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Bank Offers for New Accounts in Australia

Name: Bank Offers for New Accounts in Australia
Creator: Savvy
Published: 2022-04-07T09:53:13+09:30

Discover what incentives and bonuses the banks are offering to attract new customers to open an account.

Written by , updated on July 31st, 2023

Compare new bank account offers

Finding the best bank account can save you hundreds on fees and connect you with the very latest in smart banking technology. Compare bank accounts from a wide variety of providers with Savvy to find the very best offers available on the market right now.

Up Everyday Account

	Monthly Account Fee	Features	Card Type	ATM Fee	Interest Rate
	$0	PayId, Osko, Samsung Pay, Apple Pay, Google Wallet,	Mastercard	$0	0%	Go to site
Go to site

Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)

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ING Orange Everyday

	Monthly Account Fee	Features	Card Type	ATM Fee	Interest Rate
	$0	PayId, Apple Pay, Google Wallet,	Visa	$0	0%	Read review
Read review

Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.

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NAB Classic Banking Account

	Monthly Account Fee	Features	Card Type	ATM Fee	Interest Rate
	$0	PayId, Samsung Pay, Apple Pay, Google Wallet,	Visa	$0	0.01%	Read review
Read review

No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.

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St.George Complete Freedom Account

	Monthly Account Fee	Features	Card Type	ATM Fee	Interest Rate
	$0	Samsung Pay, Apple Pay, Google Wallet,	Visa	$0	0%	Read review
Read review

Get $40 with a new Complete Freedom everyday bank account.

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Westpac Choice

	Monthly Account Fee	Features	Card Type	ATM Fee	Interest Rate
	$5	Samsung Pay, Apple Pay, Google Wallet,	Mastercard	$0	$0	Read review
Read review

Westpac Choice for easy day-to-day banking

More details

Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.

You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.

More about new bank account offers

Who doesn’t like a freebie or a bonus gift offer? Just as shops entice customers to walk into their stores with tempting ‘two for one’ offers, banks offer great deals to attract new customers too. Consider a range of bank offers for new accounts with Savvy and find out what great deals are available in Australia today.

What are bank offers for new accounts?

Most banks and financial institutions offer sweeteners to entice customers to open an account with them or to switch banks. These incentives come in many forms, including:

fee-free transaction account periods, such as offers for no account fees for a year or more if you sign up for a new everyday account
cash bonus offers, so the bank pays a cash bonus if you open a new account with them by a certain time deadline. These can range from $100 or so for a new transaction account up to several thousand dollars for switching home loans
cashback offers for tap and pay transactions, where you receive cash back based on a percentage of the transactions you make (such as 1% of all transactions on your card)
an interest-free period on balance transfers for people swapping their credit cards
awarding rewards points, frequent flyer program points and loyalty card points for customers opening a new account
offering gym memberships or subscriptions to health services to those signing up for a new account before a set deadline
Pay TV subscriptions, movie tickets and access to other pay-for-service digital subscriptions for a year or more when new customers sign up for a bank account, small business account or savings account

What else should I compare when considering opening a new account?

Banks and financial institutions offer such incentives in the hope of gaining a new customer for life. Therefore, customers should also look long-term and judge whether the financial product they’re considering really does offer them tangible advantages. Here are the important points to consider when you’re thinking of switching:

Transaction accounts

The key words here are accessibility, compatibility and versatility. Make sure the transaction accounts you’re comparing have mobile apps which are compatible with your phone, smart watch, digital wallet and credit card. If you frequently use ATMs, make sure there are plenty near you which won’t charge you for using them.

Make sure the transaction account offers all the payment features you need and consider whether you want advanced account features such as rounding up, automatic transfers (called account sweeping) or budgeting tools. Of course, make sure you minimise the fees you’ll have to pay by choosing accounts which are fee-free or which offer a sufficient number of free transactions to enable you to bank at no cost.

Savings accounts and term deposits

The interest you earn on your savings is the key comparison point for savings accounts. Even a 0.2% p.a. difference in the interest rate can make a huge difference over the long term. If you have savings you feel you won’t need for a while, consider a term deposit instead of parking your money in a high-interest savings account.

Term deposits can offer a higher interest rate in return for locking up your savings for a specified period, ranging from one month up to several years. It’s also worth considering accounts which offer a bonus interest rate if certain deposit conditions are met, such as an additional 1.2% p.a. interest if you deposit $1,000 or more per month.

Some of these bonus offers are conditional on having a linked savings and transaction account, whereas others have no conditions attached. Compare interest rates with Savvy to make sure your money is working the hardest it can for you.

Business accounts

Whether you’re looking for the best business account for a small business or an SME, compare not only the interest rate offered on your savings but the fee structure of the transaction accounts you’re considering. Make sure the account you switch to offers all the functionality you need, is compatible with your accounting or payroll software and has a fee structure which minimises cost to your business.

For example, if you run a retail business and regularly have cash to bank, make sure the bank you choose has a convenient branch nearby and free facilities to deposit your takings. Banking transactions which involve a bank teller can charge up to $2.50 per transaction, so if you’re banking every day the fees can soon mount up. Similarly, if you regularly transfer large sums of money between accounts or internationally, make sure you can do this fee-free or as cheaply as possible to avoid unnecessary expenses which can eat away at your profits.

What is a honeymoon rate?

A honeymoon interest rate offer provides a special interest rate for a set period, which is offered as an incentive to switch accounts. After the set offer period (known as the honeymoon period) is over, the interest rate will revert to the account’s standard rate. Such offers are made on savings accounts, credit cards and home loans in an effort to attract new customers.

For example, the honeymoon interest rate on a savings account may be 1.5% p.a. for the first 12 months, but after a year it reverts to 0.8% p.a. The difference between a honeymoon interest rate and a standard rate on your savings account can make a substantial difference to how quickly your savings grow, which is why it’s worth comparing with Savvy to make sure you always have the best financial offer available.

Which special bonus offers from the banks are the best or most valuable?

This will depend entirely on whether you’ll use or take advantage of them. Think carefully about whether you actually want a new gym membership or a particular pay TV subscription. Do you have spare time to visit a gym regularly? Do you need a new TV channel to watch? Will you use and benefit from the incentive being offered? If you don’t end up using this offer, it shouldn’t inform your decision.

On the other hand, if you’re on the lookout for a new pay TV subscription, it’s well worth comparing offers with Savvy so you get the offer that best suits your personal needs. As another example, if you’re struggling to pay your credit card debt, swapping to a card which offers no interest for a year on balance transfers could give you a financial break and help you get back on top of your debt.

Types of bank account

Transaction accounts

Transaction accounts are crucial for managing your everyday expenses, from paying your bills and rent to doing your grocery shopping.

Online accounts

Your account doesn't have to be with a bricks-and-mortar bank, however, with a wide range of online-only banks and institutions on the market.

Kids' accounts

Giving your child a bank account with special restrictions attached can help teach them financial literacy and the importance of money.

Student accounts

Student transaction accounts often come without fees and are designed to help you manage your funds and encourage good habits.

Joint accounts

If it's come time in your relationship to start managing couples' expenses together, a joint account could help you do so more effectively.

Business accounts

Banks and other institutions offer special transaction accounts for businesses of all sizes to enable you to cover your ongoing expenses.

Travel accounts

These are designed to be used overseas and often come with benefits such as no overseas transaction or ATM fees and multi-currency storage.

Why compare bank accounts with Savvy?

100% free

Our comparison service is free to use, meaning you can compare bank account offers at any time.

Compare and choose online

You can compare accounts and choose to open one online from wherever you are, at home or on the go.

Reputable providers

By partnering with trusted Australian institutions, you can be more confident when comparing offers with us.

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Disclaimer and important things you should know

Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.

We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.

For more information about us and how we conduct our business, you can read our privacy policy and terms of use.

1300 974 066

Sign up to our newsletter

Disclaimer and important things you should know

For more information about us and how we conduct our business, you can read our privacy policy and terms of use.

Bank Offers for New Accounts in Australia

Discover what incentives and bonuses the banks are offering to attract new customers to open an account.

Compare new bank account offers

Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)

Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.

No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.

Get $40 with a new Complete Freedom everyday bank account.

Westpac Choice for easy day-to-day banking

More about new bank account offers

What are bank offers for new accounts?

What else should I compare when considering opening a new account?

What is a honeymoon rate?

Which special bonus offers from the banks are the best or most valuable?