Bank accounts

Last updated: 29 October 2026

Practical tips to help you get the most from your bank account.

Opening or changing bank accounts

Whether you're using a bank account already or thinking about opening a new one, it's worth understanding and comparing the different types available. This could include:

• the account features
• the fees that apply
• the support available from the bank.

Learn more about savings accounts, joint accounts, and how to prove your identity before opening a new account.

You can also ask whether the bank has a First Nations support service.

Get a no or low fee account

Small fees can add up over time, but there are ways to reduce them.

If you receive a government payment and are eligible for a concession card, ask your bank if you can get a low or no-fee bank account - also known as a basic account.

A basic account has:

• no account keeping fees
• free bank statements
• no minimum deposits
• free direct debits
• access to a debit card at no extra cost
• free and unlimited transactions within Australia.

If you see any of these fees on your bank statement, ask your bank about changing to a low or no-fee account.

A financial counsellor from Mob Strong Debt Help (1800 808 488) or the National Debt Helpline (1800 007 007) can help you find a no fee account. This help is free.

You can also call your bank and ask them if they have a First Nations call line or service to help you.

Avoid direct debit fees

A direct debit, or automatic payment, allows a business to take money from your account at agreed times. You might use a direct debit to pay an electricity bill, phone bill or loan.

Direct debits can be a good way to manage your money.

But before setting up a direct debit:

• make sure you know and trust the business
• check when payments will come out
• make sure you have enough money in your account
• ask what happens if there isn't enough money to make the payment.

The bank may charge a fee if there isn't enough money in your account when a payment is due. Setting payments for the same day you get paid may help.

Find out more about direct debits.

Use a fee-free automated teller machine (ATM)

You may pay a fee if you use an ATM that does not belong to your bank.

Some banks offer fee-free ATM balance checks and withdrawals at selected ATMs in some remote communities. Ask your bank whether the ATM is free for you to use.

Look for this message on the ATM screen to make sure it's fee-free: This ATM offers fee-free ATM transactions for customers of some banks. If you're not sure, ask your bank whether this ATM is free for you

Some shops charge EFTPOS fees when you take money out. If you can, check the fee before going ahead, or use a fee-free ATM instead if one is available.

Using a local Australia Post office

Some banks allow you to deposit cash and cheques, withdraw money and check your account balance for free at certain Australia Post offices.

You can visit Bank@Post to check if your bank and local post office offer this service. 

Watch out for automatic overdrafts

An overdraft feature allows you to spend more money than you have in your account. This means you owe money to the bank.

The bank may charge fees and interest on the money you owe. You will have to pay this back as soon as you have money in your account.

You might not realise that your account is overdrawn if your bank hasn't told you. Check your account balance or statement regularly. You can do this through online or phone banking, at an ATM, or by contacting your bank. 

You can also ask your bank if they can remove this overdraw feature or change your account to one that can't overdraw.

Keep your details safe

Help protect your money by keeping your personal details safe.

Your personal identification number (PIN)

When you get a debit card from your bank, you get a PIN. Your PIN works like a password for your account.

• Keep your PIN safe by memorising it.
• Don't write it on your card or keep a note of it anywhere.
• Don't ever tell anyone your PIN.

If you do tell someone your PIN, they may be able to take money from your account without your permission. Your bank may not be able to help you get the money back.

If you use book up in your community, make sure you know how to use it safely.

Tips for using internet banking

• Use a strong password. Get tips to protect your information online from the Australian Cyber Security Centre.
• If you use a shared computer or phone, make sure you log out afterwards. If you don't, the next person using the computer may be able to access your account.

Check your bank statement

Make a habit of checking your bank statement regularly. This can help you to understand where your money is going and spot problems early.

Keep an eye out for these five things:

1. Money coming in. Check payments from work, government benefits, pensions and interest. Make sure you received the amounts you expected.

2. Money going out. Look at cash withdrawals, card purchases, transfers or direct debits. These may appear as debits on your statement. Check there are no suspicious debits from your account.

3. Fees you may be paying. Look for account keeping, ATM, transaction or overdraft fees. If the fees seem high, ask your bank to explain them. You can also ask whether another account may cost less.

4. Your account balance. Checking your balance regularly helps you keep track of your money and avoid unexpected fees. 

5. Payments that you don't recognise. If you see a payment you don't recognise, contact your bank straight away. The bank can help you work out what the payment is for and explain your options. You may also like to speak with a free financial counsellor.