What’s a transaction account?
Atransaction accountis 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 achild's bank account, it’s likely you’ll pay fees for having a transaction account. So whatcouldyoube 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 accountsdon’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 aTerm 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 Saver,GoalSaveror 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
