Affordable
Banking

Making banking affordable
and accessible to
all Australians

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Introduction

Australian banks believe that all Australians should have access to affordable banking services. Currently, some Australian banks offer ‘basic bank accounts’ that are suitable for disadvantaged and low-income customers. A basic bank account is a transaction account that does not charge many of the standard bank fees other accounts typically do.

Transaction accounts are generally tailored to cater for everyday banking needs. These accounts can be used to deposit wages or government benefits and pay bills and manage savings. Customers can make withdrawals or deposits and pay for products and services using electronic payment networks.

This ‘Affordable Banking’ website lists the basic bank accounts offered by retail ABA member banks. It names the transaction accounts, lists their features, and indicates if there are any eligibility criteria, so that customers can review and choose an account suitable to their needs.

This website is part of the banking industry’s financial literacy program – Broadening Financial Understanding. The website will start with providing information about basic bank accounts and will be updated if more banks make these accounts available over the coming months and with updated information about other products and programs intended to improve the affordability of banking for all Australians.

The information on this website will be refreshed and updated regularly and will also refer customers to the relevant bank to get more information about their basic bank account.