Canstar names the winners of its 2022 Outstanding Value - Transaction Account Awards

Canstar’s 2022 Outstanding Value – Transaction Account Awards recognise the institutions that provide outstanding value across their everyday bank accounts.

The Awards leverage Canstar’s Transaction Account Star Ratings, which assess accounts based on price and features. This includes factoring in any transaction fees and account-keeping fees, as well as payment options and how customers can manage their account.

At a glance: 

• 61 institutions assessed
• 128 transaction accounts rated
• 6 Transaction Account Award winners
• Winners list:
  • Commonwealth Bank
  • Great Southern Bank
  • HSBC
  • ING
  • Macquarie Bank
  • Suncorp Bank

Many transaction accounts on the market are currently fee-free, aside from foreign transaction and third-party ATM fees. To excel in this space, Canstar’s researchers said, providers therefore needed to offer additional benefits, such as rebates for domestic ATM fees or charging no international transaction fees.

2022 Transaction Account Award winners

In alphabetical order, the recipients of Canstar’s 2022 Transaction Account Awards are:

Commonwealth Bank

CommBank’s Smart Access account comes with an impressive range of features, including cashback when you spend with partnered brands with CommBank Rewards. The CommBank banking app also includes features like Bill Sense which predicts your upcoming bills, and Spend Tracker which automatically categorises your transactions. 

CommBank is the only winner that charges a monthly-account keeping fee. But this fee is waived in certain circumstances, such as if you are under 25 or deposit at least $2,000 per month.

Great Southern Bank

Great Southern Bank’s Everyday Edge Account has no monthly account-keeping fees and unlimited fee-free transactions. You can also get a refund on international card transaction fees when shopping online.

HSBC

HSBC’s Everyday Global Account is a multi-currency account that allows you to hold up to 10 foreign currencies. It comes with no monthly account, transaction or ATM fees. It also offers 2% cashback on eligible tap-and-pay transactions under $100. HSBC also offers a Day to Day Account, which charges no monthly account fee and no ATM fees for withdrawals in Australia. 

ING

ING’s Orange Everyday account includes features such as 1% cashback on eligible gas, electricity and water bill payments, no monthly fees and a round-up savings tool. There are also no international transaction fees for eligible online and overseas purchases, and up to five rebated ATM withdrawal fees per month when eligibility criteria are met. To receive these benefits, customers need to deposit at least $1,000 and make five or more ING card purchases per month. 

Macquarie Bank

Macquarie Bank’s Transaction Account has no account-keeping fees, no international purchase fees and refunds on ATM fees in Australia. This account also allows you to earn 0.20% p.a. interest.

Suncorp Bank

Suncorp’s Everyday Options Account charges no monthly fees and no currency conversion fees on purchases made online and overseas. You can also open up to nine sub-accounts. The main account and sub-accounts currently offer a 0.01% p.a. interest rate. 

Suncorp also has an Everyday Essentials Account for low-income earners and people receiving government benefits. It also charges no monthly fees and no currency conversion fees on online and overseas purchases. There is no interest paid on this account. 

2022 Junior and Youth Banking Awards

Canstar’s Junior and Youth Banking Awards are given to institutions offering outstanding value across their transaction accounts for teenagers between 13 and 18 years old, as well as their savings accounts for children under 12 years old. Notably, all seven winners of this Award in 2022 were customer-owned banks rather than major or traditional banks.

In alphabetical order, the winners of Canstar’s 2022 Junior and Youth Banking Awards are:

Australian Unity

Gateway Bank

Great Southern Bank

Illawarra Credit Union

IMB

Queensland Country Bank

The Capricornian

For more information about our Transaction Account, Savings Account and Junior & Youth Banking Awards, read the full results. 

Cover image source: ViDI Studio/Shutterstock.com