Compare Bank Accounts for Australia

Everyday Accounts Compared
Provider Account Name Account Fees Minimum Balance Information
Account Fees
$5
waived if you deposit a minimum of $2,000 by the last business day every month
Minimum Balance
$0
Account Information
SENSE is an everyday transaction and savings account, working together to help you get ahead. Two accounts, one statement.
Provider Account Name Account Fees Minimum Balance Information
Account Fees
$3
waived if you deposit a minimum of $1,000 by the last business day every month
Minimum Balance
$1
Account Information
A low-cost online account for customers who don't want to transact via the branch network or use cheques. You have unlimited access to Internet and Phone Banking, with a Visa Debit Card for electronic purchases.
Provider Account Name Account Fees Minimum Balance Information
Account Fees
$5 a month
FREE if you deposit at least $2,000 per calendar month - eg your salary
Minimum Balance
$1
Account Information
A full-service account offering unlimited^ branch, cheque and electronic transactions, plus the benefits of a Visa Debit Card for 24/7 access to your money anywhere in the world.
Provider Account Name Account Fees Minimum Balance Information
Account Fees
$5
waived if you deposit at least $2,000 per calendar month
Minimum Balance
$0
Account Information
BankSA Complete Freedom Everyday account is an excellent transaction account. So long as you make a regular deposit each month you have the benefit of a transaction account with all the trimmings and best of all its completely free.

Bank Accounts Explained

Bank accounts are the safest and most practical place to keep cash. When a person opens a bank account, they are entering into a contract with the bank. The agreement means the bank account holder gives their money to the bank to hold, in return the bank gives the account holder quick, easy and instant access to their balance. Bank accounts also have a number of other features that can be really useful.

Bank Account Features

  • Debit Card – Once a bank account is opened, the bank will issue the holder with a debit card, which on its own fulfils the banks end of the agreement to provide quick, easy and instant access to funds.
  • Cheque book – People comparing bank accounts should think about whether they need a cheque book. If the answer is yes, then there is an additional cost for the privilege of using cheques to make payment. There are somethings that should be borne is mind. Paying by cheque is not immediate and takes time. Cheque books are not very practical to carry and criminals can misuse cheques. Many people tend to prefer using debit cards to make payments with cheque book facilities increasingly becoming outdated.
  • Overdraft facility – If you are comparing bank accounts then you should consider whether you will need to borrow and if so how much you need to borrow. You should check whether the bank account you are considering comes with an overdraft facility and more importantly what the fees and interest rates are for using the overdraft.
  • Interest on your balance – If you tend to hold a lot of savings in your bank account as opposed to being at zero balance or in the red, then obviously the most important consideration is the rate of interest the bank is prepared to pay on your savings. Banks vary enormously on their interest rates so it is important to check rates when comparing different bank accounts.
  • If you are looking for a banking solution then comparedinkum.com.au is the best place to begin your search. As a financial comparison website, comparedinkum.com.au helps you to quickly assess a range of different options from a variety of different banks and make a choice that is best for you.

Bank Accounts Hints And Tips

  • An individual’s savings often forms the bedrock of their personal finances; therefore it makes sense to look for the best possible deal. This does not mean exclusively searching for the account that offers the highest rate of interest, but also looking for an account which best suits your needs.
  • Regular savings accounts offered by banks and building societies are the most common type of savings accounts. These accounts pay a higher rate of interest compared to current accounts, and sometimes lock in the customers funds for a set period, or require a regular contribution every month.
  • Some banks offer internet savings accounts, which because of their lower overheads compared to branch savings accounts, offer higher rates of interest than those type of accounts, online savings accounts often allow their customers to withdraw their cash without providing notice.
  • A final type of savings account is what is known as a term deposit account. This type of account holds a fixed deposit for a fixed amount for a specified period of time and generally offers the highest interest rates available. The big disadvantage with this type of account is should the account holder require money urgently if notice is not provided, or before the term of the deposit has ended, the holder will have to forfeit the interest earned.

Latest Compare Bank Accounts News from the comparedinkum Blog

Term Deposit Rates On The Rise

In July term deposits on tenures ranging from 1 to 3 years reached their highest level since 2017 continuing the trend of rate hikes. In June, research shows that there were ten times the number of rate hikes as there were rate cuts.  AMP, ANZ and many smaller lenders and cooperatives hiked their rates by anywhere between 5 and as many as 20 basis points. The rate hikes are in response to higher funding costs on international wholesale markets so the banks are trying to encourage more local deposits. Continue reading

Mobile Apps Are The Future Of Banking

Across the world people are taking to mobile banking in droves and Australia is no different. A rising number of Aussies are using mobile banking apps to manage their money and if you happen to be one of them, then it appears that you are much more likely to recommend your bank to friends and family. According to a recent survey undertaken by Roy Morgan, more than two-thirds of people polled said they would probably recommend a bank after using its mobile app. This is way more than people who visit branches or bank by phone. Continue reading

Australia Leads The Way When It Comes To Digital Banking

When it comes to cashless banking in Australia, Sydney and Canberra lead the way according to a report by card company Visa. The report recognises both cities as being digital leaders in large part as a result of Australia’s advanced digital banking payments system. Aussies are already very accustomed to online banking and there are a large number that make use of the system. Continue reading

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