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Bank Australia Transaction Accounts
Compare Bank Australia transaction accounts
Considering a transaction account from Bank Australia? The table below displays a snapshot of Bank Australia transaction accounts on Canstar’s database, sorted by Star Rating. These results are based on a person in NSW with an average of 35 transactions per month.
Click here to compare more policies based on your circumstances.
What transaction accounts does Bank Australia offer?
Bank Australia offers 3 transaction accounts at the time of writing:
Everyday Access
An account with everything you need to do your daily banking.
Pension Access
Free banking for people on a pension.
Basic Access
Free banking for eligible customers who are on a low income.
You can view the current Star Ratings and fees on Bank Australia transaction accounts in our comparison tables.
Does Bank Australia also offer savings accounts?
Yes, Bank Australia does offer savings accounts in addition to its transaction accounts – Bonus Saver, Online Saver, mySaver and Christmas Saver accounts.
In order to get more out of a savings account with Bank Australia, you may need to link it with your transaction account. You do not, however, need to have a savings account with Bank Australia in order to use its everyday transaction account.
Considering a savings account from Bank Australia? The table below displays a snapshot of Bank Australia savings accounts on Canstar’s database, sorted by Star Rating. These results are based on a regular saver in NSW with $10,000 in current savings.
Click here to compare more savings accounts based on your circumstances and preferences. To see the definition of a regular saver and other profiles used in Canstar’s Star Ratings, view Canstar’s savings account methodology here.
Does Bank Australia charge fees on its transaction accounts?
Transaction accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. Bank Australia charges the following fees on its transaction accounts at the time of writing (11/07/18):
- $5.00 Monthly Account service fee
This fee is waived if you add $2000 or more in external deposits to your Everyday Access account each month, support the bank with combined loans, savings and investments over $50,000 or are under 25 years of age.
What does Bank Australia offer in terms of mobile banking for its transaction accounts?
Bank Australia offers both online and mobile banking for its transaction account products, with its app available in both the Apple and Google store. Notable features of Bank Australia’s mobile banking include:
- Check your balance and get a quick balance
- Transfer funds, including fast payments with Osko
- Create and maintain your PayID
How to apply for a Bank Australia transaction account
Before applying for a Bank Australia transaction account, try to first compare it against others on the market to ensure it is the right one for you. You can then apply for a Bank Australia account online, provided you have the correct documentation:
- At least one form of ID, such as your driver’s license or passport
- Accurate personal information, such as your name, date of birth, address and phone number
Once your account is opened, Bank Australia may require you to transfer in a minimum amount before your account can be activated – check the PDS document for more information on how much you might need to deposit.
Related article: How to change bank accounts
Eligibility requirements
Before applying for a Bank Australia transaction account, you may also have to meet the following eligibility requirements:
- You must be 18 years of age or older
- You must be an Australian resident with an Australian residential and mailing address.
What other banking products does Bank Australia provide?
Bank Australia provides a variety of different products to consumers, including:
- Loans
- Credit cards
- Insurance
About Bank Australia
Bank Australia was founded in 1957 with just 40 members, as the CSIRO Co-operative Credit Society Ltd. Within their first year, they granted three loans totalling $525.
Formerly known as bankmecu, Bank Australia is a 100% customer-owned bank and profits are reinvested in the bank.
In 1984, it was the first credit co-operative to issue Visa credit cards in Victoria. Today, Bank Australia has nearly 130,000 people and community sector organisations banking with them.
