Canstar reveals the winners of its 2021 Transaction Account Awards

Find out which institutions are offering exceptional value across their everyday bank accounts.

Canstar’s Transaction Account Awards recognise the institutions that provide outstanding value to Australian consumers through their range of transaction accounts. They are based on Canstar’s Savings and Transaction Account Star Ratings, which assess and rank accounts based on their price and features.

Canstar has rated over 145 transaction accounts and has awarded seven institutions with a Transaction Account Award.

2021 Transaction Account Award Winners

The winners of the Transaction Account Awards were found to have offered customers added value through various benefits. This included cashback on purchases, interest paid on the account balance and rebates when using third-party ATMs. These accounts went above and beyond simply being fee-free, Canstar’s research team noted.

In alphabetical order, the winners of Canstar’s Outstanding Value – Transaction Account Awards are:

Commonwealth Bank

CommBank offers a range of transaction accounts, including its everyday Smart Access account. Canstar’s research team noted impressive features of CommBank’s transaction accounts, with a best-in-class online banking platform. CommBank is the only winner that charges an account-keeping fee; however, it  waives it in some circumstances, such as if you are under 25 years old, an eligible student or deposit $2,000 a month into your account (excluding bank-initiated transactions).

ING

ING’s Orange Everyday includes benefits such as free ATM use in Australia and overseas, and no international transaction fees on online and overseas purchases when you meet certain conditions, making this account effectively fee free for most consumers. To receive these benefits, customers need to deposit $1,000 and make five card purchases each month.

HSBC

HSBC offers two transaction accounts – its Everyday Global Account and its Day to Day Account. Notably, the Everyday Global Account offers 2% cashback on tap and go purchases under $100, up to $50 each month. Customers must deposit $2,000 or more each month to unlock this benefit. It also has no monthly account fee, overseas ATM withdrawal fees and international transaction fees at HSBC branded ATMs. When travelling, you can pay in the local currency with no hidden fees, and switch between currencies using the mobile app. Separately, HSBC’s Day to Day Account has no monthly account fee and selected $0 ATM withdrawals.

Macquarie Bank

Macquarie Bank’s transaction account has no account-keeping fees, refunds on all ATM fees in Australia and no currency conversion fees for foreign transactions. The transaction account is also supported by a strong online banking platform, the research team noted.

MyState Bank

MyState Bank offers a range of transaction accounts, including its Glide Account and Everyday Account. Canstar’s research team was impressed by MyState Bank’s strong digital platform, including its app functionality and budgeting tools. The team also highlighted the variety of digital wallet options available, including Apple Pay, Google Pay, Samsung Pay, Garmin Pay and Fitbit Pay.

NAB

NAB has two transaction accounts – the NAB Classic Banking Account and the NAB Retirement Account. NAB is the only big four bank that doesn’t charge an account-keeping fee. Customers can also access a wide ATM network across Australia with no ATM withdrawal fees. Both accounts have no overdrawn fees, as well as no minimum monthly deposits.

Suncorp Bank

Suncorp offers an Everyday Options Account and a Everyday Essential Account. Both accounts have no account keeping fees and allow customers to access Suncorp’s wide-reaching ATM network for free. The Everyday Options Account also charges no currency conversion fees and allows customers to earn interest on their account balance and up to 9 linked sub-accounts.

Further terms and conditions may apply for each of these accounts and you can contact the provider directly for details. For more information about the Awards are determined, read Canstar’s methodology.

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