Top no-monthly-fee bank accounts in Australia.

Roberto Efflandrin

When looking for the perfect bank account for your money, it’s important to evaluate the options before settling on one. Banks and their bank account offerings differ from one another in terms of fees, features, interest rates, and other services.

One of the key considerations should be the associated fees. Monthly account-keeping fees can chip away at your savings but there are several no-fee bank accounts available in Australia for your consideration. This article will give you an overview of bank accounts with no monthly fees, and provide a list of 5 fee-free bank accounts, their fees, and main features.

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What are no-fee bank accounts in Australia

Banks charge customers fees to cover the cost of maintaining the bank accounts and for providing other services.

The following are some of the fees you might encounter when looking at bank accounts.¹⁰

  • **Monthly account-keeping fees **for maintaining your account.
  • **A transaction fee **might be charged for each transaction done using a card or online. Transaction fees are not common for local transactions.
  • **Cash withdrawal fees **might be added when you withdraw money using an ATM that is considered to be out of your bank’s network. Most banks don’t charge any fees for withdrawals made from their network of ATMs.
  • **An overdraft fee **is charged when you spend more money than what you have in your account.
  • **A dishonour fee **is charged when the bank returns your cheque or direct debit because your account doesn’t have enough to cover the amount.
  • A foreign transaction fee is charged when you purchase something overseas, withdraw from an overseas ATM, or pay an international online seller. This fee is usually higher than the local transaction fee for the same activities.

A bank might not always charge you these fees or the application of fees might depend on fulfilling certain criteria. No-fee bank accounts are those that do not have monthly account-keeping or maintenance fees associated with them.

What are the benefits of no-fee bank accounts

Some benefits of no-fee bank accounts are:

  • The account-keeping fees can add up over the months and be an issue for some customers. No-fee accounts can help you save more money.
  • If a bank waives the monthly fees regardless of the deposit in the bank account, it can give you more flexibility and make for a stress-free banking experience.
  • The fewer fees you have to be mindful of every time you transact, the easier it can be to understand where your money is going due to the transparency.

5 Australian bank accounts with no monthly fees

There are a few bank accounts available in Australia with no monthly fees. Here is an overview of five of the top no-fee bank accounts, in no particular order:

  1. ING Orange Everyday bank account
  2. HSBC Everyday Global Account
  3. NAB Classic Banking account
  4. SpendME Everyday Transaction Account
  5. Suncorp Everyday Options Account

ING Orange Everyday bank account

ING is a branchless bank in Australia.⁸ Orange Everyday is a bank account with no monthly fees offered by the bank.

Account Fees:

Transaction Fees¹
Pay anyone Free
EFTPOS transactions Free
Australia Post transactions Free
Dishonours Free
Replacement Visa card Free
International purchase 3% of the transaction amount
International ATM withdrawal AUD$5

Main features of this account

The main features of ING Orange Everyday bank account are¹:

  • Switching on the Everyday Round Up feature automatically rounds up your card purchases and moves the extra amount into your nominated Savings Maximiser.
  • You can set up Apple Pay or Google Pay for fast and convenient mobile payments.
  • Orange Everyday can operate as a joint bank account.
  • If you meet the monthly eligibility criteria of depositing at least AUD$1,000 to any personal ING account and make at least 5 card purchases, you can enjoy the following additional benefits — 1% utility bill cashback, unlimited rebates on ING international transaction fees, and rebates for ATM fees of up to 5 eligible ATM withdrawals.
  • In addition to the above eligibility criteria, if you also manage to grow your nominated Savings Maximiser balance each month, you can earn up to 5.50% p.a. variable interest on one nominated Savings Maximiser account for balances up to AUD$1,00,000.

HSBC Everyday Global Account

Everyday Global Account is a fee-free bank account offered by HSBC.

Account Fees

Transaction Fees²
HSBC ATM withdrawal AUD$0
Send money overseas online AUD$0
Online and store purchases AUD$0
International transaction AUD$0

Main features of this account

Some of HSBC Everyday Global Account’s main features are²:

  • Earn 2% cashback on eligible transactions under AUD$100 when you tap and pay.
  • Use Visa payWave, Google Pay or Apple Pay.
  • Access to HSBC’s competitive real-time exchange rates when travelling overseas.
  • Hold, buy, transfer, and spend 10 currencies including AUD, NZD, USD, GBP, CAD, EUR, HKD, JPY, SGD, and CNY. You can switch between the currencies on HSBC’s mobile banking app.

NAB Classic Banking account

National Australia Bank (NAB) is one of the four largest financial institutions in Australia. The Classic banking account is one of its offerings with no monthly account fees.

Account Fees

Transaction Fees³
ATM withdrawal AUD$0
Transactions within Australia AUD$0
Overdrawn fees AUD$0
NAB Visa debit card fee AUD$0
NAB Platinum Visa debit card fee AUD$10 per month
International transaction fee on purchases with Platinum Visa debit card 0%

Main features of this account

The main features of NAB Classic Banking account are³:

  • A choice between two Visa debit cards — the NAB Visa debit card and NAB Platinum Visa debit card.
  • Both cards come with shopping protection with NAB Defence and Visa Zero Liability, and access to Visa entertainment.
  • Platinum Visa debit cardholders get the additional benefits of 24/7 access to NAB concierge service, and complimentary insurances such as extended warranty, purchase protection, and travel insurance.
  • Option to add a savings account such as the NAB iSaver or NAB Reward Saver when applying for the NAB Classic Banking account.

SpendME Everyday Transaction Account

ME Bank is an all-digital bank without any physical branches.⁹ The SpendME Everyday Transaction Account with no monthly account-keeping fees is one of its offerings.

Account Fees

Transaction Fees
ATM withdrawal AUD$0
International ATM AUD$0
Foreign currency conversion AUD$0

Main features of this account

The main features of the SpendME Everyday Transaction account are⁴:

  • The availability of Osko and PayID makes it easier for you to send and receive money with an email address or phone number, eliminating the need to share BSBs and account numbers.
  • You get access to a spending tracker that allows you to keep an eye on your expenditures.
  • A bill tracker helps you budget with alerts of upcoming bills.
  • You can bundle savings accounts with the SpendME Everyday Transaction account.
  • If you opt for the Pink SpendME digital card, ME Bank will donate 1c to the National Breast Cancer Foundation every time you pay with it.
  • The SpendME account can only be accessed on the ME Go mobile app and not via internet banking.

Everyday Options Account

Suncorp Everyday Options Account is an everyday transaction account with no monthly fees.

Account Fees

Transaction Fees
Minimum deposit None
Foreign currency conversion fees on online purchases and overseas 0%
Suncorp ATM cash withdrawals Free

Main features of this account

The main features of the account are⁵:

  • You can open up to 9 sub-accounts and name them for specific financial goals or expenses. These can help you budget better. You can pay bills directly from the sub-accounts and set automatic payments for regular bills.
  • Access to Suncorp’s flexiRate feature which lets you set aside a portion of your funds for fixed terms of up to 12 months and lock in a higher interest rate.

What to keep in mind with low or no-fee bank accounts

Some bank accounts might only have zero monthly fees for those that fulfil certain conditions and requirements. You should be aware of these before opening an account.

For instance, Commonwealth Bank’s Everyday Account Smart Access account only waives off the monthly fee if you deposit at least AUD$2,000 each month or if you’re under 30 years of age. If you don’t meet the criteria, you’ll have to pay the AUD$4 monthly fee.⁶

Additionally, there are fee-free bank accounts that come with limitations.

For instance, ANZ Plus account has no monthly fees but can only be accessed in the ANZ Plus app, while other ANZ bank accounts can also be accessed through internet banking, ANZ bank branches and over the phone.⁷

In summary

Like all banking products, no-fee bank accounts aren’t one-size-fits-all. They can be easy to sign up for and convenient to use but you should still consider the other fees and features attached. The fine print can make it so that some bank accounts will suit your lifestyle and financial needs better than others.

The Wise Account

If you’re looking for a flexible multi currency account that is great for daily spending in Australia and overseas, the Wise Account is worth a look.

The Wise Account can be opened for free and allows you to hold money in over 40 currencies and send money to 160 countries. You can also order local account details for 10 world currencies including AUD.

You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep fees low when sending money internationally.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.


  1. ING Orange Everyday bank account
  2. HSBC Everyday Global Account
  3. NAB Classic Banking account
  4. ME SpendME Everyday Transaction Account
  5. Suncorp Everyday Options Account
  6. CommBank Fees
  7. ANZ Plus
  8. ING Ways to bank
  9. ME Bank Does ME have branches?
  10. Australian Bankers’ Association Bank fees (PDF) pg. 1

Sources checked on: 13 March 2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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