What’s a transaction account?

transaction account is traditionally used for day-to-day expenses and often comes with a debit card so that you can withdraw cash or pay for things. Most people get their salary paid straight into their transaction account then use that to pay bills or automatically transfer money into a savings account.

What to look for:

Before you decide on a transaction account, it’s worth checking how convenient it is to withdraw, deposit and pay for things.

Think about how you like to bank. If you need convenience, you may find that digital banking either via an app or on your computer is a good option. Check out what digital banking features are available. But don’t overlook the importance of in-branch and telephone 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

About our transaction accounts

  • If you're under 30 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 come with a debit card, as these accounts are intended for savings purposes. These accounts offer a competitive interest rate, encouraging you to set money aside and benefit from bonus interest (if it’s offered) for being a regular saver.

Depending on the account you choose, you might not be able to withdraw cash directly from your savings account, or you may first need to link it to a transaction account.

What to look for:

The interest rate and how it’s paid. Different savings products have different interest rates, conditions and features. Think about how you plan to save. Savings accounts include:

  • Youthsaver designed for under 18’s and rewards you for saving regularly
  • NetBank Saver for flexible access to your funds
  • GoalSaver which rewards you for saving regularly

Fees. You might be charged an account fee on your linked transaction account (usually monthly), or for withdrawing money from your linked transaction account. You may also be charged for paper statements, although online statements are 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, GoalSaver or Youthsaver (for NetBank Saver, fees may apply to a linked transaction account though)
  • There's no minimum balance to open a NetBank SaverGoalSaver or Youthsaver
  • You can earn bonus interest on a YouthSaver or GoalSaver when you make a deposit each calendar month into your account and have a higher account balance at the end of the month compared to the account balance at the start of the month (excluding interest and bank-initiated transactions)
  • If you’re looking to avoid missing out on bonus interest, set up a regular transfer from your transaction account into your savings account
  • Set up a savings goal using Goal Tracker3 – it’s a great way to stay motivated to save for something special or build up savings for a rainy day


Things you should know

The advice on this website has been prepared without considering your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances.

The target market for these products will be found within the product’s Target Market Determination, available here.

1 Monthly account fee waived for accounts with at least $2,000 deposited each calendar month (excludes Bank initiated transactions). A monthly account fee waiver will also apply if you’re under 30 years of age. You may also be eligible for a different monthly account fee exemption if you have an aged, disability or war veterans’ pension deposited in your account, have a balance of $50,000 or more in eligible contributing accounts, are reliant on over the counter services because of a disability or have an eligible home loan. Find out more about rates and fees

2 ATM access fees will continue to apply on all overseas ATMs, including the ATMs of ASB Bank in New Zealand and CommBank ATMs outside Australia. Standard withdrawal fees may also apply. Fees will also continue to apply cash advances made on CommBank credit cards. The owner of another ATM may apply an ATM owner’s fee at the time of the transaction. Excludes EFTPOS and Debit Mastercard transactions overseas (or purchases involving currency conversion), transfer group payments to third parties, International Money Transfers and separate services such as bank cheques, periodic payments and transfers/deposits to other banks. Electronic transactions can be made via CommBank ATMs and Bankwest ATMs, online with NetBank, via telephone banking or EFTPOS in Australia.

3 Requires a GoalSaver or NetBank Saver in your name only.

Please view our Financial Services Guide (PDF 93KB), as well as full terms and conditions for the transaction and savings accounts (PDF 1.2MB) mentioned and Electronic Banking. These are also  available by calling 13 2221 or visiting a branch.