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Best bank accounts for October 2020

Best bank accounts for October 2020

There’s no time like the present to ensure your transaction account is offering you competitive features and minimal to no fees.

With banks removing thousands of ATMs nationwide as well as slashing interest rates on savings accounts in recent months, it might be a good idea to think about what features you want from your everyday bank account.

Reduced interest rates on savings accounts may not directly affect your transaction account, but it might be a timely reminder to ensure you’re not paying unnecessary fees.

The current top five rated bank accounts in RateCity’s database charge no monthly account keeping fees, meaning more money in your pocket – or in this case, your bank account.

Of course, fees aren’t the only thing to consider when comparing bank accounts. The features on offer by different lenders should also be an important factor in your search.

One bank account feature that may be more important than ever is a digital wallet payment option such as Apple Pay, Samsung Pay and Google Pay. Not only could digital wallet payments potentially be more convenient with fewer ATMs to access, but they could also be helpful as a COVID-safe way to pay.

If you are considering switching bank accounts, be sure to shop around and compare all fees and features before deciding what’s right for you.

To help you with your research, RateCity has put together some of the top-rated bank accounts for October 2020, based on the account’s 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.)

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This article was reviewed by Senior Journalist Tony Ibrahim before it was published as part of RateCity's Fact Check process.

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