Australia’s best bank accounts in 2025
Looking to open a new bank account? Here are some of the best-value bank accounts in Australia, as judged by Canstar’s expert researchers.
02 Oct 2025
Looking to open a new bank account? Here are some of the best-value bank accounts in Australia, as judged by Canstar’s expert researchers.
The best-value bank accounts in October 2025
Transaction accounts are bank accounts you use for your day-to-day spending and banking needs. They come with a debit card that you can use to make in-person and online purchases. But not all accounts offer the same value. Some might charge monthly fees, while others may offer incentives like fee-free banking, cashback on purchases, or international fee waivers.
To help you decide, Canstar’s researchers have assessed and rated transactions accounts on our database. These transaction accounts are rated daily and the top accounts with a 5-Star Rating are awarded based on their price and features. As of 2 October 2025, we have given a 5-Star Rating to 12 transaction accounts on Canstar’s database. Out of these 12, five let you earn interest on your money, and 11 don’t charge any monthly account-keeping fee.
Expert picks: 5-Star Rated bank accounts for high transactors
Canstar’s expert researchers gave the following transaction accounts a 5-Star Rating in our latest Star Ratings (listed alphabetically by provider name). The results are based on a customer who wants full access to their account (including ATM, EFTPOS, bill payments and in-store purchasing) and makes an average of 100 transactions per month. Read the full terms and conditions for each account on its respective bank’s website.
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| Provider | Account | Ability to earn interest? |
Monthly account fee* |
Debit card type |
|---|---|---|---|---|
| Australian Military Bank |
Military Rewards Account |
Yes | $0 | Visa |
  |
Easy Transaction Account |
No | $0 | Mastercard |
| Great Southern Bank |
Everyday Edge |
No | $0 | Visa |
| HSBC | Everyday Global Account |
No | $0 | Visa |
| ING | Orange Everyday |
No | $0 | Visa |
| Macquarie Bank |
Transaction Account |
Yes | $0 | Mastercard |
 ** |
Carbon Insights Account |
Yes | $0 | Visa |
| Everyday Essentials Account |
No | $0 | Visa | |
| Everyday Options Account |
Yes | $0 | Visa | |
| Up | Up Everyday |
No | $0 | Mastercard |
| Up Savers |
Yes | $0 | Mastercard | |
| Westpac | Choice | No | $5 | Mastercard |
Source: www.canstar.com.au – 01/10/2025. Based on accounts rated in Canstar’s Savings & Transaction Accounts Star Ratings, in the High Transactor profile. Table sorted in ascending order by provider name, followed by account name. *Monthly account fees are often waived if you meet certain criteria, check with the provider for more information. **Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
Australian Military Bank— Military Rewards Account
The Military Rewards Account offers 1% cashback on Visa PayWave purchases under $100, when you have deposited $2,000 each month. The cashback is capped at $25 per month. The account also earns you interest on your account balance, 0.01% p.a. at the time of writing. It also charges no monthly service fees, transaction fees within Australia or ATM fees for Australian Military Bank ATMs.
Bankwest — Easy Transaction Account
The Easy Transaction Account charges no account fee and no international transaction fees. There are no overseas ATM access fees charged by Bankwest, however, fees may be charged by the ATM provider or merchant when using a non-bank or international ATM.
Great Southern Bank — Everyday Edge
The Everyday Edge Account charges no account fee and offers rebates on international transaction and ATM fees when certain criteria is met. Rebates apply when you deposit at least $2,000 a month from non-Great Southern Bank accounts and make at least five card purchases. Fees may apply when using a non-bank ATM.
HSBC — Everyday Global Account
The Everyday Global Account is designed for use both in Australia and overseas. It’s a multi-currency account that lets you hold up to 10 foreign currencies. It charges no monthly fee, transaction fees or ATM fees for HSBC-branded ATMs (except in select countries). It also offers 2% cashback on eligible tap and pay transactions under $100 (up to $50 cashback in a calendar month).
ING — Orange Everyday
The Orange Everyday account offers features such as 1% cashback on eligible utility bills (up to $100 cashback a year) when certain monthly eligibility criteria are met. It also charges no monthly fee, as well as offering unlimited rebates on international transaction fees and up to five rebated ATM withdrawal fees a month when you meet certain conditions (deposit $1,000 a month and make at least five card purchases with your ING debit or credit card).
Note: From 15 October 2025, customers will no longer need to meet monthly eligibility criteria to access the 1% utility bill cashback offer. Additionally, ING will not charge an overseas ATM withdrawal fee or international transaction fees. However, fees may still be charged by the ATM provider or merchant when using a non-bank or international ATM. ING will also no longer rebate third-party ATM fees.
Macquarie Bank — Transaction Account
The Macquarie Bank Transaction Account charges no monthly fee, transaction fees or international purchase fees and also offers refunds for ATM fees charged in Australia. The account also earns you a variable interest rate on your account balance, currently 2.00% p.a. at the time of writing.
Suncorp Bank — Carbon Insights, Everyday Essentials and Everyday Options Accounts
The Carbon Insights Account is designed to allow you to view an estimate of your carbon emissions based on your purchases. The account allows you to earn a variable interest rate (0.01% p.a. at the time of writing) and charges no monthly fees, overdraft fees or foreign currency conversion fees for online and overseas purchases. It allows unlimited fee-free transfers, cash withdrawals and balance enquiries at Suncorp Bank and atmx ATMs in Australia. You can also open up to nine sub-accounts to help save and accrue interest separate to the main account.
The Everyday Essentials Account is designed for concession and health care card holders and those receiving government benefits. It charges no monthly fee and no foreign currency conversion fees on Visa debit card purchases. Suncorp also says it prevents most transactions from overdrawing your account.
The Everyday Options Account charges no monthly fee and no foreign currency conversion fees on Visa debit card purchases made online or overseas. The account also allows you to earn a variable interest rate (0.01% p.a. at the time of writing) and open up to nine sub-accounts to save and accrue interest separate to your main account.
Carbon Insights, Everyday Essentials and Everyday Options account-holders also have access to Suncorp Bank’s Feel Good Rewards program, which allows you to earn cashback on eligible purchases with your Visa debit card.
Up — Up Everyday and Up Savers
Up’s Everyday Account has no monthly service fees and no international transaction fees on overseas purchases. Domestic and international ATM withdrawals and enquiries are also free at most major bank ATMs.
Up’s Savers account charges no monthly service fee and allows you to earn a variable interest rate on your savings. Once you meet the qualification criteria (five eligible debit card purchases in a month), you can earn up to 4.60% p.a. if you don’t withdraw from your Savers account. If you make a withdrawal during the month, the Saver account will instead earn 1.25% p.a. If you don’t meet the qualification criteria, you won’t earn any interest.
Westpac — Choice
The Choice Account has a $5 monthly account fee, but this is waived automatically for the first 12 months. This waiver continues if you deposit at least $2,000 each month, are under the age of 30 or are a full-time tertiary student, link your account to a Rocket Repay Home Loan or Investment Loan as an offset account or are a Westpac Choice Concession account holder. The account charges no fees on foreign currency transfers or withdrawals at branded and select non-branded ATMs.
The account is also offering new customers up to $50 cashback if they spend at least $50 on their new digital Mastercard debit card within 15 days of opening the account. The transaction must be in-person and contactless. Offer ends 31 March 2026.
Westpac customers can also link an eligible debit card to ShopBack, which allows for special deals and Bonus Cashback when shopping online or in-store.
Further terms and conditions may apply for each account so it’s wise to read any relevant documentation, such as the Product Disclosure Statement (PDS) or Target Market Determination (TMD), on the bank’s website. If you need more details, you can contact the bank directly.
How to find the best bank account for you
The best bank account for you will depend on your banking needs and what you’re looking for. Here are some features to consider when comparing everyday transaction accounts:
Monthly fees
Monthly fees, also called account-keeping fees, can add up over time. So it can be a good idea to look for a bank account with no monthly fees, or one where you can get the fees waived. If there are monthly fees charged, check whether the features on offer justify the cost.
Other fees
Other fees can apply depending on how you use your account. Examples include currency conversion, ATM and EFTPOS transaction fees. It’s worth checking how much these fees are and considering whether you’re likely to encounter them.
Easy to use
Also consider how easy it is to make transactions and manage your account. Check if the bank supports the payment options you want to use, such as:
- BPAY
- PayID
- Osko
Also check what tools are available in your bank’s internet and mobile banking, such as budgeting tools or security features. If you’re looking for more budgeting tips and tricks, you can download the Canstar App and keep up to date with all our latest articles and offers. The free to use app also allows you to track your credit score and compare products available on the Canstar database.
Linked savings accounts
If you’re planning to open a linked savings account with the same bank, it’s worth checking the interest rate and any bonus conditions and fees that apply, as well as any useful features the account offers.
After a savings account or term deposit? View Canstar’s Savings Accounts and Term Deposit Awards, as well as compare your savings account and term deposit options using Canstar’s comparison tables.
Best bank accounts in Australia FAQs
This article was reviewed by our Deputy Finance Editor Alasdair Duncan before it was updated, as part of our fact-checking process.
Try our Transaction Accounts comparison tool to instantly compare Canstar expert rated options.
