Real Time Ratings™

Real Time Ratings™ rates over 90 providers with a score out of 5, based on how much the bank account will cost and how much flexibility it offers.

What is Real Time Ratings™

Real Time RatingsTM is a world-first rating system that ranks bank accounts based on features, perks and fees.

Unlike other bank accounts rating systems that grade their products once or twice a year, Real Time RatingsTM results are calculated daily to capture product developments and specials as soon as they happen.

Bank accounts may be simple but choosing the right one for your needs can get tricky and time consuming. Real Time RatingsTM does the work for you, so you have the most up-to-date information at your disposal.

How we calculate Real Time Ratings™

Each bank account displayed on RateCity’s bank account comparison table has been assessed using an algorithm that compares the features (including some common fees) of all bank accounts considered relative to its peers. As most bank accounts designed for everyday transacting don’t include interest rates, they are not considered in this assessment.

The Real Time Rating of each bank account is equal to the the Flexibility Score achieved by the product, or simply:

Real Time RatingTM = Flexibility Score

How is the Flexibility Score calculated?

Real Time RatingsTM uses discrete scoring (i.e. having a specific feature is worth a specific number of points) and the overall Flexibility Score is based on the aggregated total of all points scored across all features assessed.

The percentage of available points listed below are based on the total number of points achievable for each category as a percentage of the maximum possible number of points achievable in the Flexibility Score. Percentages have been rounded to assist with interpretation of the methodology.

 CategoryDescription Percentage of Available Points 
Fees 50% 
 ATM Fees The fees charged for using a network ATM and any applicable rebates for third party fees (international & domestic)40% 
 Account Keeping Fees Whether there are account keeping fees and/or if they can be rebated subject to conditions30% 
 Currency Conversion Fees If the account allows for foreign transactions to be made in AUD without incurring a currency conversion fee20% 
International Transfer Fees  Are transfers to international accounts able to be made without incurring a transaction fee10% 
 Smart Payments Compatibility with Apple Pay, Google Pay and Samsung Pay30% 
 Cashback or Rewards* The value of any cashback or rewards that can be earned by the account through day to day transacting30% 
 New Payments Platform Does the account use the New Payments Platform to process transactions20%
BranchesAvailability of branches, with more branches receiving more points10%
Foreign CurrencyCan foreign currencies be stored on the account i.e. a multi currency account10%

The flexibility points scored by a product is then converted into the Flexibility Score using the following steps:

  • Adding up all the flexibility points for each bank account being evaluated.
  • All bank accounts are ranked based on their total flexibility points. This ranking is then changed into a percentile score. For example, the top 1% of accounts (those with the most flexibility points) are given a 99th percentile ranking.
  • Each product is then given a score that fits a normal distribution. This score is based on where it sits within the distribution of all the products, considering that the 'average' product scores a 3 and with variability around that average.
  • Finally, scores that naturally fall above 5 based on the distribution are adjusted to be capped at a maximum of 5.

This Flexibility Score out of 5 is then displayed as the Real Time RatingTM for the product in the comparison table for Bank Accounts.

How often are products reviewed for Real Time RatingsTM purposes?

Real Time RatingsTM are calculated on an hourly basis based on the information that is available in the RateCity database..

Does RateCity rate all products available in the market?

We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our Real Time RatingsTM. However, this process is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you. 


To the extent that the information in this report constitutes general advice, this advice has been prepared by RateCity Pty Ltd A.C.N. 122 743 542 Australian Financial Services Licence (“AFSL”) and Australian Credit Licence number (“ACL”) 316710 (“RateCity”). The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs. You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product. RateCity provides information about credit products. It is not a credit provider and in giving you information it is not making any suggestion or recommendation to you about a particular credit product. Please refer to RateCity’s FSCG  for more information. You should check rates and product information directly with the provider. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

The information in this report must not be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any purpose, in whole or in part, in any form or manner or by means whatsoever, by any person without RateCity’s prior written consent. All information obtained by RateCity from external sources is believed to be accurate and reliable. Under no circumstances shall RateCity have any liability to any person or entity due to error (negligence or otherwise) or other circumstances or contingency within or outside the control of RateCity or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication, or delivery of any such information.

The RateCity Real Time RatingsTM results do not include all providers in the market  and may not compare all features relevant to you. The rating is only one factor to take into account when considering these products. RateCity  acknowledges that past performance is not a reliable indicator of future performance.

Reference to third party products, services or other information by trade name, trademark or otherwise does not constitute or imply endorsement, sponsorship or recommendation of RateCity by the respective trademark owner.

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