What are the best bank accounts in Australia?
The best transaction or everyday bank account for you will depend on your own needs and circumstances. However, each year Canstar assesses and awards high-performing and exceptional banks and institutions that offer consistent value across the transaction and everyday banking space.
Bank of the Year – Everyday Banking Award winners
Canstar’s Bank of the Year Award for Everyday Banking recognises financial service providers that offer Australians a competitive range of everyday bank accounts and services.Â
The following providers received Canstar’s Everyday Banking Award:
Everyday Banking – Bank of the Year: ING
ING won the Bank of the Year – Everyday Banking Award for 2026. Its Orange Everyday transaction account comes with no international transaction fees and doesn't charge you to use an ATM while abroad (third-party fees may still apply). Its credit card range was found to cover both the low rate and rewards market, with the Orange One Low Rate Classic leading on cost and the Orange One Rewards Platinum leading on rewards value. The bank's Savings Accelerator savings account added further strength to its performance in this assessment, offering a 4.80% p.a. interest rate with no conditions, meaning customers can earn interest on any idle cash without monthly deposit, spending, or balance growth requirements. This lets them access their money whenever they need to without compromising on their rate.
Everyday Banking – Customer-Owned Bank of the Year: Great Southern Bank
Great Southern Bank took out the Everyday Banking Award for customer-owned institutions this year, driven by a rebuilt credit card range giving members a choice between a low-rate card and an uncapped cashback card. The bank's Low Rate Credit Card features an 11.99% p.a. purchase interest rate, no application fee, and a modest $5 monthly account fee, keeping holding and usage costs predictably low. Assuming conditions are met, its Everyday Edge transaction account is effectively fee-free for everyday use, offering a rebate on international transaction and overseas ATM withdrawal fees for customers who deposit $2,000 and make five Visa Debit purchases each month (conditions most everyday banking customers would meet without changing their habits). Those same simple conditions also unlock the Home Saver account's bonus rate of up to 5.25% p.a., which isn't affected by withdrawals. It's this consistency—the same simple conditions unlocking both fee waivers and bonus interest on certain products—that set Great Southern Bank apart this year.
2026 Outstanding Value Award – Transaction Accounts winners
Canstar’s annual Outstanding Value Awards - Savings Accounts, Transaction Accounts, and Junior & Youth Banking recognise financial institutions for delivering exceptional value to Australian savers and spenders, based on a balance of competitive interest rates, low fees, and comprehensive features.
The following providers received an Outstanding Value Award in 2026 for transaction account products:
- Australian Military Bank
- Bankwest
- Great Southern Bank
- HSBC (no longer accepting new customers in Australia)
- ING
- Macquarie Bank
- NAB
- Suncorp Bank
- Westpac
You may also be interested in which financial institutions had the most satisfied customers. This year Up Bank took out the Most Satisfied Customers – Bank Award due to topping several key satisfaction measures — from value for money and customer service through to digital banking and the ability to meet banking needs.
How to find the best bank account for you
The best bank account for you will depend on your banking needs and preferences. 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. It's 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.
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.