Australia’s best bank accounts in 2024
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.
04 Apr 2024
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.
Everyday transaction accounts are bank accounts you use for your day-to-day spending and banking needs. They come with a debit card that you use to make in-person and online purchases.
There are dozens of transaction accounts to choose from. 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.
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.
The Transaction Account Star Ratings in our comparison tables are updated daily, so check out our hub page if you want to access the latest results.
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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 |
| Bankwest | Easy Transaction Account |
No | $0 | Mastercard |
| Qantas Transaction Account |
Yes | $6 | Mastercard | |
| HSBC | Everyday Global Account |
No | $0 | Visa |
  |
Orange Everyday |
No | $0 | Visa |
| Macquarie Bank |
Transaction Account |
Yes | $0 | Mastercard |
 |
Everyday Essential Account |
No | $0 | Visa |
| Everyday Options | No | $0 | Visa |
Source: Canstar’s Research Team, 04/04/2024. 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.
Australian Military Bank— Military Rewards Account
Australian Military Bank’s 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% at the time of writing. It also charges no monthly fee, transaction fees or ATM fees for Australian Military Bank ATMs. Read the full T&Cs on Australian Military Bank’s website.
Bankwest — Easy Transaction Account and Qantas Transaction Account
Bankwest’s Easy Transaction Account charges no account fee and no international transaction fees. There are also no overseas ATM access fees (but fees may apply when using a non-bank ATM). Read the full T&Cs on Bankwest’s website.
Although Bankwest’s Qantas Transaction Account does have a $6 account fee, this can be waived if you deposit at least $2,000 each month. The account also earns you interest on your account balance, 0.01% at the time of writing. You can also earn Qantas points on the money in your account, and through everyday transactions, and withdrawals made overseas. There are also no overseas ATM access fees (but fees may apply when using a non-bank ATM). Read the full T&Cs on Bankwest’s website.
HSBC — Everyday Global Account
HSBC’s 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). Read the full T&Cs on HSBC’s website.
ING — Orange Everyday
The ING Orange Everyday bank 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). Read the full T&Cs on ING’s website.
Macquarie Bank — Transaction Account
The Macquarie Bank Transaction Account charges no monthly fee, no transaction fees, no international purchase fees and refunds on ATM fees in Australia. The account also earns you interest on your account balance, currently 4.75% on balances up to $1,000,000. Read the full T&Cs on Macquarie Bank’s website.
Suncorp Bank — Everyday Essentials and Everyday Options Account
Suncorp’s 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. You can open up to nine sub-accounts to save and accrue interest separate to the main account. Suncorp also says it prevents most transactions from overdrawing your account. Read the full T&Cs on Suncorp Bank’s website.
Suncorp’s Everyday Options Account charges no monthly fee and no foreign currency conversion fees on Visa debit card purchases made online or overseas. It also allows you to open up to nine sub-accounts to save and accrue interest separate to your main account. Read the full T&Cs on Suncorp Bank’s website.
Further terms and conditions may apply with each account so you would be wise to read any relevant documents on the provider’s website, and contact the provider if you need more details.
After a savings account or term deposit? View the most recent Savings Accounts Star Ratings and Awards and Term Deposit Awards. The Savings and Transaction Account Star Ratings results page was published in April 2023, but the Star Ratings are updated daily.
How to find the best bank account for you
The best bank account will depend on what you are 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. Common examples include currency conversion fees, ATM fees 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 provider supports the payment options you want to use, such as:
Also check what tools are available in your bank’s internet and mobile banking, such as budgeting tools or security features.
Linked savings accounts
If you’re planning to open a linked savings account with the same provider, it’s worth checking factors such as the interest rate, any bonus conditions, fees and any useful features on offer.
Bank account 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. They may be linked to your everyday transaction account and you will usually earn interest on money you deposit into your savings account. Unlike transaction accounts, savings accounts don’t come with a debit card and they’re not designed to be used for your day-to-day spending.
Do I get a debit card when I open a bank account?
Yes, 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 transaction accounts 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 transaction accounts, savings accounts or term deposit using Canstar’s comparison table.
Cover image source: Dragana Gordic/Shutterstock.com
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This article was reviewed by our Content Producer Karen Yang before it was updated, as part of our fact-checking process.
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