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Updated on 15 October, 2021

2021 RateCity Bank Account Gold Awards Winners

Finding Australia's best Bank Accounts has just been made easier. Select a category below and discover the loans that have received a coveted RateCity Gold Award.

Best Bank Account
Company Product Real Time Rating™ Go to site

Everyday Global Account

Everyday Global Account

5 / 5

Orange Everyday

Orange Everyday

4.23 / 5

Global Currency Account

Global Currency Account

4.23 / 5

Transaction Account

Transaction Account

4.23 / 5

Everyday Account

Everyday Account

3.99 / 5

Pay Account

Pay Account

3.99 / 5

Everyday Options

Everyday Options

3.89 / 5

USpend

USpend

3.74 / 5

Qantas Transaction Account

Qantas Transaction Account

3.64 / 5

Everyday Snap Account

Everyday Snap Account

3.64 / 5

How RateCity works out the Gold Award

Over 150 products were analysed and compared from a variety of financial institutions, and only the top ten percent were deemed winners.

The RateCity bank account awards celebrate financial intuitions who consistently offer competitive transaction accounts to Australian consumers.

The awards are based on our market-leading Real Time Ratings™ system which gives every savings account in our database a score out of five based on features, perks, fees and functionality, tested against everyday transaction scenarios.

Importantly, these scores are calculated every day, capturing product changes as they happen,
a factor missed by some awards programs.

Methodology for Bank Accounts 2021 Gold Awards
How are Real Time Ratings™ calculated

How RateCity Leaderboards work

We’ve built these leaderboards to help you quickly see what are the top banking products in each of the key categories.

How can I find bank accounts in my name?

To find ‘live’ bank accounts in your name, you’ll have to ask individual lenders, which involves contacting them one by one and proving your identity each time. To find ‘unclaimed’ bank accounts (those that have been inactive for at least seven years), you can use this website.

Which bank is best for business accounts?

Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.

The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.

Are bank accounts frozen when someone dies?

Yes, Australian bank accounts are frozen when someone dies. If you want to close the account of somebody who has died, you might have to provide proof of death and a copy of the will. You might also have to prove your relationship to the deceased person.

If you have a joint bank account with somebody who has died, you will generally be entitled to all the money in the account. Again, you might have to provide proof of death if you want to change the bank account from a joint account to a one-person account.

How do I open a bank account if I'm under 18?

The good news for savvy young folks like you wanting to take charge of your finances is that there are many bank accounts available for under-18s.

For bank accounts that require you to be 18 or older, you’ll have to rope in a parent or guardian to open the account for you.

Otherwise, you can apply by yourself online or at the branch of the bank, credit union or building society that has the account you would like to open. 

If applying online, you might be asked for a form of identification. For under-18s, this could be a Medicare card you’re listed on, your birth certificate and/or your current home address.

In most cases, you can verify your identity online (at the time of applying) or at the branch afterwards.

Can foreigners open bank account in Australia?

If you’re migrating, studying or working in Australia, you’ll be pleased to know that you can open an Australian bank account. For the most part, opening a bank account in Australia is a simple process which starts by comparing the types of bank accounts foreigners can open in Australia.

Once you’ve found a bank account that suits your needs, you can start the application process.

When you apply for the account, you’ll need to provide proof of ID which may include your passport, overseas ID or credit card. You may also need to provide a copy of your visa and proof of address in Australia.

Depending on the bank and the type of account you choose, you may be able to apply for the account online or over the phone before you arrive in Australia.