What to look for:
Before you decide on a transaction account, it’s worth checking how convenient it is to withdraw, deposit (cash and cheques) and pay for things.
Think about how you like to bank. If you need convenience, you may find that mobile banking either via an app or on your computer is a good option. Check out what mobile banking features are available. But don’t overlook the importance of in-branch (and phone) banking when you’re weighing up the options.
Check fees and waivers. Unless you’re opening a child's bank account, it’s likely you’ll pay fees for having a transaction account. So what could you be charged for?
- Account fees (usually monthly) – to keep your account ticking along
- ATM withdrawal fee – for using an ATM not affiliated with your bank
- Branch withdrawal fee – going to a teller to take money out in branch
- Cheque deposit fee – for getting your bank to write cheque on your behalf (if you haven’t got a cheque account)
- Paper statements – online statements tend to be free.
About our transaction accounts
- If you're under 25 or a full time student or deposit at least $2,000 per month we'll waive the monthly account fee1
- We don’t charge an ATM withdrawal fee for using CommBank and Bankwest ATMs in Australia2. Plus we have the largest ATM network in Australia
- You can arrange to pay bills now, later or automatically so you never miss a payment
- Get cash out without a card, deposit or withdraw or transfer money instantly with our CommBank ATMs
What's a savings account?
Savings accounts don’t usually come with a keycard and intended to grow your bank balance. They tend to offer more favourable interest rates compared to transaction accounts, encouraging you to set money aside and benefit from bonus interest (if it’s offered) for being a regular saver.
You might not be able to withdraw cash from your savings account – you may first need to link it to a transaction account.
What to look for:
The interest rate and how it’s paid. The higher the rate, the better off for your savings. The key with any savings account is to withdraw your money sparingly - by leaving your money to grow you may benefit from compound interest. It’s when interest is paid on the amount you first started your savings account with and on interest you’ve earned on that initial sum. This differs from simple interest which is only paid on the amount you first set your savings account up with.
Fees. You might be charged for:
- Account fee (usually monthly) – to keep your account ticking along
- Charges for withdrawing money from your linked transaction account
- Paper statements – online statements tend to be free
If you can resist the temptation to have ready access to your money by locking your money away for a fixed amount of time, you might want to consider a Term Deposit.
About our savings accounts:
- There’s no monthly account fee for using a NetBank Saver (fees may apply to a linked transaction account though)
- There's no minimum balance to open a NetBank Saver or a GoalSaver
- You can earn bonus interest rate on a GoalSaver when you grow your balance by at least $200 by the end of the calendar month and make no withdrawals in that month
- If you’re looking to avoid the temptation to splurge (and miss out on bonus interest) set up a regular transfer from your transaction account into your savings account
- Set up a savings goal – it’s a great way to stay motivated to save for something special or build up savings for a rainy day