Banking in Australia
Transaction Accounts
Also called a Current Account in the UK, your transaction account is usually your basic account for everyday banking needs. Before choosing your transaction account be sure to check features such as:
- Interest
- Overdraft Facility
- Access
- Fees
Interest & Fees
Many transaction accounts in Australia do not earn interest and fees are common.
Fees which may be applicable to your transaction account include:
- Monthly maintenance fee;
- Other financial institution ATM fees are common in Australia;
- Overdrawn fees;
- Number of fee free transactions and withdrawals.
However, as part of our initiative to make banking a more positive experience, Bankwest is minimising bank fees and offering higher interest. Take a look at the Bankwest range of transactions accounts here.
Overdraft facility
Most transaction accounts do not come with an overdraft facility.
Access
Different transaction accounts offer different access. Be sure to find out if the transaction account you’re considering offers all the access you need such as Internet and phone access, cheque book, and ATM and counter withdrawals.
- Debit Card / ATM Card
Most transactions accounts in Australia are issued with a debit card to access cash via an ATM or make purchases by EFTPOS. The debit card will be automatically issued with a PIN, which is required to make purchases or access funds at an ATM.
- MasterCard Debit Card
Bankwest also offers the option of a MasterCard Debit Card. The Bankwest MasterCard Debit Card does not come standard with the account, but can be applied for separately. The Bankwest MasterCard Debit Card allows customers to draw on their own savings or cheque account funds to make purchases domestically and overseas as well as over the phone and the internet, offering significant advantages over ATM/EFTPOS cards.
The Bankwest MasterCard Debit Card has no application or domestic transaction fees when customers select the credit function, so cardholders can use their card for an unlimited number of local transactions without incurring additional charges. The Bankwest MasterCard Debit Card also allows the customer the option to sign to authorise their purchase or enter their PIN when using the 'credit' option to make purchases at point of sale. The use of a PIN will, in most cases, be a faster process when purchasing goods and services in a face to face environment.
Savings Accounts
Savings Accounts in Australia generally operate in much the same way as in the UK.
This page was last updated Tuesday, 07 October 2008 2:29:23 AM AWST.
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