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Bank account boom: what banks are offering to win your business
Interest rates have dropped to record lows and savings account rates are just scraping above zero per cent. This has led to banks scrambling to find new ways to fight for your business - through the humble bank account.
And with generous perks on offer, there are a few ways everyday Aussies looking to nab a new bank account may come out on top, if they know where to look.
Bank account boom
If you’ve contemplated opening a new bank account this year, you’re not alone. The latest data from the Australian Prudential Regulation Authority (APRA) found that Australians have opened more than 750,000 new debit card accounts since COVID.
We’re are also squirreling away our cash more than ever, with almost $100 billion more in our bank accounts now than pre-COVID. In fact, recent Australian Bureau of Statistics data tipped that Aussies are now saving almost one fifth of our incomes on average.
| March-2020 | Oct-2020 | Change since COVID-19 | |
| (pre COVID) | |||
| Number of debit card accounts | 34,097,116 | 34,861,747 | 764,631 |
| Deposits by household | $998.7 billion | $1.1 trillion | $99.7 billion |
Source: Debit cards data from APRA monthly banking stats released Nov. 2020. Deposits data released by APRA, Nov 2020.
But not all banks accounts are created equally. This means that if you’re one of the many Aussies opening new accounts, you may want to ask: what’s in it for me?
Many banks are offering up to $100 in cash, as well as other incentives to get new customers to open and use their transaction accounts. Other perks may include a free bottle of wine, discounts at retailers, petrol discounts and even donations to your favourite charity (see tables below for full details).
Cash offers for transaction accounts
| Bank | Account | Special | Conditions |
| 86 400 | Pay Account | $10 cash | Get $10 after you make a purchase in your first 30 days of account opening with signup code "WELCOME10". |
| Australian Military Bank | Military Rewards Account | 1% cashback | Earn 1% cashback on Visa Paywave purchases under $100 when you deposit >$2k each month (capped at $25/mth). 'Cents gifting program' also transfers the spare change in your account each month to a Defence related charity selected by account holder which is then matched dollar for dollar by the bank. |
| Bank of Melbourne | Complete Freedom | $50 cash | Deposit $500 and make 5 eligible purchases within 30 days of account opening. |
| BankSA | Complete Freedom | $50 cash | Deposit $500 within 30 days of account opening. |
| Bankwest | Qantas Transaction Account | Earn QFF points | 0.3 QFF pts per $100 in account each day, 3 QFF pts per eligible purchase, 5 QFF pts per overseas ATM cash withdrawal. |
| HSBC | Everyday Global Account | $100 cash, 2% cashback | $100 bonus for new customers when you deposit >$2k for 3 consecutive months within first 6 months of account opening, earn 2% cashback up to $50/mth when you tap & pay on eligible purchases under $100. |
| St. George Bank | Complete Freedom | $50 cash | Deposit $500 within 30 days of account opening. |
| Westpac | Choice | $50 cash | Deposit $500 and make 5 eligible purchases within 30 days of account opening. |
Source: RateCity.com.au. Data accurate as of 17.12.2020.
Other transaction account perks on offer
| Bank | Account | Special | Conditions |
| Bank of us | One for All Account | 1% of your average annual balance donated to your chosen community organisation. | |
| CBA | Eligible debit cards | Personalised rewards and cashback if you shop at participating CommBank Rewards stores. | Rewards are only earnt at eligible store locations. |
| Citi | Global Currency Account | Free bottle of wine. | Pay with your Citi debit card at a participating Citibank Dining Program partner. |
| Citi | Plus Account | Free bottle of wine. | Pay with your Citi debit card at a participating Citibank Dining Program partner. |
| Community First Credit Union | Pink Debit Card | $1 of the monthly $6 fee is donated to the McGrath Foundation each month. | |
| Macquarie Bank | Transaction Account | Discounts of up to 10% on eGift cards at select retailers. | |
| ME Bank | Everyday Transaction Account | ME donates 1¢ to the National Breast Cancer Foundation for every purchase using the Pink Buck card. | |
| QBank | Everyday Plus | For each Everyday Plus Account we’ll make a donation of 10 cents every month, paid quarterly, to support charities in your community. | |
| RACQ Bank | Advantage Plus Account | Save 4c/litre at participating fuel stores, plus other discounts. | |
| Regional Australia Bank | Community Partnership Account | Calculates a member's average annual balance and donates the equivalent of 1% back to a chosen group each year - at no cost to the member. | |
| Suncorp Bank | Everyday Essentials Account | Discounts of up to 15% with major retailers, |
Source: RateCity.com.au. Data accurate as of 17.12.2020.
RateCity tips for selecting a bank account
Keep in mind that there’s more to a bank account than the perks being offered. Here are a few things to keep in mind when selecting your next bank account.
- If you buy things from overseas regularly, look for an account with no foreign exchange fees.
- If you get cash out regularly, aim for a provider that refunds ATM fees (e.g. ING, ME Bank, Macquarie Bank).
- Don’t pick a bank account solely based on the perks offered.
- Don’t accept monthly fees. 73% of bank accounts on RateCity have no monthly fees while 24% will waive them if you meet certain criteria.
- Check the fine print for hidden fees.
Disclaimer
This article is over two years old, last updated on December 17, 2020. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent bank accounts articles.
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