Best Australian Transaction (Day to Day) Account for 2024

Question

What is the best Australian Transaction Account for 2024?

Transaction accounts are a basic day-to-day use account that everyone should have: It's an 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 Google Pay
  • Being able to earn some interest
  • Joint accounts
  • Fee-free money transfers to other banks
  • Ability to earn rewards points such as FlyBuys, and cashbacks
  • Extra bonuses when you refer friends and family to join the same bank

Last year, most of you voted for the Up Everyday Account, followed by the Macquarie Transaction Account. HSBC Everyday Global Account took third place.


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Poll Options Wed, 01/01/2025 - 00:00

This is part of What Should I Buy poll for 2024. Check out other recommendations from the OzBargain community.

Comments

  • Depends what you are looking for? All of them are pretty much the same.

    • +2

      not really, macquarie gives 4.75% interest & no foreign transaction fees, hsbc gives 2% cashback on tap and pay

      • -1

        so if you had 30-40k to dump somewhere to get the most interest this year where would you place it?

        • https://goo.gl/FufTQP

          rabodirect 5.75% for 4 months if you a new customer

          otherwise, pick from the spreadsheet.

          AMP saver @ 5.40% is OK if you don't like too many hoops or being locked in, only need to make a deposit of $1000/month (money doesn't need to stay in, withdrawals OK)

          • @c64: What's the highest that doesn't need monthly deposits something I can just put it all in tomorrow and forget about it and let it build up for a bit with no deposit requirements or other things

            4 months is too short I'm just looking for something long term minimum 24 months

            • @AlienC: Bendigo Reward Saver. Only requirement is that you grow the account. Put your savings in monthly, that's about as easy as it gets.

      • -2

        buts that's only for purchases involving guns or drugs

  • ATM fees (for using an ATM that belongs to another bank). Many banks however, have now ditched local ATM fees.

    Do people still use ATMs? Last time I had to use one to buy an item from FB market and all the ATMs near me were privately operated and I had to use Auspot.

    • Surprised AUSpot let you withdraw, how high (amount) did you get?

      • Auspost, lol .. I think under $400.. :)

    • Apparently, the greatest use of ATMs is for drug purchases. I can't see that changing any time soon.

    • +2

      After lot of shops around me started charge surcharge with CC, I'm using more cash. Regular visit ATM almost every Sat.

      • Same here

        • Forgot to add that more restaurants/takeaway places offering 5% off if pay by cash - or 1-2% surcharge if by CC.

  • Feel like the 2% cashback of the EGA plus the the option to have multiple currencies makes it better than the others.

  • +2

    Depends on what you're looking for. Quite honestly I'd say HSBC is the worst bank I've ever used. On the other hand, the 2% cashback is quite enticing. If that really matters to you, HSBC is probably the best one, provided you're willing to put up with the rest of HSBC.

    Otherwise, Up is solid and Macquarie has some of the best security I've ever seen in a bank. As for ING and uBank, meh. They do their job, but I don't see why you wouldn't choose another unless you just wanted to keep all your eggs in one… Bank.

  • just got HSBC Everyday Global Account and the online banking is awful..confused as hell, the generate security code thing from apps i feel unsafe, exchange rate seems bad while others have better exchange rate from visa/mastercard…i can agreed with most people HSBC is only for 2% cashback.

    had ubank and got lock and closed…

    already have UP and MAc, just got ign aswell for back up and thought of get rid of HSBC and get another from UPbank?

    i find upbank is the best especially with digital card…using it for online shopping these day.

  • +1
    Suggested Westpac Choice

    Although it does have an account fee without meeting the requirements, Westpac currently has the best domestic and international cash handling facilities in my opinion.

    For cash withdrawals, account holders can use their (rather nice looking) Debit MasterCard at any Westpac, St George, Bank of Melbourne, BankSA, ATMx or Precinct ATM for free. For cash deposits, account holders can use any Westpac, St George, Bank of Melbourne or BankSA Smart ATM or Coin Deposit Machine. For those still wishing to speak to a human to perform these transactions, you can use any of the aformentioned banks' tellers or Bank@Post. Just know that cheques still need to be deposited at Westpac branches and post offices specifically.

    Although ATMs overseas are often free now, in the pacific this often still isn't the case, and that's where having this account comes in handy. Yes, there is still a 3% international transaction fee, but using the Global ATM Alliance (Westpac ATMs in New Zealand or Fiji, for example) ATM operator fees are not charged. This also works with the Worldwide Wallet travel card product, which may let you avoid the international transaction fee if withdrawing from AUD directly.

    The Westpac app has come a long way, and I'm seriously impressed with their budgeting tools - dare I say, it is only second to Up in terms of category flexibility. Although, it may be a little slow for some still. Web banking is still available too. Osko available, no SCT (so note payments from Macquarie Bank for example may be delayed). Customer service hours aren't as impressive as one would hope.

    Another bonus to some is the ShopBack cashback bonuses available when using this account.

  • Suggested NAB Classic Banking

    A perhaps little-known product is the NAB Platinum Visa Debit card linked to a Classic Banking account.

    The account itself is fee-free and very standard, with branch and post office access for those who require it. The debit card, once opted in, costs $10 per month (refunded via cashback with spend) and provides the standard NAB credit card insurances, like travel insurance.

    Why is this great? For example, if you're like me and use hire cars and carshare often, simply use this debit card to pay for the booking in full and there is no need to pay for excess reduction directly with the car company! This saves me at least $3.50/hour, $25/day in excess reduction fees for my local carshare location. For travellers, insurance can easily cost hundreds for a trip - but with this debit card, it is all reduced down to $10/month without any need to be approved for a credit card with NAB. Worth checking the full PDS for the full picture and specific wording.

    The card also has no international transaction fees - however, use a different card at overseas ATMs, as this card will still charge for international ATM use. This is the only 'real' platinum debit card left in Australia, too.

    Otherwise, the app is useful enough, with some basic budgeting tools too which I like.

    • Bankwest still has the Platinum Debit Mastercard with $0 monthly fee on the Easy Transaction Account.

      Have been using it for over 10 years and cant recall ever being charged a transaction fee

      Not sure on the insurance features but it use to be pretty good.

      • Unfortunately Bankwest and CommBank no longer offer platinum debit cards with actual insurances.

        Bankwest had something at one stage (I seem to recall) but now all debit cards are 'platinum' but not really, just zero international fees and that's all. CommBank had the World debit card but it was always invite only and I don't think it still exists. Macquarie used to have small insurances on their debit cards too.

  • Definitely not Macquarie since it doesn't even a basic fundamental feature like EFTPOS.

    • +1

      Yup, personally, at least for now, prefer Macqaurie for Savings and Transaction accounts that don't need eftpos, paired up with another very useful transaction account as the main.

  • NAB Classic is okay if you require cash handling. No monthly account fees.

    • Other than a worse app, no SCT and less branches, St George/Bank of Melbourne/BankSA is better for this now, as they're free as well and include access to more ATMs. However, less branches means less Smart ATMs for after hours deposits (though it does include Westpac now, so maybe it's about the same)

      • include access to more ATMs

        You can withdraw cash from big4 ATMs free of charge as long as the card is issued by Australia financial institution.

        • Yes, but outside of branches how common are Big 4 ATMs now? Not very.

      • +1

        Another point is that both NAB and Westpac offer banking with Bank@Post which might be handy for some people

  • +1

    I have almost all of those listed.

    I use HSBC for the 2% cashback. Unmatched!

    ING for that sweet 5.5% pa interest. Yeah lots of hoops but 5.5% pa is 5.5% pa, free money with few clicks every months.

    Macquire for those sweet gift cards discounts.

    Got CBA for nbn and mobile Sim discounts and the occasional coles cashback.

    I have ubank but have zero reason to use it as everything else is covered by other banks.

    I wish there is one bank that can do all of those so I can join it and close all others. But eh, it is what it is.

  • I suggest ANZ Access Advantage.

    I guess it is the only bank that supports cash withdrawal via Apple Pay (even though it must be an ANZ ATM).
    Super useful when my phone's battery died, no Internet, or with my Apple Watch only.

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