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Learn more about bank accounts

Why do banks charge fees?

To put it simply, banks charge fees in order to make money. Any fees charged make up that financial institutions' revenue. It’s important to remember that banks are businesses, and businesses need to make money in order to sustain themselves and remain profitable. 

Charging a number of small, seemingly innocuous fees to their customers is one of many ways that the banks achieve this.

However, many banks don't charge you ongoing fees, like monthly account fees or foreign transaction fees. This is why it literally pays to do your research when choosing a bank account. 

What kind of fees should I look out for in my bank account?

There are a number of different fees that banks charge on bank accounts (also known as transaction accounts). If you are looking to do anything with your money, there could be a fee for it.

Here are some of the most common bank account fees: 

  • Monthly account keeping fees – As the name implies, these are charged on a monthly basis. This fee is usually a few dollars and is essentially charged to keep your account open. Many banks will waive this fee if you deposit a certain amount each month or keep your balance over a particular amount. This incentivises customers to put more of their money in their bank account.
  • Foreign transaction fees - Another common fee type that may be charged are overseas fees, such as foreign currency conversion fees, overseas EFTPOS fees, overseas ATM fees and general, international transaction fees - whether shopping online on an international website or travelling.
  • ATM fees – The big four banks now charge no ATM fees, but this doesn’t stop smaller banks from charging you an ATM withdrawal fee, usually at around $2 per transaction. Some bank accounts also have a limit on the number of ATM withdrawals you can make in a month and will charge you if you exceed this number.
  • Internet and phone banking – Depending on your bank account, you may be charged for withdrawals or deposits made when using these services.
  • EFTPOS transaction fees – It’s possible that you could be charged for using your debit or EFTPOS card to make a purchase.
  • Branch fees – This can be charged when you visit your bank’s branch to make a transaction, through a withdrawal or over-the-counter deposit fees. Your bank may also charge you a cheque fee if you need to make a cheque payment, though this is becoming less common.
  • Overdraft or dishonour fees – A fee could be charged if the balance on your bank account drops below zero. You will be charged an overdraft/overdrawn fee or dishonour fee by your bank for trying to make a payment when you don’t have enough funds. For example, if you have a joint account, and you haven't communicated your purchases with this person when a bill is due, this may result in accidental overdrafts. You can avoid this by choosing an account that does not charge overdraft fees. This would cause your transactions to decline, rather than put you in overdraft. This may be a little embarrassing at the cash register, but it’s also a lot less expensive.

So how do I find a no fee bank account?

While this might look like a lot of fees, it’s worth pointing out that most bank accounts will not charge any at all. They might be profit-driven, but banks still need to be competitive at the end of the day to incentivise new and existing customers to bank with them. This is even more reason why it's valuable to shop around when choosing your bank account, so you're not stuck paying fees when others don't.

The best way to find a fee free bank account is to compare your options and do your research. Tools like comparison tables can help you compare apples with apples. The comparison table on this page allows you to view some of the most common fees, like account keeping fees and ATM fees. This immediately lets you rule out these options in your search. You can then look at individual features and other perks provided by a no fee bank account, such as whether it is offers a Mastercard or Visa debit card.  

Is a low fee bank account better than a fee free bank account? If you find a bank account that ticks all of the other boxes, but still charges for certain services like overseas fees but not withdrawal fees, weigh up how likely you are to use these services. If your bank charges a few dollars to issue a cheque, but you doubt you’ll need to use this service, this fee may not even be a problem for you. Alternatively, you can search for a no cheque deposit fee account. 

In other words, depending on your financial situation, by being consumer-savvy and doing your research, you can turn a low fee bank account with fees into an “unofficial” fee fee bank account.

Which banks offer savings accounts with no monthly fee?

Once you start shopping around, you’ll notice that there are plenty of fee-free account options on the market. You may find suitable offerings from the big four banks (ANZ, Commonwealth Bank, NAB and Westpac), though some may have conditions attached to their fee-free options.

Here are some of the accounts charging no monthly fees, offered by the big four as well as other lenders:

To explore other options, use the comparison table on this page.

Are there any bank account perks?

Bank accounts might not have the same extravagant perks as credit cards, such as concierge services and VIP event seating. However, there are certain benefits that financial institutions offer for choosing one of their bank accounts. Here are some perks and bonuses you may find:

  1. Interest. Despite not being savings accounts, some providers still offer customers interest on their banking accounts. You can compare these bank accounts through the comparison table on this page by sorting your search via 'Maximum Interest Rate'.
  2. Rewards. Some bank accounts also allow you to accrue rewards points through eligible purchases and/or maintaining a minimum account balance. This is less common nowadays thanks to the continued popularity of rewards credit cards. But these rewards may include frequent flyer points, gift cards for affiliated stores, cash back and more. 
  3. Savings tools. Most savings accounts now require your transaction account to be linked to your saver. Not only does this make meeting minimum deposit requirements easier, but you may be able to boost your savings with 'Round-Up' tools. Round Up tools allows savers to automatically transfer spare cash between their earnings and expenses via direct debits into their savings account.
  4. Digital wallets. Whether you are team iPhone or team Android, many bank accounts also now offer Apple Pay,  Google Pay and Samsung Pay. This allow you to make transactions using your smartphone, rather than a debit card. This process can make online banking simpler at checkout as all your details will be preloaded. Not all banks or bank accounts currently offer this option, so look out for one that does if this appeals to you. 
  5. Cardless cash. Using digital wallet technology, cardless cash is another feature that banks are rolling out more and more. This service allows you to use your bank’s mobile app to pay for everyday purchases and make ATM withdrawals, even if you don’t have your card on you.

Will a fee free bank account really offer no fees? Just because a bank is calling its transaction account 'fee free' may not mean it's so. Oftentimes you may see an account advertised as fee free as it doesn't charge a monthly account-keeping fee. However, you may still be stung at the ATM, or when shopping internationally via currency conversion. Read the product disclosure statement linked to any financial product before you apply. This will also outline any eligibility criteria required on application.

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