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Best 5 banks in Australia to open an account

Over the last few years, Australians have become more keen in choosing the bank with which they handle their financial issues like a deposit of cash and checks and borrowing of loans.

It is important that we take a closer look at the services that these banks and for what value so as to determine which are the best banks to open an account.

Below is a list of the banks that have proved to be the best on their offers on accounts opened with them.

Macquarie Bank

Transaction accounts

Macquarie Platinum Transaction Account

  • No fees charged for ATMs within Australia
  • There are no monthly account charges
  • Macquarie Debit Mastercard to facilitate online payment
  • Online and mobile banking access
  • Minimum monthly deposit of $4000
  • Emergency medical transport for account holders
  • Up to $500 compensation in case handbag or wallet is stolen

Macquarie Classic Transaction Account

  • There is no requirement on minimum monthly deposit amount

Macquarie Savings Accounts

  • For new clients, there is a variable interest rate of over 2.5% p.a for the first $250,000 deposited within the first four months after opening of account
  • There is quick access to money via mobile and online banking
  • A client can make debits and payments conveniently and quick via online and mobile banking
  • No monthly account charges

Westpac Bank

Transaction accounts

Westpac Choice Account

  • Targeted at under 21s, students of tertiary institutions and migrants
  • It also caters for concession card holders receiving a pension, those above 55 years of age and retirees
  • There is no monthly fee if a deposit of $2000 or more is made every month
  • A client can open this account online

Savings accounts

  • Most of its savings accounts are targeted at businesses
  • The bank offers bonus interest when deposits are made monthly

ANZ Bank

Savings accounts

ANZ Online Saver Account

  • There is no monthly fee
  • There is no requirement on minimum balance
  • A client has unlimited access to ANZ bank services

ANZ Progress Saver Account

  • A 1.9% p.a interest bonus interest upon deposit 10$ or more and when no withdrawals are made
  • There are no monthly fees

ANZ Premium Cash Management Account

  • There is no monthly fee charged
  • The minimum opening balance required is $10,000
  • Access to 5 free ANZ transactions

Transaction accounts

ANZ access advantage

  • Access to ANZ access visa debit card
  • Unlimited transactions
  • There is no monthly fee for clients under 25 years, or who deposit at least $2,000 or meet other set criteria

ANZ pensioner advantage

  • This is meant for those receiving a pension or on an allowance

ANZ access basic

  • For holders of health care cards

National Australia Bank

Savings accounts

NAB Reward Saver Account

  • An interest rate of up to 2.7% p.a
  • A variable bonus interest when 1 deposit is made and no withdrawal in a month
  • Total interest rate 1.9% p.a

NAB iSaver Account

  • 4 months fixed bonus interest for new accounts Cash Manager Account
  • An interest rate of 1.00% p.a

Transaction accounts

NAB classic banking

  • Easy access to money
  • Ease of making online payments via the NAB visa debit card
  • 24/7 access through internet banking and NAB app

NAB Retirement Account

  • For retirees 55+ years, pension receivers
  • A client can earn competitive interest

Commonwealth Bank

Of all the banks in Australia, Commonwealth is the largest at least according to the size of its market share. It is also one of the largest companies that are listed on the Australian Securities Exchange. The bank offers both savings and transaction accounts.

Savings accounts

NetBank Saver Account

  • An online option for those who find online banking convenient
  • Funds transfers are possible anytime of the day and any day of the week
  • There are no bank fees for holders of this type of account
  • A bonus margin of 1.45% that is fixed but above the standard variable rate is offered

GoalSaver Savings Account

  • There is a bonus interest when the account holder makes not more than one withdrawal in a month and grows the account balance by over $200 by the end of that month
  • A client can access this account through the bank’s branches, the bank’s online platform or the CommBank app for smartphone users

Term Deposit Savings Account

  • Interest rates vary according to the length of time and the amount deposited

Transaction accounts

Everyday Smart Access Account

  • Access to over 4000ATMs and 900 branches
  • One can also bank through the online platform, NetBank, or pay using app CommBank
  • There is a monthly fee of 4$. However, this is waived upon making a deposit of $2000 or more
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