Banking options

Talk to your bank to make sure you have the best kind of account for you.

Choosing a bank account

If you are paying too much in fees, think about finding a fee free bank account.

Fee free bank accounts, also called basic bank accounts, are transaction accounts with:

  • no account keeping fees
  • free monthly statements
  • no minimum deposit amounts
  • no overdrawn fees
  • no cost to set up and cancel direct debits, and
  • free and unlimited transactions

There are some fee free bank accounts offered to all Australians. But some need you to hold a:

  • Pensioner Concession Card
  • Health Care Card, or
  • Commonwealth Seniors Health Card

The Affordable Banking website lists banks that offer basic bank accounts with fee-free features and eligibility information.

For other money tips and tricks, read about managing your money.

If you overdraw your account

You can get help to manage your money if your bank balance goes below zero.

Read what to do if you overdraw your account.

Page last updated: 3 June 2019

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