $2bn

25 November 2010
Which Way To Pay

The Australian Green party wants the Government to force Australian lenders to offer fee free transaction accounts, and to limit interest rate changes to simply tracking the central bank’s rate decisions for the next couple of years.

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