An everyday account or transaction account is a standard deposit account held at a bank or other financial institution. The main purpose of an everyday account is to securely hold funds, usually for the short term, and allow the account holder to quickly and easily access them as needed.
Everyday accounts are not meant to earn high rates of interest and are therefore not often thought of as a savings account. In fact transaction accounts’ interest rates are often zero or very close to nil.
Rather everyday accounts exist as a convenient account for personal and business use to deposit and withdraw any amount of money, any number of times (subject to availability of funds) via many channels.
Say goodbye to monthly fees
There are a large number of everyday accounts available on the market offering no monthly fees. Despite this, many Australians still hold accounts with monthly fees of up to around $10 each month. As a result, during the year ending February 2011, Australians racked up more than $413.5 million in monthly fees on their transaction accounts.
So it’s worth visiting a financial comparison site such as RateCity to compare transaction accounts without monthly fees to ensure you’re getting the best deal on your everyday account. It’s simple, and all of the hard work has been done for you – we’ve compiled some of the best transaction accounts from a range of providers, which you can compare side-by-side to make choosing an everyday account easy.
Beware of hidden costs
Even though some everyday accounts are advertised as having no monthly fees that does not guarantee that the account is entirely fee-free.
Some accounts without monthly fees may incur ‘exception fees’. These are fees charged by an institution when an accountholder fails to meet certain agreed conditions of the account. This may include meeting a minimum deposit – such as your wage – into your everyday account each month. Fail to do so and you may be hit with a fee.
Other hidden fees may be charged for using foreign ATMs or BPAY, for example.
So if you’re in the market for an everyday account then consider a fee-free option and be sure to read through all of the terms and conditions to avoid unnecessary fees.
The table below displays transaction accounts available on RateCity which don’t charge foreign ATM fees.