Online transaction accounts

Continued growth in web-based shopping sites, online bill payment and internet banking platforms has fuelled Australian consumer’s appetite for online transactions. While this had made lives easier, it’s also offered a host of competitive transaction accounts enticing Australians with high interest rates, like the ones we have listed here on RateCity.

Visiting banks are quickly becoming a thing of the past as more Australians now manage their money by accessing their online transaction accounts, through their banks secure internet banking facilities.

Why go online?

Accessing your online transaction account now means avoiding bank queues, the lunch hour rush and lengthy phone banking. The attraction to online transactions is the simplicity and convenience of the online process and the ability to access transaction accounts whenever needed.

Once a customer has logged into their bank account online they are now able to view, analysis, review, plan, allocate and transfer money - all without leaving home. This process in particular, has changed the way Australians bank and manage their money by empowering them to become more hands-on with their transactions.

Due to a strong online movement, it can often be hard to pay for goods and services on the internet without having an online transaction account. But this largely comes back to convenience as many Australians would prefer to pay for their services online than having to physically make a trip to the venue or store.

Now that online transactions can be made on mobile phones it means that anyone can bank anywhere, at any time. Customers can also change banks more easily also. This raises the bar for competing banks and lenders who have to offer their customers something extra, like great interest rates, features or low fees, to get their commitment and continued loyalty.  

Online banking fees and charges

While online fees and charges used to be a deterrent for some Australians, most banks no longer charge fees for accessing your account information, transferring money between your accounts or making BPay and third-party payments.

You should always check with your bank to see what fees and charges apply so that you can comfortably manage your transactions and won’t be charged for something you weren’t aware of.

If you're being hit with fees for making online transactions then it might be time to start comparing banks online and switch to a no fee transaction account, or one offering high interest savings accounts that you can take advantage of.

Online transaction accounts can make life imperatively easier by allowing you to conveniently budget and manage your money. If you are unhappy with your current transaction account the good news is that you’re just a click away from finding a better deal on RateCity.

This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about products from multiple financial institutions. We will try to show you a range of products in response to your request for information. The search results do not include all providers and may not compare all features relevant to you, for further details refer to our FSCG. The rating shown is only one factor to take into account when considering these products. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a product, you will deal directly with a financial institution, and not with RateCity. Rates and product information should be confirmed with the relevant financial institution, and you should review the PDS before you decide to purchase. See our terms of use for further details. This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.