Best Australian Transaction (Day to Day) Account for 2019

scrimshaw on 18/03/2019 - 18:02

Moderators at OzBargain are now running yearly polls to decide the best products in popular categories that get asked repeatedly in the forum. Our aim is to have a central thread where users can vote on the items, suggest options and also change their vote throughout the year. For more information on how these polls work, or if you want to suggest a new poll that isn't covered already, please refer to our announcement thread here.

Question

What is the best Australian Transaction Account for 2019?

Transaction accounts are is a basic day-to-day use accounts that everyone should have and is often the account you typically use to spend money with, such as paying for basic expenses and bills.

However, these accounts can attract fees in various different forms: such as

  • Monthly account keeping fees
  • ATM fees (for using an ATM that belongs to another bank). Many banks however, have now ditched local ATM fees.
  • Phone, or Internet banking fees
  • EFTPOS and Branch fees
  • Foreign transaction fees and Overseas or International ATM access fees

Some of these accounts also offer it's members benefits, such as:

  • Support for contactless Mobile payment platforms such as Apple or Android Pay
  • Being able to earn some interest
  • Joint accounts
  • Fee-free money transfers to other banks
  • Cashbacks, Discounts and other freebies from businesses that have partnerships with the Bank you're with.

Last year, most of you voted for ING Orange Everyday, followed very closely by Macquarie Transaction Account.

How do I suggest products to What Should I Buy polls?

If you have a product that you would like to suggest for the poll (that is currently not in the Poll Options), you'll need to make a top-level comment (i.e. not replying someone else's comment) and fill up "Suggestions" text box just above your comment:

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Do try to make a sensible suggestion (e.g making sure it's an actual transaction account) and include a brief argument as to why you would recommend the product, including what it's benefits are and current interest rate if possible.

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This is part of What Should I Buy poll for 2019. Check out other recommendations from the OzBargain community.
Financial Bank Account Transaction Account What Should I Buy

Comments

  • nicread on 18/03/2019 - 18:10
    +7
    Suggested ING Orange Everyday

    ING Orange Everyday has great perks of no international transaction fees as well as Osko, and works nicely with an ING Savings Maximiser.

    • chyawala on 04/12/2019 - 05:31

      The ING account requires 5 eftpos transactions in the prior month, otherwise international transaction fees do apply.

  • oscargamer on 18/03/2019 - 18:33
    +2

    ING Direct

    Does everything you list. Can have it as an offset account, if you have a mortgage.

  • nickomac on 18/03/2019 - 19:12
    +1
    Suggested Macquarie Transaction Account

    Macquarie Transaction Account also has no international transaction fees, no ATM fees (including overseas currently). Only downfall is the lack of NPP though…

    • El Grande on 18/03/2019 - 19:27

      Whats NPP?

    • ExPrinceHairy on 18/03/2019 - 19:32

      Plus the lack of Bank@Post. It's one of the few reasons I still have my ING Orange Everyday account.

    • Neoika on 19/03/2019 - 13:56

      Does Macquarie Transaction Account still have EFTPOS cashout 50c bonus? It seems disappearing on their website.

      • tonyduffe on 20/03/2019 - 12:07
        +1

        From my understanding that has been dead for quite awhile.

        • Neoika on 22/03/2019 - 18:52

          I never had MQ account. ING still gives 50c for $200 EFTPOS cashout. It is a good amount considering all credit card points are depreciating.

    • FirstWizard on 19/03/2019 - 15:05

      They do not refund international ATM owner fees like ING does

      • tonyduffe on 20/03/2019 - 12:01

        Yes but they don't require you to jump through hoops each month to get certain features. Otherwise they offer Everything that ING does except International ATM operator fees rebated however they do provide this on domestic ATMs.

        • FirstWizard on 20/03/2019 - 13:12

          True, guess it boils down on how many times you go overseas.
          In my case it's more than a couple of times per year, so defo worth it to use ING!

    • tonyduffe on 20/03/2019 - 12:08

      Only downfall is the lack of NPP though…

      Would agree. It's very disappointing that they haven't rolled it out yet.

      • chyawala on 04/12/2019 - 05:37

        MQ can receive payID.

  • Godric on 18/03/2019 - 20:42

    ING

  • ashdays on 18/03/2019 - 22:14

    WinnING

  • jmu93 on 20/03/2019 - 09:05
    Suggested ME Bank Everyday Transaction Account

    ME Bank Everyday Transaction Account

  • tonyduffe on 20/03/2019 - 12:10
    +1
    Suggested Up Everyday Account

    Up Everyday Account

    • Ryk on 20/03/2019 - 17:58
      • No Bpay
      • $5 International ATM fee.
      • tonyduffe on 20/03/2019 - 18:41

        No Bpay

        While that is true it is on the public roadmap here and if I was a betting man I would say it would be rolled out before most banks get to the New Payments Platform (NPP).

        $5 International ATM fee.

        Yeah that's disappointing but may not be a deal breaker for most people different products for different situations and use cases.

        • Ryk on 21/03/2019 - 11:51

          It cant seriously be considered even remotely "best" in March 2019 with these two gaps. Not even seriously competitive. There's a reason for ING's massive growth over the past few years and reflected here in the early voting trend. The customer proposition needs to be clear, for some it's simply not.

          Yeah that's disappointing but may not be a deal breaker for most people different products for different situations and use cases.

          The $5 fee is a pure gouge, the costs are not even in the ball park. and there are several institutions now that have removed this fee entirely.

          if I was a betting man I would say it would be rolled out before most banks get to the New Payments Platform (NPP).

          I think most banks are onboard with NPP now.
          Certainly any bank not on board cannot be considered to have the "best" transaction account in March 2019. Looking at you Macquarie.

          • tonyduffe on 22/03/2019 - 18:21
            +1

            @Ryk:

            It cant seriously be considered even remotely "best" in March 2019 with these two gaps. Not even seriously competitive. There's a reason for ING's massive growth over the past few years and reflected here in the early voting trend. The customer proposition needs to be clear, for some it's simply not.

            That's your opinion. To be completely honest ING ongoing monthly requirements are quite burdensome.

            Growth numbers are based on a lot of stuff they did early on giving large amounts of money for opening an account having not to mention the card reimbursement percentage they did.

            The $5 fee is a pure gouge, the costs are not even in the ball park. and there are several institutions now that have removed this fee entirely.

            It's also in your opinion a "pure gouge" that ING will charge you if you don't meet your monthly requirements with them while it's not quite $5 that they will take but "$2.50 + 2.5% of the amount of the International Transaction" and you won't get the ATM operator fee back as well.

            For example Macquarie and UP will not charge you, additional amount on foreign conversion fees without needing to meet monthly requirements but they will charge you $5 on a foreign ATM withdrawal which Macquarie is currently reimbursing. A lot of banks are similar or worse.

            Not saying ING doesn't have its place it definitely does but it's not an all hail product like people on here like to think it is. Give someone $100 and it seems like you can buy their loyalty for quite awhile.

            If you ever read any of my posts around the Internet you would know I subscribe to the utility model for banks best banking products for the best use case. For me I have accounts with all the three mentioned and they have their advantages and disadvantages and are used for each use case that I need them for.

            I think most banks are onboard with NPP now.

            No a fair few of the big ones have but they haven't implemented it fully. It's actually a lot of the smaller credit unions/mutual banks that have got it fully rolled out.

            For example ANZ you can only use it on their Internet banking app not their mobile app. Another bank will only let you use a PayID if you've got a PayID, NPP rollout is a huge hot mess at the moment you can find out more in the spreadsheet here

            Certainly any bank not on board cannot be considered to have the "best" transaction account in March 2019.

            Why? The banks that have rolled out some of them their implementation and rollout is a hot mess. Also 2019 has got a fair few more months to play out.

            The simple fact is there is no such thing as the best transaction account in my opinion at the moment. There is lots of great utilities (Banks) that offer decent products for each individual use case it sounds like gikku you do a lot of international travel and are happy to meet ING's ongoing monthly requirements because you get the benefit of those features while overseas which is what I think ING is best for.

          • apokalypsez on 04/04/2019 - 11:16

            @Ryk: "Certainly any bank not on board cannot be considered to have the "best" transaction account in March 2019. Looking at you Macquarie"

            i agreed…so many times i want money transfer to other account instantly or within mins but not unknown hours or days.

  • apokalypsez on 04/04/2019 - 10:38

    Why Nab not up there? for international travel you can have ING-Citibank or Macquarie but for daily usage NPP should be deal breaker especially when i travel.

    • tonyduffe on 04/04/2019 - 11:03

      You want it up there make it so read the instructions in the original post it explains how to do that.

  • niknah on 10/04/2019 - 18:11
    Suggested UBank USaver Ultra

    Maybe copy the list from last year.

  • Ender Wiggin on 14/04/2019 - 23:35

    ME Bank Everyday TA because you get easy access to TD's and the interest rates are better all round, web site is clean and simple.

  • virhlpool on 05/05/2019 - 00:55

    What's the upper cap for savings amount that qualifies for 2.87% int in UBank account? ING gives the highest int rate only on $100k max.

  • non-core promise on 09/05/2019 - 13:01

    https://www.amp.com.au/changeandimprove

    from 1 June, AMP will be rebating any ATM fees charged at Australian ATMs, across all AMP Bank accounts.

    Still no NPPA or overseas ATM fee refunds, but it's a start. It does have Google and Samsung Pay.

    Overshadowed by accounts like Macquarie's.

  • JacobHarvey on 21/05/2019 - 13:26
    +1

    NAB and UBank now support Apple Pay as of today onwards

  • jonathonsunshine on 16/07/2019 - 02:08

    If I transfer $1000 to my mates account and he transfers it right back to my ING account will that satisfy the requirement of a $1000 deposited or does it have to be "salary"? I noticed my last paycheck said salary on my statement

    • finbar on 16/07/2019 - 17:37
      +1

      Yes. It doesnt have to be salary

  • President Trump on 30/07/2019 - 21:46

    I'm a big fan of ING.
    Suncorp is also decent and has a lifetime fee waiver promo on its basic transaction account at the moment.

  • silenthillrocks on 10/08/2019 - 09:13
    Suggested Bankwest Everyday Account

    Bankwest Everyday Account: No fees, good app

    • JAF on 10/08/2019 - 20:46

      they charge international transaction fees though

  • Neoika on 17/08/2019 - 07:54
    +2
    Suggested HSBC Everyday Global Account

    HSBC Everyday Global Account

    2% cashback for payWave purchase under $100 when deposit $2000 or More Per Month.

    • cpool on 22/08/2019 - 13:30
      +1

      Agree with the HSBC Everyday Global Account. The 2% cashback is great. They also offer a $100 bonus for new customers. The online and phone apps aren't that great, but for the 2% rebate, I can live with that.

  • gozyla86 on 02/10/2019 - 00:44

    I will go with Macquarie and Up.
    Macquarie have the best budget tool so far. No internal transaction fees, no fees. Of course, they are not as other like ING refund ATM or City with good xchange. Their PayID/Osko suck but the transfer always happen pretty fast with them anyway (within a day)
    UP because they have plenty of new features. If they develop their budget tool like Macquarie, I will jump both legs to theirs

  • sa-ozzie on 02/12/2019 - 19:52

    Looks like the Barefoot investor is on the money

  • Vote for Pedro on 20/12/2019 - 22:06
    +1

    Any account that includes fee free with conditions should be excluded. Same goes for any accounts that put conditions on free atm withdrawals.

    What i mean by conditions is things like minimum deposits or minimum tap and pays

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