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Best bank accounts for January 2021

Best bank accounts for January 2021

As savings accounts and term deposit rates dip below 1 per cent, the humble bank account has stepped up in the last year as one of the most reliable places to store your money. And if you’re thinking about performing a financial health check this January, ensuring you have the most competitive bank account can be a great place to start.

One of the most important steps in finding the best bank account for your financial needs is to look for one that charges little to no fees. RateCity research shows that 75 per cent of the bank accounts on its database do not charge account keeping fees, so there is no excuse for sticking with a provider that does.

Foreign transaction fees are another pesky ongoing cost that Aussies, who are fans of shopping online at international stores (or shopping overseas once travel restrictions are lifted), may want to avoid.

There are currently 10 bank accounts on the RateCity database that either refund or do not charge foreign transaction fees. If you’re constantly being stung by overseas fees, you may want to consider if one of these accounts may better suit your needs in 2021.

Another thing you may want to consider when searching for your best bank account is whether it offers the convenience of contactless payments. The impacts of COVID-19 showed us that being able to make purchases without cash is invaluable, but not every bank offers Apple Pay, Samsung Pay or Google Pay. It may be worth including this feature in your research.

And to help you with your search, RateCity has put together some of the top-rated bank accounts for January 2021, thanks to our Real Time RatingsTM system. Real Time RatingsTM helps to take the hassle out of comparing bank account options by ranking the most competitive accounts based on features, perks and fees.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

Top-rated bank accounts for January 2021

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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