Australia has one of the world’s most modern and secure banking systems, offering a wide range of bank accounts designed to suit different financial needs. Whether you’re moving to Australia, studying abroad, starting a business, or simply looking to understand your options, it’s important to know the distinct forms of Australian bank accounts and how each one works.
1. Everyday Accounts (Transaction Accounts)
An everyday account—also known as a transaction account—is the most common type of bank account in Australia.
Key Features
- Comes with a debit card (Visa or Mastercard)
- Supports ATM withdrawals, tap-and-go payments, and online transfers
- Compatible with Apple Pay, Google Pay, and Samsung Pay
- Can be opened online or in-branch
Best For
- Daily spending
- Paying bills, rent, or shopping
- Receiving salary or wages
This is usually the first account newcomers open when they arrive.
2. Savings Accounts
A savings account is designed to help you grow your money by earning interest.
Key Features
- Interest paid monthly
- Bonus interest may be offered if certain conditions are met
- Safe, low-risk way to save
- Often linked to your everyday account
Best For
- Building emergency funds
- Saving for travel, education, or big purchases
- Anyone who wants to grow their balance over time
Savings accounts often reward good saving habits, like regular deposits.
3. Student Bank Accounts
Many banks offer special accounts tailored for local and international students.
Key Features
- No monthly account fees
- No minimum balance
- Debit card and mobile banking included
- Discounts or perks depending on the bank
Best For
- University and TAFE students
- International students moving to Australia
- Young adults managing everyday transactions
This type of account helps students avoid unnecessary banking charges.
4. Business Bank Accounts
A business account is essential for freelancers, small business owners, or registered companies.
Key Features
- Separate finances from personal spending
- Tools for invoicing and payments
- Merchant services for card payments
- Options for sole traders, partnerships, and companies
Best For
- Startups
- Small and medium businesses
- Freelancers and contractors
Business accounts help maintain clear financial records, especially for tax purposes.
5. Joint Bank Accounts
A joint account allows two or more people to share banking access.
Key Features
- Shared ownership
- Ideal for couples, roommates, or family members
- Can be set to require one or both signatures for transactions
Best For
- Shared household expenses
- Couples managing joint finances
- Families supporting dependents
This type of account promotes transparency and convenience.
6. Term Deposit Accounts
A term deposit is a secure, fixed-interest savings product.
Key Features
- Fixed interest rate
- Money locked in for a chosen period (1 month to 5 years)
- Penalties for early withdrawal
- Higher interest rates than regular savings
Best For
- People want risk-free returns
- Long-term saving goals
- Individuals who don’t need immediate access to funds
Term deposits are great for stable, predictable growth.
7. Offset Accounts
An offset account works alongside a home loan.
Key Features
- Reduces the interest charged on your mortgage
- Works like an everyday account
- Allows unlimited deposits and withdrawals
For more information: Ondemand International