Best Australian Transaction (Day to Day) Account for 2024

scrimshaw on 10/04/2024 - 15:31
Last edited 10/04/2024 - 15:32

Question

What is the best Australian Transaction Account for 2024?

Transaction accounts are a basic day-to-day use account that everyone should have: It's an 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 Google Pay
  • Being able to earn some interest
  • Joint accounts
  • Fee-free money transfers to other banks
  • Ability to earn rewards points such as FlyBuys, and cashbacks
  • Extra bonuses when you refer friends and family to join the same bank

Last year, most of you voted for the Up Everyday Account, followed by the Macquarie Transaction Account. HSBC Everyday Global Account took third place.

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Poll Options Wed, 01/01/2025 - 00:00

This is part of What Should I Buy poll for 2024. Check out other recommendations from the OzBargain community.
Financial Bank Account Transaction Account What Should I Buy

Comments

  • Duckie2hh on 10/04/2024 - 15:33

    Depends what you are looking for? All of them are pretty much the same.

    • c64 on 10/04/2024 - 16:09
      +2

      not really, macquarie gives 4.75% interest & no foreign transaction fees, hsbc gives 2% cashback on tap and pay

      • AlienC on 11/04/2024 - 07:06
        -1

        so if you had 30-40k to dump somewhere to get the most interest this year where would you place it?

        • c64 on 11/04/2024 - 11:13

          https://goo.gl/FufTQP

          rabodirect 5.75% for 4 months if you a new customer

          otherwise, pick from the spreadsheet.

          AMP saver @ 5.40% is OK if you don't like too many hoops or being locked in, only need to make a deposit of $1000/month (money doesn't need to stay in, withdrawals OK)

          • AlienC on 11/04/2024 - 13:11

            @c64: What's the highest that doesn't need monthly deposits something I can just put it all in tomorrow and forget about it and let it build up for a bit with no deposit requirements or other things

            4 months is too short I'm just looking for something long term minimum 24 months

            • dongltron on 12/04/2024 - 13:06

              @AlienC: Bendigo Reward Saver. Only requirement is that you grow the account. Put your savings in monthly, that's about as easy as it gets.

            • Little Ada on 03/09/2024 - 21:47
              +1

              @AlienC: there is one bank named in1bank, new to the market, they are offering no conditions savings account, the rate is 4.00% p.a. not very high in the market, but don't need monthly deposits or whatever… you can put there and forgot about it.

              • Ade99 on 05/09/2024 - 08:06

                @Little Ada: Unfortunately below the present RBA cash rate …….it may suit some people….

      • Sinnerator on 11/04/2024 - 08:53
        -2

        buts that's only for purchases involving guns or drugs

      • HeWhoKnows on 04/09/2024 - 19:10

        Agree 100%.
        Macquarie by far the best transaction account

  • boomramada on 10/04/2024 - 15:39

    ATM fees (for using an ATM that belongs to another bank). Many banks however, have now ditched local ATM fees.

    Do people still use ATMs? Last time I had to use one to buy an item from FB market and all the ATMs near me were privately operated and I had to use Auspot.

    • CodeXD on 10/04/2024 - 15:56

      Surprised AUSpot let you withdraw, how high (amount) did you get?

      • boomramada on 10/04/2024 - 16:03

        Auspost, lol .. I think under $400.. :)

    • Cheapskate Paul on 11/04/2024 - 00:42

      Apparently, the greatest use of ATMs is for drug purchases. I can't see that changing any time soon.

    • timhn on 13/04/2024 - 06:27
      +2

      After lot of shops around me started charge surcharge with CC, I'm using more cash. Regular visit ATM almost every Sat.

      • Ganda on 18/04/2024 - 06:52

        Same here

        • timhn on 18/04/2024 - 19:40

          Forgot to add that more restaurants/takeaway places offering 5% off if pay by cash - or 1-2% surcharge if by CC.

  • Vulgar on 10/04/2024 - 16:47

    Feel like the 2% cashback of the EGA plus the the option to have multiple currencies makes it better than the others.

  • dongltron on 11/04/2024 - 01:34
    +2

    Depends on what you're looking for. Quite honestly I'd say HSBC is the worst bank I've ever used. On the other hand, the 2% cashback is quite enticing. If that really matters to you, HSBC is probably the best one, provided you're willing to put up with the rest of HSBC.

    Otherwise, Up is solid and Macquarie has some of the best security I've ever seen in a bank. As for ING and uBank, meh. They do their job, but I don't see why you wouldn't choose another unless you just wanted to keep all your eggs in one… Bank.

  • apokalypsez on 12/04/2024 - 12:29

    just got HSBC Everyday Global Account and the online banking is awful..confused as hell, the generate security code thing from apps i feel unsafe, exchange rate seems bad while others have better exchange rate from visa/mastercard…i can agreed with most people HSBC is only for 2% cashback.

    had ubank and got lock and closed…

    already have UP and MAc, just got ign aswell for back up and thought of get rid of HSBC and get another from UPbank?

    i find upbank is the best especially with digital card…using it for online shopping these day.

  • aidenh37 on 15/04/2024 - 21:58
    +1
    Suggested Westpac Choice

    Although it does have an account fee without meeting the requirements, Westpac currently has the best domestic and international cash handling facilities in my opinion.

    For cash withdrawals, account holders can use their (rather nice looking) Debit MasterCard at any Westpac, St George, Bank of Melbourne, BankSA, ATMx or Precinct ATM for free. For cash deposits, account holders can use any Westpac, St George, Bank of Melbourne or BankSA Smart ATM or Coin Deposit Machine. For those still wishing to speak to a human to perform these transactions, you can use any of the aformentioned banks' tellers or Bank@Post. Just know that cheques still need to be deposited at Westpac branches and post offices specifically.

    Although ATMs overseas are often free now, in the pacific this often still isn't the case, and that's where having this account comes in handy. Yes, there is still a 3% international transaction fee, but using the Global ATM Alliance (Westpac ATMs in New Zealand or Fiji, for example) ATM operator fees are not charged. This also works with the Worldwide Wallet travel card product, which may let you avoid the international transaction fee if withdrawing from AUD directly.

    The Westpac app has come a long way, and I'm seriously impressed with their budgeting tools - dare I say, it is only second to Up in terms of category flexibility. Although, it may be a little slow for some still. Web banking is still available too. Osko available, no SCT (so note payments from Macquarie Bank for example may be delayed). Customer service hours aren't as impressive as one would hope.

    Another bonus to some is the ShopBack cashback bonuses available when using this account.

  • aidenh37 on 15/04/2024 - 22:07
    Suggested NAB Classic Banking

    A perhaps little-known product is the NAB Platinum Visa Debit card linked to a Classic Banking account.

    The account itself is fee-free and very standard, with branch and post office access for those who require it. The debit card, once opted in, costs $10 per month (refunded via cashback with spend) and provides the standard NAB credit card insurances, like travel insurance.

    Why is this great? For example, if you're like me and use hire cars and carshare often, simply use this debit card to pay for the booking in full and there is no need to pay for excess reduction directly with the car company! This saves me at least $3.50/hour, $25/day in excess reduction fees for my local carshare location. For travellers, insurance can easily cost hundreds for a trip - but with this debit card, it is all reduced down to $10/month without any need to be approved for a credit card with NAB. Worth checking the full PDS for the full picture and specific wording.

    The card also has no international transaction fees - however, use a different card at overseas ATMs, as this card will still charge for international ATM use. This is the only 'real' platinum debit card left in Australia, too.

    Otherwise, the app is useful enough, with some basic budgeting tools too which I like.

    • Chigo on 17/04/2024 - 09:53

      Bankwest still has the Platinum Debit Mastercard with $0 monthly fee on the Easy Transaction Account.

      Have been using it for over 10 years and cant recall ever being charged a transaction fee

      Not sure on the insurance features but it use to be pretty good.

      • aidenh37 on 19/04/2024 - 17:16

        Unfortunately Bankwest and CommBank no longer offer platinum debit cards with actual insurances.

        Bankwest had something at one stage (I seem to recall) but now all debit cards are 'platinum' but not really, just zero international fees and that's all. CommBank had the World debit card but it was always invite only and I don't think it still exists. Macquarie used to have small insurances on their debit cards too.

  • BargainMe on 21/04/2024 - 12:54

    Definitely not Macquarie since it doesn't even a basic fundamental feature like EFTPOS.

    • aidenh37 on 21/04/2024 - 15:30
      +1

      Yup, personally, at least for now, prefer Macqaurie for Savings and Transaction accounts that don't need eftpos, paired up with another very useful transaction account as the main.

  • finbar on 21/04/2024 - 20:10

    NAB Classic is okay if you require cash handling. No monthly account fees.

    • aidenh37 on 22/04/2024 - 08:26

      Other than a worse app, no SCT and less branches, St George/Bank of Melbourne/BankSA is better for this now, as they're free as well and include access to more ATMs. However, less branches means less Smart ATMs for after hours deposits (though it does include Westpac now, so maybe it's about the same)

      • timhn on 23/04/2024 - 07:59

        include access to more ATMs

        You can withdraw cash from big4 ATMs free of charge as long as the card is issued by Australia financial institution.

        • aidenh37 on 23/04/2024 - 11:56

          Yes, but outside of branches how common are Big 4 ATMs now? Not very.

      • finbar on 23/04/2024 - 17:43
        +1

        Another point is that both NAB and Westpac offer banking with Bank@Post which might be handy for some people

  • Oztx on 27/04/2024 - 23:22
    +1

    I have almost all of those listed.

    I use HSBC for the 2% cashback. Unmatched!

    ING for that sweet 5.5% pa interest. Yeah lots of hoops but 5.5% pa is 5.5% pa, free money with few clicks every months.

    Macquire for those sweet gift cards discounts.

    Got CBA for nbn and mobile Sim discounts and the occasional coles cashback.

    I have ubank but have zero reason to use it as everything else is covered by other banks.

    I wish there is one bank that can do all of those so I can join it and close all others. But eh, it is what it is.

  • jungry-hack on 31/05/2024 - 23:50
    +1

    I suggest ANZ Access Advantage.

    I guess it is the only bank that supports cash withdrawal via Apple Pay (even though it must be an ANZ ATM).
    Super useful when my phone's battery died, no Internet, or with my Apple Watch only.

  • l0nglive on 21/06/2024 - 11:10

    For Macquarie, Is there any hidden exchange rate/spread to pay in other currencies?

    • Bredo on 22/06/2024 - 11:44

      None that I know of, I've recently used it OS and had no fees. It's exactly like UBank, Up, Bankwest etc

  • Jty05 on 12/07/2024 - 18:15

    Just created the Macquarie transaction account - I've read in other posts that it seems to BPAY not in real time; is it because it does not have OSKO?

    • dongltron on 12/08/2024 - 22:41

      It does have Osko.

    • YesPleaseThankYou on 19/10/2024 - 14:59
      +1

      BPAY is not in real-time with any bank.

      BPAY transactions are batched up and distributed as part of end of day / overnight processing.

  • reactor-au on 25/07/2024 - 14:28

    I don't see why Macquire would be better than UBank? The savings rates are similar, no international transaction fees, etc but UBank has eftpos?

    • Bredo on 25/07/2024 - 15:14

      Maybe most people value more having interest paid on your money sitting in your transaction account than having EFTPOS feature? I certainly do

      • reactor-au on 25/07/2024 - 16:39

        But with ubank you can link your savings account to the transaction account and earn interest on both? Or did they change it?

        • Bredo on 25/07/2024 - 17:09

          Nah that's not how it works, UBank only pay you interest over what you have in all of your Save accounts, not what you have in the spend nor Bill accounts

          • reactor-au on 25/07/2024 - 18:13

            @Bredo: Well realistically, would you not just put your savings in your savings account? Personally I keep the minimum in the transaction accounts because I use them for direct debits, payments, pos and so the details could be leaked or linked cards lost or stolen, whereas my savings account details I don't share with anyone beyond the necessary tax and finance people.

            • Bredo on 25/07/2024 - 18:22

              @reactor-au: No-one is saying to keep all your savings in the transaction account

      • Ryxxi on 27/10/2024 - 13:53

        InG is 5.5$..

  • Elyxar on 31/07/2024 - 17:56
    Suggested Heritage Simply access

    Heritage Bank - Simply Access Account is what I use and recommend for everyday use that won't have a LOT of money in it.
    No fees. Digital pays are supported (Apple Pay etc even Garmin Pay whatever that is).
    Instant transfers. They don't hang on to your credits or debits like some banks.
    Negative would be lack of interest on the account but that is why you link it to other higher interest accounts.

    What I absolutely love about it is the 9 sub accounts you can create which are great for budgeting. Open up an online saver account as well with 9 sub accounts and you have 18 accounts for budgeting! Sure if you've got tonnes of money you won't care but for average aussies that have to budget this is awesome!

    Also not owned by share holders but the actual members. Changing name soon due to merger with People's Choice. People First will be the new name.
    Call center still in Toowoomba Australia.

  • cerealsmok3r on 06/10/2024 - 07:28
    +1

    I've moved to macq for a better UI

  • johndoe2 on 14/10/2024 - 18:00

    Just got an e-mail from Macquarie, savings account will have 5.00% p.a. interest, however transaction account will be reduced to 2.75% from 17/10/2024.

    • donm on 27/10/2024 - 21:02

      How quickly do funds transfer from a Macquarie savings account to a transaction account? Instantly?
      I can't see any requirements on the savings account, such as a minimum balance or monthly deposit amount.

      • YesPleaseThankYou on 27/10/2024 - 21:24
        +1

        How quickly do funds transfer from a Macquarie savings account to a transaction account? Instantly?

        Yes.

        I can't see any requirements on the savings account, such as a minimum balance or monthly deposit amount.

        That's because no such requirements exist.

  • kaptain on 24/10/2024 - 14:53
    +1
    Suggested BankWest Easy Transaction Account

    Bankwest is really good if you do overseas travels

  • Ryxxi on 27/10/2024 - 13:50

    Suprised how maq is top when they are going cashless.. Many banks offer free withdrawals, no int. transaction fee and Ing even gives utility bill cashback.

    • dongltron on 27/11/2024 - 11:35

      Why wouldn't they go cashless? Pointless.

      • aidenh37 on 27/11/2024 - 14:08

        Lol yeah and they were basically cashless to begin with except for some tiny branches in their offices.

        If the product isn't a good fit for you, then choose something else, and quit complaining (except for reasonable requests).

  • Ryxxi on 24/11/2024 - 13:40
    -1

    Had to revoke my vote to ING after finding out that they block all crypto exchanges.

  • Oozbargainn on 26/11/2024 - 16:08
    -3

    If there is a downvote. It will be useful to downvote HSBC.
    HSBC should not be doing business in Australia.
    Their banking process is in dinosaur age.
    Pathetic service.
    Not worth banking with them even while HSBC paying 2% on almost all transaction below $100

    • nascar on 26/11/2024 - 20:11

      some context would be helpful here

    • dongltron on 27/11/2024 - 11:34

      god, you're dramatic.

      Their app is passable, it functions (usually).

      Their service is okay, usually.

      The 2% is a really solid bonus that should be taken advantage of.

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