Compare Mastercard bank accounts

Compare Mastercard bank accounts. View product details, interest rates, fees and more. - Data last updated on 22 Aug 2019

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A Mastercard bank account is a bank account that is linked to a Mastercard debit card.

Though not many lenders offer bank accounts that come with Mastercard debit cards, there are some that do.

Using a Mastercard bank about could be beneficial if you want to have access to the lender’s associated benefits as well as perks associated with Mastercard.

Who offers Mastercard bank accounts?

Doing your homework will pay off if you’re hoping to open a Mastercard bank account. You’ll find that some well-known lenders do offer Mastercard bank accounts, and some smaller lenders do as well.

Conducting some research will assist you to sign up for a Mastercard bank account via the lender that offers you the best deal in regard to fees and charges as well as rewards.

What do you need to open a Mastercard bank account?

What you need to open a Mastercard bank account will vary from lender to lender. However, many lenders will request the following when opening a new bank account:

  • Proof of age
  • Proof of identity
  • Proof of Australian residency

What are the benefits of Mastercard bank accounts?

The benefits of a Mastercard bank account will differ depending on your lender. Here, though, are a few of the potential benefits you might get:

  • The ability to shop in person or online worldwide. This would be particularly handy when travelling or shopping on international websites.
  • Digital wallet facilities. Depending on your lender, you might be able to sync your Mastercard bank account with Apple Pay or Google Pay.
  • Little or no transaction fees. Some lenders will guarantee reducing or eliminating transaction fees when using PayPass or tap-and-go facilities.
  • Some lenders will allow you to link your Mastercard bank account to other accounts.
  • Security measures. Most lenders will provide access to heightened security measures when using a Mastercard bank account. This predominantly involves protection from fraudulent or unauthorised transactions, and can also include the use of security codes for an extra layer of protection.
  • Special offers. Mastercard bank account holders may be eligible for a range of special offers, including discounts and exclusive access for dining, shopping, travel and entertainment.

Despite the above benefits, conducting a comparison with other bank accounts is advised, in order to determine if a better option for your financial circumstances and spending habits is available.

Which lenders offer Mastercard bank accounts?

A quick internet search could help you distinguish the lenders that offer Mastercard bank accounts. Alternatively, you could conduct a comparison on RateCity’s bank account comparison tool to evaluate each lender’s pros and cons.

What are the alternatives to Mastercard bank accounts?

If a Mastercard bank account isn’t quite what you’re after, there are many other options available.

You could opt for a Visa bank account, a secured credit card or even choose to open a Paypal account for online purchases.

FAQs

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.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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