Find and compare no minimum balance bank accounts

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$2

Over 3,400 RediATMs

Transport Mutual Credit Union

0.07%

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

0.00

/ 5
More details

$0

Over 3,000 RediATMs

Woolworths Team Bank

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

0.00

/ 5
More details

$0

Over 3,000 RediATMs

Woolworths Team Bank

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

0.00

/ 5
More details

$0

Over 3,000 RediATMs

Woolworths Team Bank

0.50%

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

0.00

/ 5
More details

$0

Approximately 3,000 ATM locations

Arab Bank Australia

0.01%

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

1.31

/ 5
More details

$0

Over 2,000 ATM combined network locations including Suncorp Bank

Bendigo Bank

0.10%

MasterCard

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

4.14

/ 5
More details

$0

Over 2,000 ATM combined network locations including Suncorp Bank

Bendigo Bank

MasterCard

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

3.84

/ 5
More details

MOVE Bank

0.01%

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

2.86

/ 5
More details

$0

Over 3,000 rediATMs

Delphi Bank

0.10%

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

0.00

/ 5
More details

$1

Geelong Bank

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

2.86

/ 5
More details

$1

Geelong Bank

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

2.55

/ 5
More details

$1

Over 3,000 Westpac Group ATMs

Greater Bank

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

3.04

/ 5
More details

$1

Over 3,000 Westpac Group ATMs

Greater Bank

0.01%

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

2.73

/ 5
More details

$0

Over 3,000 Westpac Group ATMs

Heritage Bank

0.01%

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

3.96

/ 5
More details

$0

Over 3,000 rediATMs

Macquarie Credit Union

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

0.00

/ 5
More details

$2

Over 3,000 Westpac Group ATMs

Hume Bank

0.01%

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

3.35

/ 5
More details

$0

Over 3,000 rediATMs

Bank of Sydney

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

3.65

/ 5
More details

$0

Adelaide Bank

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

0.00

/ 5
More details

$0

Over 3,000 rediATMs

Macquarie Credit Union

Visa

Apple Pay
Google Pay
Interest rate
Overseas ATM facilities
Samsung Pay
Linked account

0.00

/ 5
More details

Learn more about bank accounts

If you’re just getting started in the world of bank accounts, you might be looking for an option that will allow you to have a bank account, but keep a low balance.

Bank accounts with no minimum balance requirements may be an excellent choice for those who want to bank, but don’t have a big balance.

What is a minimum balance?

A minimum balance is as simple as it sounds: it is the least amount of money that your bank permits you to have in your bank account.

This rule may only apply when opening the account, meaning that the bank requires a certain amount of funds to be deposited when the account is opened. It could also apply to your ongoing balance after your account is opened.

Banks apply this rule to accounts in order to encourage account holders to keep a certain amount of funds in their account at all times.

Are there penalties for dropping below a minimum balance?

Penalties and fees vary greatly from bank to bank. Generally, banks require you to have a minimum balance in your account to avoid paying maintenance fees.

This means that rather than charging you with a penalty, they’ll charge you with a maintenance fee when your balance drops below their specified minimum.

How do you avoid paying a minimum balance fee?

If your bank account requires a minimum balance each month, there are a few steps you can take to prevent the fee from being applied.

First, it’s important to know when your bank applies the minimum balance fee. They may assess at the end of each business day, calculate your average monthly balance, or charge on a certain day of the month. If you know when the fee is charged, it can help you manage your balance to ensure it doesn’t meet the minimum balance fee criteria.

Another way to avoid the minimum balance fee is to set up a direct deposit into your bank account. When you have your monthly salary put directly into your bank account, you’ll find that your balance will stay higher, and therefore you may avoid minimum balance fees.

If you’re a student or under the age of 25, you may be eligible for certain fees to be waived. Ask your bank about possible options to avoid paying a monthly or minimum balance fee.

How do you find a bank account with no minimum balance?

Many banks offer bank accounts with no minimum balance required, particularly for students and young people. When searching for accounts without a minimum balance requirement, be sure to ask about both a starting balance minimum and an ongoing balance minimum. This will help you understand how to manage your funds to avoid minimum balance fees.

If you’re ready to bank but don’t tend to have a big balance, then finding a bank account with no minimum balance requirements may be a great place to start. Build your balance or just keep a little without having to worry about paying pesky minimum balance fees.

Frequently asked questions

How can I check my bank account balance online?

Checking your bank account balance online is a simple process. Once you’ve logged in to your online banking, clock on the relevant account and the balance should be visible.

Opening a bank account for someone under 18

How do I overdraw my Commonwealth Bank account?

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.

How do I close a bank account?

Closing a bank account is one of those tasks that’s easy to put in the too-hard basket. There are quite a few steps involved, some which may require you to hang on the phone for a while.  

Here’s a handy checklist of items to tick off, so the job gets done quicker. If you don’t do your banking online, the following steps can also be done at a branch.   

  • Cancel any scheduled or recurring payments
  • Update your direct debit details (such as loan repayments) with creditors
  • Export your payee address book (to keep a record of saved third-party bank account details)
  • Transfer the balance of your account (to the new bank account)
  • Close your account online, or by calling the bank or visiting a branch

Can you find your bank account number online?

If your bank offers online services, you should be able to find your bank account number online by logging into your account on your bank’s website and checking your details there.

Keep in mind that each type of account you have with a bank comes with a unique account number. This means if you have a bank account as well as a savings account, for example, your bank account number and your savings account number will be different.

If you don’t have access to your bank account online or can’t login, you should be able to find your account number on a mailed bank statement, if you have one.

Alternatively, you can call your bank’s customer service number or visit a branch to retrieve your account number.

How do I transfer money from Paypal to my bank account?

Transferring cash from Paypal into your bank account is simple…if you have a Paypal account that is.

Once you’re logged into your Paypal account, the account balance will appear on your home page. Below your balance are two options:

  • Add money
  • Withdraw money

Choose option two if you want to transfer money from your Paypal account to your personal bank account.

The next screen will prompt you to either enter new bank account details or choose a bank account that’s connected to Paypal. You can always add more bank accounts to your Paypal profile.

Another way to transfer out of Paypal is by jumping to the wallet tab on the top menu, and clicking ‘transfer money’. Both options will give you the same result.

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.

How do I open a bank account for a child?

There are few better ways for a child to learn about money management than through savings. And there’s a plethora of bank accounts designed specifically for young people and children.

A bank account for a child can be opened online, over the phone or in a branch in a few easy steps. The minimum age a child can open a bank account for themselves usually ranges between 12 and 14.

If the child is too young to open the account, you can do it for them as their legal parent or guardian. 

To do this, you would need to be over 18, have an Australian residential address and currently reside in Australia (or have proof of residency).

You would also need to provide:

  • Identification for yourself and the child
  • Your tax file number (TFN) or TFN exemption

Depending on the bank account, you might be able to choose what level of access the child has to their bank account (online and via the phone).

Can you open another account at the same bank?

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.

How do I open a new bank account?

There are a number of ways to open a new bank account – online, over the phone or in the branch. The trick is to decide what type of bank account you want beforehand.

It might sound like a simple enough task, but there are literally hundreds of bank accounts to choose from. And each offer their own banking features and benefits.

A comparison site like RateCity can help you work out what bank account product matches your needs.

Once you’ve made up your mind what you want, it’s advisable to have the following information ready for the application process.

  • A couple of forms of identification (such as driver’s licence, Medicare card, passport)
  • Tax file number
  • Residential address, contact phone number and email (though email is not essential)

How do you set up a bank account online?

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.

Can I close my bank account over the phone?

In most cases, you can close a personal or business bank account over the phone. In fact, this is the best way to ensure you’ve closed an account properly.

By speaking to a banking representative, you can capture and close out any pending transactions, or interest owing/payable on the account being closed.

In the instance where the account is a joint account, or you have multiple bank accounts you want to close, your bank may send you a form that you need to fill out and return.

Either way, you would be advised over the phone of the steps you need to take. Calling your bank ahead of closing an account is often a smart course of action.

Can I open bank accounts for my children?

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.

Can I link a bank account to Paypal?

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.

Can British expats still open bank accounts?

As a British expat, you can open an Australian bank account, and you can apply for an account the same ways an Aussie would. You can even open an account online from the UK prior to relocating.

If you’re overseas, the bank you choose to open an account with may call you to provide you with our new account details beforehand. You can then have your ID verified within a branch once you’ve arrived.

And if you’re already living down under, the following list outlines the types of information required by most banks when opening an Australian bank account.

  • Australian residential address
  • Tax file number (TFN) or a TFN exemption
  • Identification (this can be your passport)

Can I have a PayPal account without a bank account?

You don’t need a bank account to send or receive money through PayPal. However, you do need a bank account if you want to withdraw money from your PayPal account.

How do you open a bank account in Australia?

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.

How do you delete your bank account from PayPal?

Deleting your bank account from PayPal is a simple three-step process:

  • Go to your Wallet
  • Choose the account you’d like to delete
  • Click ‘Remove bank account’

Do I need to open a business bank account?

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.

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.