Poll: Best Australian Bank Transaction Accounts in 2018

scrimshaw on 10/01/2018 - 15:04
Last edited 18/03/2019 - 18:00

Moderators at OzBargain have decided to run yearly polls to decide the best products in popular categories that get asked repeatedly in the forum. Our aim is to have a central thread where users can vote on the items, suggest options and also change their vote throughout the year. The polls will end once the year is over.

Question

What is the best Australian Transaction Accounts for 2018?

Once again we revisit this topic of the Best Aussie Transactions Bank Account for the year 2018. Last year, you voted for the following accounts, in order of first to last:

  1. ING Orange Everyday Transaction - 131 Votes
  2. Macquarie Transaction Account - 40 Votes
  3. NAB Classic Banking Account - 19 Votes

Some of these account terms and conditions have now changed — I anticipate that the poll results might be different this year.

What is a Transaction account?

Transaction accounts, or 'savings accounts', as some banks like to call them, is a basic bank account that everyone should have and is often the account you typically use to spend money with, such as paying for basic expenses and bills.

However, these accounts can attract fees in various different forms: such as

  • Monthly account keeping fees
  • ATM fees (for using an ATM that belongs to another bank). Many banks however, have now ditched local ATM fees.
  • Phone, or Internet banking fees
  • EFTPOS and Branch fees
  • Foreign transaction fees and Overseas or International ATM access fees

Some of these accounts also offer it's members benefits, such as:

  • Support for contactless Mobile payment platforms such as Apple or Android Pay
  • Being able to earn some interest
  • Joint accounts
  • Fee-free money transfers to other banks
  • Cashbacks, Discounts and other freebies from businesses that have partnerships with the Bank you're with.

So what's your favourite Transaction account for the year 2018? Make your suggestions below, and be sure to justify why it's the best account for you.

  • Don't see an account that you like in the poll options? Make a (sensible) suggestion and we'll add it to the list.
  • You are allowed to change your vote throughout the year.

How to Suggest a Poll option?

Image.

Poll Options

This is part of What Should I Buy poll for 2018. Check out other recommendations from the OzBargain community.
Financial What Should I Buy

Comments

  • Unorthodox on 10/01/2018 - 18:12
    +2

    I feel that having a NAB account (fee free) is a no-brainer and whilst you don't use it as an everyday, it complements the everyday bank account you use.

    ie: a combination of the NAB account and the ING account means you negate the disadvantage of having AusPost cash withdrawals only. You can also churn out money from your ING account to your NAB and transfer back to meet the $1000 deposit requirement if need be.

    ING - advantages

    • very good customer service (both calls to the call centre and online are very easy)
    • ATM rebate both domestically and international
    • international transaction fees waived
    • decent interest rate
    • great mobile app (could be better if they added more settings and options such as biometrics on the Android version)
    • savings maximiser has no limitations
    • AndroidPay

    ING - disadvantages and how to rectify them

    • monthly $1000 deposit; as mentioned above, keep another fee free account such as the NAB account and transfer in and out so even a low income earner can take advantage of the decent interest rate on the savings maximiser
    • from March 2018 you need to make 5 tap transactions - this is touch and go and is mainly on the owner
    • credit card add-on is not very useful if you are the type who likes consolidated finances
    • scrimshaw on 11/01/2018 - 10:15

      remember to click the green Vote button if that's what you want to nominate.

    • FirstWizard on 31/01/2018 - 15:32

      from March 2018 you need to make 5 tap transactions - this is touch and go and is mainly on the owner

      actually, unlike me bank, ING purchases do not have to be tap and pay. It can be any purchase on your VISA card.

      I decided to make 5x$1 transactions to powershop. Other people have been suggesting sending 5x1cent to friends using PayPal (there's a small fee but that's negligible for 1 cent payments) :P

      source: https://www.ing.com.au/everyday-banking.html

      from 1 March 2018, also make at least 5 card purchases using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions).

  • scrimshaw on 11/01/2018 - 10:14
    Suggested NAB Classic Banking Account

    NAB Classic Banking account is suggested by user Unorthodox
    https://www.nab.com.au/personal/banking/transaction-accounts…

  • trendisyourfriend on 11/01/2018 - 12:19
    Suggested Citibank Plus Bank Account

    CITIBANK PLUS BANK ACCOUNT

  • niknah on 14/01/2018 - 22:24
    +1
    Suggested UBank U Saver Ultra

    There're only 2 choices. Why didn't you copy the list from last year?

    I suggest ubank usaver ultra for it's sweeping feature and slightly higher interest 2.87% than ING direct at the moment. You only need to deposit $200 a month to get the higher interest.

  • Gina Rinehart on 17/01/2018 - 15:08
    Suggested ING Orange Everyday

    Since it isn't on the poll yet.. ING is one of the most popular fee-free bank accounts around here, so I'll post it.

  • trendisyourfriend on 18/01/2018 - 09:22
    Suggested Macquarie Transaction Account

    Macquarie Transaction Account

  • joungs on 20/01/2018 - 05:43
    +2

    All the people voting ubank i want to know your reasoning, the ubank savings account is great with 2.87% interest and you need the transaction account to get it but the transaction account alone is pretty meh. Only good features are fee free (should be a given) and the sweep feature which can be useful but also annoying.

    • BloodyOath on 22/01/2018 - 11:55
      +3

      Depending on your usage case, the sweep feature is great and (IMO) should be standard for all linked savings/transaction accounts. Keeping pretty much 100% of your money earning maximum interest until the second you need it and not having to concern yourself with manually shifting money between accounts is awesome.

      If, like me, you do all of your transaction spending on a credit card and direct debit the full balance each month, this account and the sweep feature is ideal.

      UBank is not perfect. Not being able to deposit cash is irritating and the website/app are weird and clunky. But the savings rate and sweep makes it no.1 for me.

      • Xizor on 09/02/2018 - 22:09
        +1

        I just left ING for uBank. ING are going to crap too many conditions to get perks. Fine if you use the card every week but i dont so as of March it sucks.

  • cpho on 27/01/2018 - 00:29
    Suggested AMP Bett3r Account

    Suggesting AMP Bett3r Account as it's been a competitive alternative in the past. (3% interest rate on savings account up to $100k)

    With the Macquarie transaction account, doesn't that effectively combine the benefits of ING and Citibank into one account, without downsides of citi's outdated website, and ING's 5 transaction caveat? (traded off against a slightly lower interest rate on savings)

  • Vortex99 on 31/01/2018 - 17:01
    Suggested HSBC Day to Day account

    Suggesting HSBC - Basically like a 2017 ING - you can deposit cash at a Post Office, you don't have to tap 5 times a month, and a lower threshold ($300) to get bonus interest on a linked Savings (Flexi Saver) account. (300 increase into savings account)
    They have Apple Pay too, and only negative I'd report is the Phone app is VERY slow to load, but desktop/website experience is fine.
    I don't like transactions per month conditions, as a frequent traveller you lose your next month's bonuses too easily.

    • scrimshaw on 31/01/2018 - 17:41

      I've been with HSBC now and don't find them that good, since we HSBC customers are missing out on

      1. other digital payment methods like Android or Samsung Pay (Update 2018 august: Now supports Google and Apple Pay)
      2. I think there are still ATM fees when you use Commbank, Redi ATM, or St. George ATMS
      3. their mobile app, while functional for the most part, lacks any sort of biometrics login methods

      But HSBC Premier has good perks from what I've heard.

      • Vortex99 on 31/01/2018 - 21:12

        One thing I love about the HSBC vs ING - let's say you keep most of your money in the Savings account, and you're moving money to a third party. ING you need to 'Transfer money' then 'Pay Anyone'. HSBC is a one step transfer.
        I belive UBank can do this one step transfer (from Savings to external party) too.

        PS: Their Aussie App does do TouchID on iPhone

    • [Deactivated] on 31/01/2018 - 22:52

      the Mobile app kills the banks potential, would not recommend it because of that, if only it had the same one as the Hong Kong app.
      However I do believe that if one wanted higher level of security and doesn't mind a 90s website to go for it. Because it has a online security device which generates a code, however can be annoying if you don't have it in hand as online external transfers can't be made without it believe?.
      I do however recommend this maybe to Chinese speakers whom lacks English skills? since most branches I have been to have people whom speaks both Cantonese and Mandarin and also if qualify for HSBC Premier.
      However their credit cards and home loan are quite competitive.

  • Toph Beifong on 01/02/2018 - 23:27

    For those using Macquarie, do transactions made using the debit card reflect on the online app immediately? (like ING).

    • trendisyourfriend on 03/02/2018 - 19:04

      In my experience debit transactions (ie inserting the card and pressing eftpos) show up straight away. This is true across lots of banks.
      Processing via the 'credit' network (visa/mastercard) which includes paypass don't always show up straight away. However some banks give info on the transaction and list it under 'pending'.

      I am not sure of macquarie myself, but as an example the Ubank transaction account: etfpos debit transactions show up straight away, but credit style transaction take couple days to show up.

      • Toph Beifong on 03/02/2018 - 19:23

        With ING online transactions appear the instant you make them, however at Citibank they take a day or two to show up which is annoying as it makes it difficult to track your spending. Reason I asked is because Macquarie is pretty much on par with Citi in terms of what it offers to customers, so I may as well make the switch.

        • trendisyourfriend on 07/02/2018 - 19:41

          Cant confirm about debit card transaction at macquarie.
          But in general I find Macquarie, Ubank, ING, quick to update transactions both when sent and receiving. CBA, ANZ are ok. Citibank slowest, almost always taking overnight to update when receiving and end of business day when sending funds.

    • E5TOQUE on 24/02/2018 - 20:31

      Yes they do.

      They will show up instantly as pending transactions until they clear.

      The app and online banking is the best around in my view.

  • Cousin IT on 07/08/2018 - 17:09
    Suggested Bankwest Qantas Transaction Account

    BankWest Qantas Transaction Account

    Earn Qantas Points on your account balance 365 days a year
    No ATM fees at Bankwest and CommBank ATMs Australia wide
    No monthly account fees when you deposit $2,000 each month

    https://www.bankwest.com.au/personal/bank-accounts/qantas-re…

  • scrimshaw on 07/08/2018 - 18:33
    +1
    Suggested HSBC Everyday Global Account

    HSBC Everyday Global Account.

    I signed up for this in May this year and it has some nice perks over the normal Day to Day account.

    • No overseas transaction fee
    • No account keeping fee
    • No ATM fees for cash withdrawals here or overseas (some ATM operators may charge a separate fee)
    • Visa Zero Liability3 protection against unauthorised purchases
    • Keep 10 different currencies in your account, basically all the common ones are supported: HKD, USD, SGD, JPY, NZD, GBP, EUR, RMB, CAD and AUD.
    • Other currencies are available for ATM cash withdrawals, with funds deducted from your AUD account and exchanged into the local currency at the current Visa exchange rate.
    • Supports Google and Apple pay as well.
  • maiuspala on 08/08/2018 - 19:36
    -1

    Just out of interest, why dont you guys like cba as an everyday bank?
    I have used it since arriving in AU ca 6 years ago and never had problems with it.
    Back then it was the best bank when working in the outback, you had plenty of atm-s and could even do cash out in postoffices.
    And now when living in Sydney i still feel that their app and website are very functional and havent had any problems with them.

    • non-core promise on 09/08/2018 - 17:21

      If you don't deposit the minimum $2k every month, they charge you $4. Lots of other banks offer transaction accounts without that.

      ATM fees have been abolished by the big 4 and Bankwest, but there are still ATMs not with those aforementioned that will charge you a few bucks to access your own money. Some banks offer transaction accounts that promise to refund any ATM charges if you use one not owned by them.

      The options for linked savings accounts suck. There are banks that offer higher interest rates with fewer conditions.

      One advantage of CBA is being the biggest also means more ATMs that offer 24/7 cash deposit (some places accept notes only with coins requiring human interaction, some accept notes + coins). That's something the smaller online banks will always be poor at. Yes, we're moving more towards a cashless society, but sometimes you end up with some cash on you that you want to put in your bank (like say, a GumTree sale). It's a lot less convenient with an online bank. In some cases, they don't even offer service through a post office and you have to deposit it with another bank, then electronically transfer the funds over.

      Their website and mobile app are not bad at all, but it's not exactly a high standard when you look at everyone else.

      • maiuspala on 09/08/2018 - 17:56
        -1

        Oh wow. I had no idea about the 2k/mth deposit, which i have done the whole time unintentionally.
        I just opened a (4 mth/2.6% annual) savings account with them without shopping around and thought it was a good rate.
        cba app has been very good, especially when compared to citibank, velocity global wallet and even amex, but you reckon some aussie bank apps are even better. Seeing that ubank and ing both have good transaction and savings accounts, im tempted to try one. Which app would u suggest out of these 2?

        Looks like ignorance is bless :) or i just have been lucky with cba. But it is time to up the game.

        • non-core promise on 09/08/2018 - 21:44
          +1

          http://betterbanking.choice.com.au/ditch-and-switch

          That Choice site frequently goes down and/or requires multiple refreshes to get through. It is powered by Mozo.com.au.

          The current consensus of the OzBargain-esque crowd seems to be RAMS (3%) if you can deal with no withdrawals (or use it as a mechanic to encourage better budgeting habits) and UBank (2.87%) for always maintaining access to your own money. Both have a much lower minimum deposit of $200 per month. They still take away money from you if you fail to uphold their conditions, but in the sense that they cut your interest rates for the month, rather than a flat fee. In a sense, that's actually worse than CBA's $4 (unless you have very little in the account), but you won't have to worry about leaving accounts idle for long periods of time without regular deposits and having your money slowly siphoned away.

          ING offers a better mobile app experience, as in they actually pay attention and adhere to some design standards. ING is one of those banks that offers to refund ATM fees, but I believe a few months ago they added another condition where you have to use the card to spend money at least 5 times a month (some people just split a small part of some grocery bills to count as a "transaction"). I guess it's a case of YMMV, but some people saw that as enough reason to look elsewhere.

          UBank requires you to have a linked transaction account for the bonus interest (it's 1.81% base, 1.06% is added the next month if you fulfil their conditions the month before) and their "sweep" technology means you will always have (at minimum) $100 in the transaction account not earning interest.

          UBank currently has the highest "permanent" savings rate for an account that allows you to keep access to your own money at all times, but their site and mobile app are… absolutely awful. Their site takes an excruciating amount of time to load after every click in the menus (it seems like it reloads the entire page from scratch for every little link instead of only what is necessary). It doesn't play nice with some password managers/auto fillers. This can lead to failed logins. After 3 failed login attempts, they lock down your account. If you get impatient with the speed of the website + password filling misbehaviour and start mashing the mouse button, that's all it takes.

          Their mobile app doesn't even support fingerprint login on Android, which, considering the ubiquity of fingerprint sensors on mobile phones at nearly every price point in 2018, is absolutely ridiculous. They also do not support any cash deposits whatsoever. Not even at the post office. I believe they actually encourage you to open a no fee bank account with NAB (their parent company) and transfer it electronically, just for a cash deposit.

          you reckon some aussie bank apps are even better.

          I believe there was a study or survey not too long ago where they compared the digital experiences (website + mobile app) of all the banks and CBA was closer towards the top. I was more referring to how a lot of other banks have absolutely terrible websites and mobile apps. CBA's stuff is okay, there are just a lot of minor annoyances that remind you it's a bank's website/mobile app.

          As an example, in CommBank's mobile app, you can access a menu by swiping from the left edge. If you go to Settings, choose any of the options available, then go back (Android back button or the top left back arrow), it throws you back to the app's homescreen. If you just wanted to access a different option under Settings and just wanted to quickly go back, you can't. You're forced to swipe left to open up that menu, then tap on Settings again, THEN you can choose the different settings you wanted to go to. That added swipe + tap to access something that should be just 1 tap back is very unnecessary and feels jarring when you're repeatedly going through stuff in the menus sequentially. It should have been caught by any semi competent UX/Quality Control team.

          That probably sounds extremely nitpicky, but it just keeps reminding you it's software from a major bank, it isn't a big enough deal for anyone to really care (especially when you look at the other banks) and they either cheaped out on their IT/software development staff and/or they're not given enough freedom by their business managers or given enough incentive to care about the user experience.

          Their mobile NFC payment via their own app also does not work if the shop is in a data blackspot and there's no internet connection (this happens more often than you think in a large shopping complex with poor signal penetration). In comparison, Google Pay (last I read) stores 25 "tokens" locally on the device, so you can pay for stuff even if you temporarily lose connection.

          There's also 86 400, a UK bank planning to expand into Australia. Their sales pitch emphasises on being more focused on digital banking services and having a lower overhead. You can sign up to the early access mailing list now and they're planning to have a beta by the end of the year and full public launch in 2019. Might be worth keeping an eye on.

        • maiuspala on 10/08/2018 - 06:03
          -1

          @nobelharvards:
          Thank You so much for very detailed overview.
          I will skip ubank (im pretty impatient) and will try to make up my mind between ing everyday+savings acct or cba everyday+rams savings acct.

  • NervousRex on 23/09/2018 - 16:54
    -2

    I wont say which bank I use, but I have been using the settlement account of one of the Big 4 online stockbrokers.
    By law there are no fees. Because they require you to settle through their bank ie you have no choice, they are precluded from charging fees through these accounts. That would be 3rd party charging. They can charge brokerage for your share trade but to charge fees on an account that you had no choice but to open is just not cricket.
    Many years ago when competition was not as fierce you needed minimum $5000.oo to open.
    I did not have the full amount at the time.
    The bank itself gave me a useful nudge, I opened the account at a branch with a withdrawal slip from my credit card account for the balance to $5k and an immediate withdrawal slip from new settlement account and deposit slip back to creditcard account same day. There is no requirement to buy or sell shares that i'm aware of. If its suitable you can have cards etc on these accounts, on balance interest is negligible. Personally I find the market a better choice but if thats not your game easy to transfer to one of the trustee companys 24hour call accounts. Its a useful strategy. Havent paid a fee since dial up days. Another tip - buy shares.

    • [Deactivated] on 25/09/2018 - 21:32

      What's the advantage of doing this?

  • aboutconfig on 07/11/2018 - 12:31

    What's the advantage of Macquarie Transaction Account compared to ING other than the insurance cover?

    • jacktator on 27/11/2018 - 22:20

      Macquarie have a Gift Card Marketplace, you can buy a wide variety of discounted gift cards there.

    • tonyduffe on 06/12/2018 - 09:18

      If you don't need overseas free ATMs no need to meet monthly requirements is a benefit in my opinion for Macquarie and their App and Internet banking is much better than ING.

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