No-Fee Bank Accounts for Newcomers to Australia

Shannon Frost
Jan 14
2 min read

One of the first tasks I recommend newcomers to Australia do is open a bank account. You only need your passport, phone number, and temporary address to do so but it can kick start your settling-in time as soon as you land. Here are my top free bank accounts I recommend to my friends and all newcomers.

Need a softer landing? Join the club's Facebook Group to ask questions and meet newcomers.

1. ING Orange Everyday Account + Savings Maximiser Account

ING is a standout digital bank and my top recommendation for anyone moving to Australia. Their Orange Everyday Account is particularly appealing, as it comes with no recurring fees or monthly maintenance, making it both simple and affordable. The real highlight, however, is the Savings Maximiser account you can link to it. With the potential to earn up to 5.50% p.a. variable interest on balances up to $100,000, it boasts one of the highest rates in the country. To qualify for this top rate, you'll need to meet a few straightforward criteria each month—such as depositing $1,000, making five transactions, and growing your balance—so be sure to read the details and download their app. One downside is that the interest rate caps at $100,000 and you're allowed only one account per person, which could be a limitation for those saving larger amounts.

Our #1 Recommendation

2. uBank

UBank is another excellent digital banking option, backed by one of Australia’s largest banks, NAB. Like ING, it offers no monthly fees and a competitive savings interest rate. To qualify for the top rate, you'll need to deposit $500 each month, which is manageable for most. Notably, uBank provides a higher interest rate on balances exceeding $100,000, a great perk for savers. Additionally, you can connect other bank accounts and superannuation to view them all in one convenient app—a real game changer if you manage multiple accounts. While I wasn't initially fond of the interface, it becomes easy to navigate once you get accustomed to it. Check it out here.

3. Follow this finance media brand

I highly recommend following Equity Mates, a media brand dedicated to educating individuals, particularly young people, on investing and financial management. They present their content in an easily digestible format, ensuring it's always up-to-date and relevant. Plus, with an engaged community and a focus on Australian finance, you'll find everything you need to make informed financial decisions.