How to close your Suncorp Bank account and move your money out.
Here’s how to close your Suncorp Bank account and options to move your money out correctly
When looking for the perfect bank account for your money, it’s important to evaluate the options before settling on one. Banks and their bank account offerings differ from one another in terms of fees, features, interest rates, and other services.
One of the key considerations should be the associated fees. Monthly account-keeping fees can chip away at your savings but there are several no-fee bank accounts available in Australia for your consideration. This article will give you an overview of bank accounts with no monthly fees, and provide a list of 5 fee-free bank accounts, their fees, and main features.
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Banks charge customers fees to cover the cost of maintaining the bank accounts and for providing other services.
The following are some of the fees you might encounter when looking at bank accounts.¹⁰
A bank might not always charge you these fees or the application of fees might depend on fulfilling certain criteria. No-fee bank accounts are those that do not have monthly account-keeping or maintenance fees associated with them.
Some benefits of no-fee bank accounts are:
There are a few bank accounts available in Australia with no monthly fees. Here is an overview of five of the top no-fee bank accounts, in no particular order:
ING is a branchless bank in Australia.⁸ Orange Everyday is a bank account with no monthly fees offered by the bank.
Transaction | Fees¹ |
---|---|
BPAY | Free |
Pay anyone | Free |
EFTPOS transactions | Free |
Australia Post transactions | Free |
Dishonours | Free |
Replacement Visa card | Free |
International purchase | 3% of the transaction amount |
International ATM withdrawal | AUD$5 |
The main features of ING Orange Everyday bank account are¹:
Everyday Global Account is a fee-free bank account offered by HSBC.
Transaction | Fees² |
---|---|
HSBC ATM withdrawal | AUD$0 |
Send money overseas online | AUD$0 |
Online and store purchases | AUD$0 |
International transaction | AUD$0 |
Some of HSBC Everyday Global Account’s main features are²:
National Australia Bank (NAB) is one of the four largest financial institutions in Australia. The Classic banking account is one of its offerings with no monthly account fees.
Transaction | Fees³ |
---|---|
ATM withdrawal | AUD$0 |
Transactions within Australia | AUD$0 |
Overdrawn fees | AUD$0 |
NAB Visa debit card fee | AUD$0 |
NAB Platinum Visa debit card fee | AUD$10 per month |
International transaction fee on purchases with Platinum Visa debit card | 0% |
The main features of NAB Classic Banking account are³:
ME Bank is an all-digital bank without any physical branches.⁹ The SpendME Everyday Transaction Account with no monthly account-keeping fees is one of its offerings.
Transaction | Fees⁴ |
---|---|
ATM withdrawal | AUD$0 |
International ATM | AUD$0 |
Foreign currency conversion | AUD$0 |
The main features of the SpendME Everyday Transaction account are⁴:
Suncorp Everyday Options Account is an everyday transaction account with no monthly fees.
Transaction | Fees⁵ |
---|---|
Minimum deposit | None |
Foreign currency conversion fees on online purchases and overseas | 0% |
Suncorp ATM cash withdrawals | Free |
The main features of the account are⁵:
Some bank accounts might only have zero monthly fees for those that fulfil certain conditions and requirements. You should be aware of these before opening an account.
For instance, Commonwealth Bank’s Everyday Account Smart Access account only waives off the monthly fee if you deposit at least AUD$2,000 each month or if you’re under 30 years of age. If you don’t meet the criteria, you’ll have to pay the AUD$4 monthly fee.⁶
Additionally, there are fee-free bank accounts that come with limitations.
For instance, ANZ Plus account has no monthly fees but can only be accessed in the ANZ Plus app, while other ANZ bank accounts can also be accessed through internet banking, ANZ bank branches and over the phone.⁷
Like all banking products, no-fee bank accounts aren’t one-size-fits-all. They can be easy to sign up for and convenient to use but you should still consider the other fees and features attached. The fine print can make it so that some bank accounts will suit your lifestyle and financial needs better than others.
If you’re looking for a flexible multi currency account that is great for daily spending in Australia and overseas, the Wise Account is worth a look.
The Wise Account can be opened for free and allows you to hold money in over 40 currencies and send money to 160 countries. You can also order local account details for 10 world currencies including AUD.
You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep fees low when sending money internationally. It’s the rate you see on a Google conversion search.
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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Sources:
Sources checked on: 13 March 2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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