Best Bank Accounts & Best Savings Account Australia
Which bank accounts give you the most interest and the lowest fees? Many people want both a bank account to handle their regular everyday transactions and somewhere to start saving any extra funds gathered. One of the best ways to do this is open a regular low-fee transaction account in addition to a high-interest online savings account.
Best Bank Account - Transaction
A personal transaction account is your regular account that you’ll use for everyday banking, direct depositing money and withdrawing via automated teller machine (ATM), EFTPOS (debit card), and at the branch. You probably won’t get much interest from a regular transaction account, but the thing to watch out for is fees – especially fees for extra transactions or special transactions, such as branch deposits or withdrawals. There are many institutions offering personal transaction accounts, each varying their account features, so it’s worth looking at as many as possible, but here are a few examples:
ANZ Bank: Access Advantage
ANZ’s Access Advantage has a small monthly fee of AU$5 for unlimited transactions, whether from ANZ branches, ATMs, cheques, EFTPOS or phone and internet banking.
Best Savings Account
Online savings accounts give you internet and (usually) phone access to your money and generally much higher interest rates than regular transaction accounts. You’ll still need to link your online savings account to a personal transaction account to access your funds, via ATM, EFTPOS, online banking, and so on. The best online savings accounts have zero fees, no minimum balance and high interest rates.
ING Direct: Savings Maximiser
One of the originals savings accounts, ING Direct’s Savings Maximiser promises “no bank fees, ever”, a high interest rate, and no minimum deposit or balance.
NAB’s iSaver is a high interest online savings account with no account keeping or transaction fees.
The above lists offer only a few examples of regular everyday transaction accounts and savings accounts. There will be other institutions offering both types of account, and other specific accounts, possibly with features greater suited to your banking needs. If you can avoid fees where possible, having convenient and straightforward transfer of money between an everyday account and a savings account is wise money management indeed.
To compare many more bank accounts, check out our Bank Account Comparison Page.
Please note: All information correct at time of publishing. Please check our product tables or direct with institution for current rates.