Best Transaction Accounts

Yes – most banks waive their account-keeping fees for kids, students, pensioners and retirees.  Many also offer no-fee banking for young adults under the age of either 25 or 30 years old, or for older Australians over the age of 65.

There’s no right or wrong answer to the question of how many bank accounts you should have.  Some bank customers compare the features of various options and open multiple accounts to take advantage of the free features on offer.  Other customers prefer to stay with one financial institution and claim discounts for having multiple accounts with the same bank.  Some banks offer free transaction accounts if you open a linked savings account, while others offer free banking if you open a term deposit.  Others find it more manageable to simply have one account for all their transactions.

Account fees are often monthly costs charged by some, but not all banks. They are usually in the range of $3 to $6 a month. If you open an everyday transaction account with a monthly fee, you’ll automatically be charged that fee unless you fall into an exemption category, such as children, pensioners and retirees.  On the other hand, transaction fees are charged per transaction that you may choose to carry out, such as paying someone by BPAY, depositing a cheque or sending money overseas.  There are specific per-item fees for many of these transactions, which is why it’s important to compare accounts with Savvy to find one which best fits your banking needs.

If you originate from overseas or travel a lot, you’ll want an account that does not charge overseas transaction fees and perhaps one that allows payments to be made, and money to be transferred, in multiple currencies.  Such accounts are often known as international or global accounts. Many banks don’t charge full-time students account-keeping fees, but do charge for overseas transactions.