There are some fantastic no-frills banking institutions in Australia and they offer
many of the same services and features of the big banks, but without many of the fees and charges.
Features Of No Frills Banking
The features that your accounts will have vary from bank to bank. Thorough research will have to be done so that you can choose the best bank account for you. However, there are some standard features that you should look out for.
Not all banks classify these easy bank accounts as no frills banking, but it does not mean that the bank you are interested in does not offer such an option. The most basic no-frills features include the following:
Access to a debit card
No minimum balance
A certain number of free banking transactions per month
Accessibility to phone and internet banking
Free cheques and cheque depositing at a branch
Requirements For No-Frills Banking
The requirements to open up a no-frills bank account may depend on the provider you choose. However, the normal requirements include being an Australian citizen or resident and having the stipulated minimum opening balance.
Once you're approved, you will be able to enjoy all of the benefits that this sort of banking account has to offer you.
Fixed Term Deposit Accounts
Another banking feature that you should look for is a fixed term deposit account, especially if you want to save for a house, car or even a rainy day. This type of account can almost be treated with a set and forget type mentality - once you open the account, stipulate the time period and the amount you want to deposit, however you cannot access it until the account has matured (penalties may apply to break a fixed term deposit before it matures).
A term deposit account will offer you a high interest rate. There are usually no fees charged on a term deposit and the time periods that are available range anywhere from 1 month to 2 years.