A bank account with fewer fees could save you thousands of dollars over time. Luckily, there are heaps of Aussie bank accounts that won't charge you account keeping fees, ATM fees or foreign transaction fees. The sooner you switch to a fee-free account, the sooner you'll start saving even more money.
What are the best no-fee bank accounts?
There's no one account that is 'best', but here are a few of our top picks and why we like them.
This account was a Finder Awards winner in 2022 and 2023
It charges no account keeping fees and no international transaction fees
Plus, it also offers 2% cashback on tap and pay purchases
You could save hundreds by switching to a fee-free bank account
If you have a bank account with a $5 monthly account keeping fee, that's $60 a year gone to fees. And if you're charged $2.50 each time you withdraw cash, and you visit an ATM just once a week, you can say goodbye to another $130 a year. Adding foreign transaction fees and overseas ATM fees to the mix, you could easily be wasting over well over $200 a year on fees.
We put every effort into ensuring information on Finder is accurate. This article was reviewed by Serina Bird from our Editorial Review Board as part of our fact checking process.
What fees are charged by banks?
Account keeping fees, ATM fees and international transaction fees are the most common, day-to-day fees you're likely to face with a bank account. Here are some additional fees you might face, even though they're less common in your daily banking.
Additional card fee: If you request an additional debit card on top of the free card that's included. This could be $20-$50.
BPAY error correction fee. If you make a mistake on a BPAY payment, you can amend the details of the transaction for a fee. This can be $20-$35.
Bank@Post. If you do some of your banking at Australia Post, you might need to pay a fee to withdraw cash from your account (but deposits are free).
Bank cheque. Not many people use these anymore, but if you do there can be a fee of around $10.
Coin counting. If you empty your piggy bank and want it counted in a branch, there's usually a fee for this.
Note handling fee. Similar to coin counting, if you've got a large stack of notes the bank may charge you a small fee for their time to count them.
Periodical Payment fee. Periodical payments between transaction and savings accounts are generally free. Charges can apply when you're transferring between accounts from different institutions.
Debit card replacement fee. If you misplace your card, you'll usually need to pay a fee of around $10-$20 for a new one.
Overseas emergency replacement fee. If you misplace your card overseas and need a new card ASAP, you'll likely pay a fee of around $50.
Staff-assisted transactions. Some accounts may charge a fee if you need help to make a transaction in a branch.
How to avoid bank account fees
Bank accounts will charge some types of fees but not others. The best way to avoid fees is to figure out the fees you're most likely to be charged, and look for an account that doesn't charge these (for example if you regularly use ATMs you'll want to avoid ATM fees the most).
The main thing you'll be looking at is the fees, but there are other features to consider when choosing an account too.
The account fees
Most bank accounts charge no account keeping fees, so if your account does charge this fee know that it can be easily avoided with another account.
Overseas fees
If you're often overseas, or you regularly shop online from international sites, look for an account that has no international transaction fees.
In-branch fees
If you like to do some of your banking in branch, choose an account that doesn't charge extra fees for deposits in branch. It's also worth checking the bank has some branch locations near you.
Online account access
It's convenient to have access to an account via a mobile banking app so you can easily and quickly keep an eye on spending and transactions at any time, wherever you are.
Deposit requirements
Some accounts, particularly business accounts, will require you to maintain a certain monthly deposit or balance to have the account fees waived. If you're considering an account that does this, make sure you can meet the requirements.
Extra perks
Some accounts offer things like cashback when opening the account or ongoing cashback offers when spending.
Payment options
Choose an account that has payment options you want to use, for example, Apple Pay or Google Pay.
Frequently asked questions
No, typically bank accounts don't pay any interest. If you're looking for an account that pays interest, a savings account would be better suited instead.
No, savings accounts don't charge fees as they're not designed for making transactions and don't come with debit card access.
Most bank accounts won't charge fees for making online purchases from Australian sites. However, if you're shopping from an international retailer an international transaction fee may apply (unless you choose a bank account that doesn't charge this fee).
Why you can trust Finder's banking experts
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You save time. We spend 100s of hours researching bank accounts so you can sort the gold from the junk faster.
You compare more. Our comparison tools bring you more banking products from across the market.
Serina Bird is a proud frugalista who has amassed a multi-million dollar portfolio through frugal living and investing. She is the author of several books, including How To Pay Your Mortgage Off in 10 Years, The Joyful Frugalista and The Joyful Startup Guide, and host of The Joyful Frugalista podcast.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio
Alison's expertise
Alison has written 651 Finder guides across topics including:
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Check out Finder's review of Revolut Business Transfers and see if it's the right international business money transfer solution for you.
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