Find bank accounts with no minimum balance

Find the best bank account for you! Compare product details, interest rates, fees and more. - Data last updated on 22 Jun 2018

Now showing 1 - 10 of 10 no minimum balance required
Access Advantage
*Fees waived when deposit $2,000 Monthly
ATM Fee
$0
Over 2,600 standard ANZ ATMs
Maximum rate
0.02%
Card Type
Visa
Compare
Complete Freedom
*Fees waived when deposit $2,000 Monthly
Cashback$50 cash when you open a new account online or over the phone by 29 June 2018 and deposit $500 within 45 days and ensure that the account remains open for at least 55 days from the date of account opening.
ATM Fee
$0
Growing to 300 ATM's in Victoria
Maximum rate
0.00%
Card Type
Visa
Compare
Complete Freedom
*Fees waived when deposit $2,000 Monthly
CashbackGet $50 when you open a new Complete Freedom Account onlline or over the phone by 29 June 2018 and deposit $500 within 45 days and ensure that the account remains open for at least 55 days from the date of account opening. Only for new customers.
ATM Fee
$0
Maximum rate
0.00%
Card Type
Visa
Compare
Day to Day Account
ATM Fee
$0
Maximum rate
0.00%
Card Type
Visa
Compare
Everyday Global Account
ATM Fee
$0
Maximum rate
0.05%
Card Type
Visa
Compare
Orange EverydayRewardsOpen an Orange Everyday account, deposit $1000+ and make 5+ purchases by 30 June 2018 to receive a $75 cash bonus
ATM Fee
$0
Maximum rate
0.00%
Card Type
Visa
Compare
Everyday Account
*Fees waived when deposit $2,000 Monthly
ATM Fee
$0
Maximum rate
0.00%
Card Type
Visa
Compare
Classic Banking
ATM Fee
$0
over 1,200 ATMs
Maximum rate
0.01%
Card Type
Visa
Compare
Complete Freedom
*Fees waived when deposit $2,000 Monthly
Cashback$50 cash when you open a new account online or over the phone by 29 June 2018 and deposit $500 within 45 days and ensure that the account remains open for at least 55 days from the date of account opening.
ATM Fee
$0
Maximum rate
0.00%
Card Type
Visa
Compare
Complete Freedom for StudentsCashbackGet $50 cash when you open a new account by 29 June 2018 and deposit $250 within 45 days. Only for new customers.
ATM Fee
$0
Maximum rate
0.00%
Card Type
Visa
Compare
Advertisement

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.

Advertisement

^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.

Compare your product with the big 4 banks, or add more products to compare
As seen on