Compare Bank Accounts for Australia

comparedinkum Featured Bank Accounts for January
BankSA Maxi Saver Shadow
Maximum Interest Rate
3.65% p.a.
 for first 3 months 
Standard Interest Rate
2.00% p.a.
St.George Express Freedom Shadow
Maximum Interest Rate
0% p.a.
Standard Interest Rate
% p.a.

The ranking does not represent an implied recommendation for a particular financial product on the part of comparedinkum. Visitors should evaluate each individual product and choose the product that suits their requirements the best.

Banking Explained

Bank accounts are used by people for many reasons. Some people prefer transaction accounts, where the account is used for paying in their salaries and paying bills. Others use bank accounts to save money, with those accounts offering interest on the balances enabling people to earn on what has been saved. Some transaction accounts come with overdraft facilities, whilst some savings accounts expect the holder to keep the balance for a specified term and are known as term deposits. There are therefore a number of bank accounts, which include:

  • Transaction Accounts
  • Savings Accounts
  • Term Deposits
  • Business Bank Accounts

Every month, the bank will send a statement regardless of what type of account is held. The statement enables the holder to check what has been spent, what has come in and how much is earned in interest. The statement will also detail what has been charged in fees and commissions for running the account. It is important that bank account holders always check their statements to ensure they have not been charged fees erroneously. Some bank accounts offer immediate and pre-approved access to credit in the form of overdraft facilities. Before using the credit it is important to note what the interest rate and fees are charged for making use of the credit facility. All bank accounts now come with phone banking facilities and with internet banking it has become easier than ever to manage finances.

Regardless of what your financial requirements are, brings together a range of options from a variety of banks that will help everyone from first time savers to the most seasoned investor. You will find transaction, savings and term deposit accounts organised in an easy to understand way that will help you make an informed choice very quickly.

Tips For Selecting A Suitable Banking Provider

If you are bewildered by how much choice there is when comparing bank accounts, follow these five simple steps for determining which bank account is best for you.

  • Assess how you will use the bank account?
    The best bank account depends on your own financial situation. If you have a lot of savings you want a high interest rate. If however you carry debt instead, then you want low charges and interest rates. So be clear how you will use your account first and then start the comparison accordingly.
  • Do you prefer to manage the account online or in branch?
    You should consider whether you prefer seeing your bank in person or managing the account online. The internet means physical proximity to a branch no longer needs to be a concern when comparing bank accounts. In fact it is possible to open a completely online bank account these days and some banks no longer even have a branch network. Almost all branch based accounts come with telephone and online banking facilities as well.
  • How important is customer service?
    If you value customer service then the bank that offers the best interest rates may not be the right account for you, because customer service and interest rates are almost unrelated. If customer service is important you should check how well the bank that provides the account you are considering ranks in terms of customer service satisfaction. You can do this through a simple internet search.
  • Should you pay a monthly fee for your bank account?
    Some bank accounts are completely free of charge so long as you maintain a minimum monthly or quarterly balance. If you are consistent with savings or holding a balance, then it may be worth considering holding this type of account. Other bank accounts charge but say they provide a range of other benefits such as travel or mobile phone insurance. These accounts are known as packaged accounts but only make sense if you actually make use of the benefits that are provided.
  • Switch to the best bank account.
    Once you have compared bank accounts and found the one most suitable for you, all you need to do is open an account and switch you banking to it.If you are looking for a bank account deal then offers a quick an easy way to compare banking solutions offered by a variety of different lenders. You can see the costs and benefits for many different types of bank accounts including transaction, savings and term deposit accounts. will help you make the best choice for your financial requirements in an easy to understand way.

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Goldman Sachs Could Set Up Online Retail Bank In Australia

Australian banks have been put on notice after global investment bank Goldman Sachs announced that it is intending to enter the UK market with a high-interest online savings account in 2018. In an interview with the Financial Times, Stephen Scherr of Goldman Sachs said the investment bank plans to increase its retail profile by offering online personal banking in the UK in the same way it has already done in the US. The bank intends to provide consumers with easy-to-use savings accounts that offer high rates of interest. Continue reading

ANZ Adopts Samsung Pay Giving Customers Extra Choice

Australian banking major ANZ has added Samsung Pay’s digital wallet platform which makes it the first of the big four lenders to allow its customers who hold debit or credit cards the option of choosing between Apple Pay and Android Pay. ANZ said it is allowing its customers to choose any of the major mobile payment technologies as well as its own platform ANZ goMoney. The bank said the decision was driven by a desire to offer customers superior services by embracing digital technologies. Continue reading

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