Cheapest Transaction Accounts

Finding the cheapest account isn't easy. Transaction account fees are based on your account balance, how often you deposit money into your account, the average deposit amount and many other specifics. In order words, there's more than just your monthly account keeping fee to consider.

So, to save you answering all these questions, we have gathered some of the cheapest transaction accounts based on the CANSTAR CANNEX "high transactor" research profile. A high transactor is someone who completes 35 or more transactions per month. If you think you make less transactions than this, you can switch to a "low transactor" profile within the refine column on the left hand side of your screen (a low transactor completes around 10 transactions a month).

When you compare transaction accounts, the cheapest ones are always the best value for money. No one wants to pay high fees and charges to use a transaction account, which is why comparing online at financial comparison sites like RateCity is so important to do before signing on the dotted line.

By investing the time to research to compare these accounts, you can dodge financial institutions that want to charge you for accessing your own money. One of the most common and easiest fees to avoid is monthly service fees. Several financial institutions still charge ongoing service fees that are usually a small amount such as $5 per month. But this all adds to a lot of money in the long run that could remain in your pocket if you compare the cheapest transaction accounts online. Because $5 a month equals $60 per year and after five years of banking with that institution, you would have given them $300 of your hard earned money. If you deposited this $5 into a savings account that earned 6 percent interest for the next five years, you could have earned almost $50 in interest.

Get started today, checkout some of the cheapest transaction accounts from the table above.