Finty

Compare bank accounts with no monthly fee

See what 98 bank accounts with no monthly fee would cost you to run, from monthly fees to using your card overseas, and find one that keeps more of your money with you.

These everyday accounts list a $0 monthly account fee, so you don't need to deposit a set amount each month to avoid one. Check the other fees, such as overseas fees, before you choose.

Written byDavid Boyd

Work out a year's fees

Tell us how you'd use the account overseas, and we'll work out a year of the fees each bank lists: the monthly fee, the fee on foreign purchases and overseas ATM withdrawals.

94 accounts

Showing 20 of 94

Fees are the ones each bank lists and can change. A year's fees count only the monthly fee, the fee on foreign purchases and the fee for overseas ATM withdrawals; overseas ATM owners may charge their own fee too. Where a bank doesn't list a fee we say so rather than guess.

Bank accounts with no monthly fee at a glance

Worked out from the 98 accounts from 45 banks we compare on this page.

No monthly fee

98 of 98

accounts that state a monthly fee set it at $0.

No foreign transaction fee

13 of 68

The typical fee is 3% of what you spend overseas.

With PayID

75 of 98

accounts let you get paid with a PayID.

With Apple Pay

79 of 98

accounts work with Apple Pay on the card.

How monthly fees are spreadNumber of accounts in each band. The most common is $0.

The short version

  • Many everyday accounts now have no monthly fee at all, with no conditions.
  • Others waive the fee only if you deposit a set amount each month.
  • Check other fees too, like overseas and paper statement fees.

Why a $0 monthly fee matters

A $5 monthly fee costs $60 a year for an account that does nothing more than one without a fee. Many banks now offer everyday accounts with no monthly fee at all, and others waive theirs when you deposit a set amount each month.

If an account's fee is waived only when you meet a condition, such as depositing $2,000 a month, think about the months you might not. The accounts on this page list a $0 fee with no conditions.

What else to compare

  • The fee on card purchases in a foreign currency, including from overseas websites, often around 3%.
  • The fee for withdrawals from ATMs overseas.
  • Whether the card works with Apple Pay, Google Pay or Samsung Pay.
  • PayID, so people can pay you with just your phone number or email.
  • Whether the bank has branches, if you still deposit cash or cheques.

Your money is protected

Deposits with an Australian bank, building society or credit union (an authorised deposit-taking institution) are covered by the government's Financial Claims Scheme, up to $250,000 for each person at each institution.

Pros

  • No fee eating into your balance every month.
  • No minimum deposit to remember.
  • Most come with a debit card, PayID and phone wallets.

Cons

  • Some only waive the fee if you deposit a set amount.
  • Branch access may be limited, especially with online banks.
  • Other fees, such as for overseas use, can still apply.

Alternatives

  • An account with a monthly fee that's waived when your pay goes in, if it has features you want.
  • A no foreign transaction fee account, if you travel or shop overseas.

How to open one

Most banks let you open a no monthly fee account online in about ten minutes, and you can use it straight away with a digital card.

  • Have your ID ready. A driver's licence, passport or Medicare card, and your tax file number if the account pays interest.
  • Add the card to your phone. Apple Pay or Google Pay lets you spend before the plastic card arrives.
  • Move your pay and bills. Give your employer the new BSB and account number, and update direct debits. A PayID makes it easier for people to pay you.

Questions people ask

Is it hard to switch bank accounts?

Not very. Open the new account first, move your pay and direct debits, then close the old one once everything has come across. Keep both open for a month or so to catch anything you missed.

Will I pay ATM fees?

Most Australian ATMs no longer charge to withdraw, but a few still do. Overseas ATMs often charge their own fee on top of your bank's.

Is my money safe in a bank account?

Money with an Australian bank, building society or credit union is covered by the government's Financial Claims Scheme, up to $250,000 per person per bank.