Australia’s Best Bank Accounts June 2022

Looking to open a new bank account? Here are some of the best-value bank accounts in Australia, as judged by Canstar’s expert researchers.

Everyday transaction accounts are bank accounts you use for your day-to-day spending and banking needs. They come with a debit card that you use to make in-person and online purchases.

There are dozens of transaction accounts out there to choose from. To help you with your decision, Canstar’s researchers have assessed and rated transactions accounts on our database. We’ve given the top accounts a 5-Star Rating based on their price and features.

Expert picks: 5-Star Rated bank accounts for high transactors

Canstar’s expert researchers gave the following transaction accounts a 5-Star Rating in June 2022 (listed alphabetically). The results are based on a customer who wants full access to their account (including ATM, EFTPOS, bill payments and in-store purchasing) and makes an average of 100 transactions per month.

Commonwealth Bank Smart Access

Commonwealth Bank’s Smart Access bank account comes with a range of features, including cashback when you spend at popular stores with CommBank Rewards and budgeting tools like Bill Sense and Spend Tracker. The account does charge a monthly fee of $4, but this will be waived if you meet certain conditions (including depositing $2,000 a month or being under 25 years old).

Great Southern Bank Everyday Edge

Great Southern Bank’s Everyday Edge account comes with no monthly account keeping fee and unlimited fee-free transactions. You can also get refunds on international transaction fees when you meet certain conditions (deposit $2,000 a month and make at least five card purchases with your linked Visa debit card).

HSBC Everyday Global Account

HSBC’s Everyday Global Account is designed for use both in Australia and overseas. It is a multi-currency account that lets you hold up to 10 foreign currencies. It charges no monthly fee, transaction fees or ATM fees for HSBC-branded ATMs. It also offers 2% cashback on eligible tap and pay transactions under $100.

ING Orange Everyday

The ING Orange Everyday bank account offers features like 1% cashback on eligible utility bills. It also charges no monthly fee, rebates on international transaction fees and up to five rebated ATM withdrawal fees a month when you meet certain conditions (deposit $1,000 a month and make at least five card purchases with your ING debit or credit card).

Macquarie Bank Transaction Account

The Macquarie Bank Transaction Account charges no monthly fee, no transaction fees, no international purchase fees and refunds on ATM fees in Australia. The account also earns you interest on your account balance, currently up to 1.50% from 17 June 2022.

Suncorp Bank Everyday Options Account and Everyday Essentials Account

Suncorp’s Everyday Options Account charges no monthly fee and no foreign currency conversion fees on Visa debit card purchases made online or overseas. You can also open up to nine sub-accounts. On all accounts you can currently earn 0.01% interest.

Suncorp’s Everyday Essentials Account is designed for low income earners and those receiving government benefits. It also charges no monthly fee and no foreign currency conversion fees on Visa debit card purchases.

Westpac Choice

The Westpac Choice account offers features such as mobile notifications each time money leaves your account and partner discounts through the Westpac app. It charges a $5 monthly fee, but it will be waived if you meet certain conditions (such as depositing $2,000 a month or being under 30 years old).

Further terms and conditions may apply with each account. Read any relevant documents on the provider’s website, and contact the provider if you need more details.

Compare transaction accounts

After a savings account or term deposit? View the most recent Savings Accounts Star Ratings and Awards and Term Deposit Awards. The Savings and Transaction Account Star Ratings results page was published in April 2022, but the Star Ratings are updated monthly.

How to find the best bank account for you

The best bank account will depend on what you are looking for. Here are some features to look at when comparing everyday transaction accounts.

Monthly fees

Monthly fees, also called account keeping fees, can add up over time. So it’s best to look for a bank account with no monthly fees, or one where you can get the fees waived. If there are monthly fees charged, check whether the features on offer justify the cost.

Other fees

Other fees can apply depending on how you use your account. Common examples include currency conversion fees, ATM fees and EFTPOS transaction fees. It’s worth checking how much these fees are and considering whether you are likely to encounter them.

Easy to use

Also consider how easy it is to make transactions and manage your account. Check if the provider supports the payment options you want to use, such as Apple Pay, Google Pay, BPAY, PayID and Osko. Also check what tools are available in your bank’s internet and mobile banking, such as budgeting tools or security features.

Linked savings accounts

If you are planning to open a linked savings account with the same provider, it’s worth checking factors like the interest rate, any bonus conditions, fees and any useful features on offer.

Bank account FAQs

What is the difference between a bank account and a savings account?

A savings account is another type of bank account, along with transaction accounts and term deposits. Savings accounts are designed to help you save money. They may be linked to your everyday transaction account and you will usually earn interest on money you deposit into your savings account. Unlike transaction accounts, savings accounts do not come with a debit card and they are not designed to be used for your day-to-day spending.

Do I get a debit card when I open a bank account?

Yes, you will usually get a debit card sent to you in the mail after you open a transaction account. Some providers also let you use a digital debit card immediately by adding the card to Apple Pay, Google Pay or Samsung Pay.

Can I earn interest with a bank account?

There are some transaction accounts that allow you to earn interest, but most transaction accounts do not. If you want to earn interest on your money, you could consider opening a high interest savings account or term deposit instead.

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