Australia’s best bank accounts in 2026

The best-value bank accounts in April 2026

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 02 April 2026, we have given a 5-Star Rating to 11 transaction accounts on Canstar’s database. Of these 11, four let you earn interest on your balance, and nine don’t charge any monthly account-keeping fee. Commonwealth Bank charges a $4 monthly account fee, and Westpac charges a $5 monthly account fee, but these fees are waived if you meet certain conditions.

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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Source: www.canstar.com.au – 02/04/2026. 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.

Commonwealth Bank — Smart Access Account

The CommBank Everyday Smart Access account has a $4 monthly account fee, but this is waived if you are under 30, a student, or deposit at least $2,000 each month.

ATM withdrawals at CommBank ATMs are free, although fees may apply if you use a non-bank ATM. For overseas cash withdrawals, CommBank charges a $2 fee when using CommBank ATMs overseas or ASB Bank ATMs in New Zealand. For withdrawals from other overseas ATMs, the fee is $5 plus 3.5% of the transaction value at the time of writing.

There is also an international transaction fee of 3.5% of the transaction value for overseas purchases made with your debit card where currency conversion is involved. A $15 fee may apply if your account is overdrawn.

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 1% cashback on eligible utility bills (up to $100 cashback in a financial year). There is no 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.

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 2.50% p.a. at the time of writing.

Police Bank — U30 Super Charge

The U30 Super Charge account is available to members aged 18–29 who credit their entire salary to Police Bank. There are no ongoing fees or minimum monthly transactions. You can hold up to three accounts and earn interest on a combined balance of up to $30,000, with a maximum of $10,000 per account eligible for interest. Any amounts above $10,000 will not earn interest. Interest is calculated daily and credited monthly.

Eftpos transactions and ATM withdrawals are free, although some ATM providers may charge fees. Cash withdrawals and overdrawn or dishonour fees are also waived. Other fees, including foreign conversion fees, may still apply.

Suncorp Bank — Everyday Essentials and Everyday Options Accounts

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. 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.

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.

Westpac — Choice Account

Westpac’s 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.

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.

Compare Transaction Accounts

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:

• Apple Pay
  

• Google Pay
  

• Samsung Pay
  

• 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.

Compare Savings Account

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

What is the difference between a bank account and a savings account?

A savings account is just another type of bank account, along with transaction accounts and term deposits. Savings accounts are designed to help you save money, which means they don’t come with a debit card and they’re not designed to be used for your day-to-day spending. They may be linked to your everyday transaction account and you will usually earn interest on money you deposit into your savings account.

Do I get a debit card when I open a bank account?

You’ll usually get a debit card sent to you in the mail after you open a transaction account. Some providers also let you use a digital debit card immediately after opening the account, by adding the card to Apple Pay, Google Pay or Samsung Pay.

Can I earn interest with a bank account?

There are some transaction accounts that allow you to earn interest, but most don’t. If you want to earn interest on your money, you could consider opening a high-interest savings account or term deposit instead. If you’re in the market to save and earn interest, you can compare savings accounts and term deposits using Canstar’s comparison tables.