Everyday Account S1
- Last updated on 02 Apr 2020
Everyday Global Account
Cashback
$100 Bonus for new HSBC customers and 2% cashback (upto AUD 50/month) on tap and pay (payWave, Apple Pay and Google Pay) for purchases under $100.No overseas transaction or ATM fees and benefit from up 10 currencies in one account
$0
Monthly
$0
Over 13,000 ATMs customers can use in Australia with no ATM fees
Everyday Global Account
$0
Monthly
0.05%
$0
Over 3,400 Commbank network ATMs
Visa
Pros
- $0 account keeping fee
- Linked Visa debit card
- App banking available
- Has 0.05% interest available
Cons
- $2.5 Overseas ATM Withdrawal Fee
- 2.5% fees apply for overseas transactions
Minimum opening amount $0 | Internet banking Facility |
Minimum balance | App |
Min. deposit for fee free $0 | Branch Access |
Min. age restrictions 18 years old | Overdraft Facility |
Max. age restrictions N/A | Free counter transactions |
Linked Account | Daily ATM withdrawal limit $1,020 |
Joint application available | Interest Calculation Frequency Daily |
Cheque services | Interest payment frequency Quarterly |
ATM access | Min. balance to activate rate $0 |
EFTPOS Facility |
Account Keeping Fees $0 Monthly | Cheque dishonour fee $17.5 |
Internet transaction fee $0 | Counter deposit fee $0 |
EFTPOS Fee $0 | Counter withdrawal fee $1 |
Cheque fee | Foreign transaction fee 2.5% |
Phone transaction fee $0 | ATM withdrawal fee $0 |
Overseas eftpos fee | Network bank atm fee waiver $0 |
Overseas atm withdrawal fee $2.5 | Other bank atm withdrawal fee |
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Bank First is owned entirely by its customers, and focuses on providing them with a better banking experience.
Since 1972, Bank First has helped over 200,000 Australians with their banking needs; from managing their money and saving for a rainy day, right through to purchasing their first home and planning for retirement.
From their products through to their dedicated customer service, Bank First prides itself on putting customers first.
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FAQs
Paypal is a safe and convenient way to pay online without the need to share your financial details. You can send and receive money or accept credit and debit cards as a seller using Paypal.
It’s easy to link your bank account to a Paypal account and start making transactions within minutes.
To start, you first need a Paypal account (it’s free to join). When setting up your Paypal account, you will be prompted to link a credit card or bank account (or both if you wish).
PayPal works without a balance; you can use Paypal to shop or send money when your balance is zero.
When your Paypal balance is zero, Paypal will ask you to choose your preferred payment method at the checkout.
This could be either your linked bank account or credit card. Your bank details can be updated if you change banks or credit cards.
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.
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.
Just because you’re in business doesn’t necessarily mean you need a business bank account. You could be a sole trader not registered for GST, and use your personal bank account for business.
If you do want a business account, there are plenty of benefits attached to business transaction and savings accounts, as well as business term deposits.
There are business bank accounts designed for businesses with a high volume of transactions, and those for start-ups with a small amount of trade. You could also include an EFTPOS service with your account.
Some business bank accounts charge for the number of transactions per month, while others offer a pay-as-you-go fee structure, where you only pay fees for transactions you make.
It’s up to you whether your priority is mainly transactions, or earning the maximum amount of interest on your principal. There’s a business banking solution for you if you need one.
Overdrawing a bank account can happen by accident. It’s often hard to know what your balance is, particularly with direct debits, scheduled repayments and pending transactions competing for cash.
To avoid being stuck with a bank fee every time your account is overdrawn, you can apply for a personal overdraft. This will enable you to overdraw your account up to an approved amount.
A personal overdraft is connected to your CommBank Everyday Account, so you can enjoy easy access to extra funds once approved – anywhere from $100 up to $20,000.
Your overdraft funds can be accessed via your CommBank keycard or Debit MasterCard, or online through NetBank and the CommBank app.
To apply you can either call the Commonwealth Bank directly or visit your local branch.
There are some instances when the government can take money from your bank account. This generally occurs in situations where you have an outstanding government debt.
Before it can take money from your bank account, the government authority owed money would first need to issue a garnishee notice.
A garnishee notice is issued by the government agency (such as Centrelink or the ATO) to a third party that holds money for you or owes you money.
To take money from your bank account, your bank would be issued with the garnishee notice requiring it to pay ‘your money’ to the requesting agency to satisfy the debt.
Yes, you can open another account at the same bank if you already have an account there, but some banks place a limit on how many specific accounts you can open.
Generally, though, it is possible to have more than one everyday account, one personal account and one joint account, or have different types of accounts – such as a transaction account and a savings account.
Keep in mind that some bank accounts come with fees, so you could be charged twice for having two types of the same account at the same bank.
Also, if you have more than one high-interest transaction account at the same bank, only one account will be able to earn the highest rate of interest.
If you’ve just welcome a new baby into the world, congratulations. Opening a bank account for your child can be a wonderful first gift.
Before you can open your child an account, you’ll need to have a birth certificate or passport for your baby.
As the parent or guardian, you’ll also be listed as a joint holder on the account. This means you’ll need to have proof of your identification and address (a driver’s licence, passport, birth certificate or Medicare Card).
Many banks and credit unions offer baby banks accounts. Usually, you can apply online; otherwise you can head into a local branch or office with your documents.