Simplify your everyday banking with a Canstar five-star transaction account

Canstar reveals its latest Transaction Account Star Ratings results, after comparing everyday banking accounts across 11 institutions.

Canstar has assessed and rated 21 transactions accounts, to discover products and providers offering outstanding value. The results are in, with four transaction products – across two profiles – being awarded a 5-star rating.

Read Canstar’s free report on transactions accounts

Canstar assessed each transaction account on pricing and features.

Recognising that consumers have different needs when it comes to their transaction accounts, Canstar assessed two consumer profiles – Electronic Transactor and Full Service Transactor.

You can find further information on the consumer profiles and Canstar’s research methodology here.

What are Canstar’s 5-star transaction accounts for 2019?

The two profiles assessed for Canstar’s Transaction Account Star Ratings are:

  1. Electronic Transactor
  2. Full Service Transactor

Electronic Transactor

Out of 21 products, the following Electronic Transactor accounts received a 5-Star rating in 2019:

Provider name Product name
ASB Bank *Streamline
Westpac *Airpoints Debit Mastercard
Westpac *Everyday

An Electronic Transactor account is for consumers who mainly make electronic transactions.  The consumers need full access to the account, including ATM, EFTPOS, point of sale and BillPay, and make an average of 50 transactions each month.

Full Service Transactor

Out of 30 products, the following Full Service Transactor accounts received a 5-star rating in 2019.

Provider name Product name
ANZ *Freedom Account
Westpac *Airpoints Debit Mastercard
Westpac *Everyday

A Full Service Transactor account is for consumers who may occasionally transact through a branch or phone, in addition to electronic transactions. These accounts must allow consumers full access to the account, including ATM, EFTPOS, branch, point of sale and BillPay. The consumers suited to this account make an average of 25 transactions each month.

How does Canstar award providers for transaction accounts?

Canstar’s 5-star transaction accounts offer outstanding value for different types of account holders.

Canstar compares transaction accounts to help find consumers find an account suited to their needs. You can filter your search into electronic and full-service accounts. From there, Canstar displays star ratings and monthly account keeping fees, as well as other details, for each account.

Read Canstar’s free report on transactions accounts

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