For convenience, security and easy management, most people keep their money in an everyday bank account. These accounts are built for daily use, where you can hold money for everyday withdrawals and deposits.
Offered by banks, credit unions and other financial institutions as a secure place to keep your funds, there are many elements to consider to find the best everyday bank account for you.
Find and compare everyday bank accounts
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What is an everyday bank account?
Everyday bank accounts are often known as ‘transaction accounts’ as these are the bank accounts you use to make your daily transactions. However, some people colloquially refer to them as "spending accounts", because that’s what they are primarily used for.
When you pay on the card associated with your bank account, you will usually select “savings” as the account function over “credit” or "cheque,” yet these accounts are fundamentally different to savings accounts, as you will not earn interest on an everyday bank account.
Most receive their salary and pay their bills and regular expenses using this type of account.
How do you pay for expenses with your everyday bank account?
You can pay in a variety of ways from your everyday bank account including:
- Visa or Mastercard debit cards
- BPAY
- Direct debit set up
- Electronic transfers
You can also deposit money from an everyday bank account into your superannuation fund, usually via electronic transfer.
Do everyday bank accounts have fees or charges?
Different fees and charges apply to everyday bank accounts, but not all accounts have the same fees and charges.
In order to ensure you don’t spend your hard-earned cash on bank fees, it’s important to find an everyday bank account that has low or no fees.
Fees associated with everyday bank accounts
Here are some of the fees that you may be charged with an everyday bank account:
- Account-holding fees: fees charged by banks for holding your money
- ATM withdrawal fees: fees charged when you take out cash from an ATM
- Support fees: fees charged for telephone and online banking support
- Transaction fees: fees charged for using EFTPOS machines
- Bank fees: fees charged when you do not follow bank rules e.g. not depositing enough
- Statement fees: fees charged when paper statements are delivered to your home
It is important to consider how and why you access your everyday bank account so you can make sure you find an account that will allow you to minimise the fees you pay. For example, if you do not deposit a regular amount every month, check your everyday bank account has no minimum monthly deposit and does not charge fees for deposits under a certain amount.
Always consider your personal spending and saving habits as well as your monthly salary before signing up to any specific transaction account.
Are there any everyday bank accounts with no fees?
Although some everyday bank accounts will charge the fees listed above, there are some that are fee free.
The pros and cons of everyday bank accounts
Everyday bank accounts can be an easy way to save, track, spend and manage your money.
However, as with all financial products, there are certain benefits and disadvantages that you should consider before you apply.
What are the pros of everyday bank accounts?
- Easy access: you can get relatively easy access to deposit and withdraw money
- Support: most accounts offer online or phone banking, for access to funds 24/7
- Digital access: most banks offer apps to check and control your money on the go
- Plastic cards: EFTPOS and debit cards mean you can shop without the need for cash
What are the cons of everyday bank accounts?
- Fees: ATM withdrawals, support and transaction fees may be charged
- Restrictions: you may face restrictions including minimum deposits and maximum withdrawals
- Low or no interest: most everyday bank accounts will pay little or no interest on funds
- Little or no rewards: these bank accounts are often “no frills” and may not offer extra benefits
How do I apply for an everyday bank account?
Each banking institution will have a different method for applying for an everyday bank account. You can usually apply for everyday bank accounts via a bank’s website or in person at your local branch.
Some banks don’t have branches, so you will need to apply online or over the phone.
There are a few rules when it comes to opening everyday bank accounts in Australia that may include:
- You must be an Australian citizen or legal Australian resident
- You must have an Australian mailing address or residency
- You need to be over the age of 12 years old to open the account on your own
You should always consider whether an everyday bank account is the best banking product for you before applying.
What other accounts are there besides everyday bank accounts?
There are a number of other bank accounts on the market to suit different needs, that provide a variety of benefits.
Many bank accounts are built to suit to specific individuals, including:
- Bank accounts with no foreign transaction fees for travellers
- Seniors bank accounts for those in retirement
- Student bank accounts
- Children or baby bank accounts
Apart from bank accounts, you may also be looking at savings accounts or term deposits.
Savings accounts: these often go hand in hand with an everyday account, and as they are built for the purpose of generating interest, attract higher interest rates. They can also include additional incentives for people who do not withdraw the money in their saving accounts.
Term deposits: these require you to lock away your money for a set period of time, will also provide a fixed amount of interest, in return for your commitment not to withdraw money for an extended period of time.
Rachel Wastell is an award-winning writer with a knack for translating complicated subjects. She is a strong environmental advocate, and is as passionate about the planet as she is about finance and open education. Writing professionally for almost ten years, Rachel's work has been published across the Australian media landscape including the Australian Financial Review and The Guardian, and she regularly contributes to Business Insider and Lifehacker.
FAQs
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.
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.
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.
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.
Opening a bank account in Australia is usually a straightforward process. Some banks give you the option of opening an account online, while others require you to visit a branch.
Different bank accounts offer different features, so it’s best to compare your options to find one that suits you.
All banks require you to pass an identity check to open a bank account. Australia uses the 100-point identification system, which means you’ll need to show a number of forms of ID that, together, add up to 100 points.
Common ID types include a driver’s licence, passport, Australian visa in a foreign passport, and Australian Medicare card. You’ll find out what types of ID are accepted when you go through the sign-up process online or at a branch.
Once your account is open, you’ll be given or sent a debit card that you can use to make purchases and withdraw money from your account.
Opening a bank account online is a simple process and only takes between five to 10 minutes to complete. To get started you will need a computer or smartphone with internet access.
Information to have available when you’re ready to apply is:
- Identification (such as driver’s licence, birth certificate, passport, proof-of-age card)
- Tax file number
- Residential address, email and a contact number
In some cases, you might be asked to provide employment details. If you’re not able to verify your identity online, most financial institutions let you provide this in the branch at a later date.
There are some types of bank account that you can apply for only in a branch. However, most bank accounts can be applied for conveniently online.
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.
Once you’ve compared bank accounts and found the right one, the process of opening a bank account online is quite simple and can be done in around 10 minutes.
To set up a bank account online, you’ll need to prove your identity and provide an approved form of ID as well as your tax file number (TFN).
If you’re a new customer of the bank, you’ll need to verify your identity and potentially upload documents before you can complete your online application.
Once your ID has been verified and you’ve set up your bank account online, you should receive your bank cards in the mail along with your PIN and any other account details.
A common question for new parents is, ‘Can I open a bank account for my child?’
The short answer is yes – as a parent you can open a bank account for your child.
Once you’ve compared your options and found a bank account that suits your needs, the process is relatively simple.
As the bank account is for your child, you’ll need to provide some documentation such as proof of ID, including your tax file number.
You will also need a copy of your child’s birth certificate, and in some cases you may also need to sign a guarantee of indemnity.
Depending on the bank and whether you’re an existing customer, you may be able to open a bank account for your child online. However, you may still need to go into a branch to prove your identity.
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.