Bank Accounts for managing NDIS funds

Setting up a bank account for your NDIS expenses can be an easy way to keep track of exactly what you spend on your NDIS supports. With all NDIS funds and costs in one account you see everything in one place. This can make it easier to manage claims, keep your paperwork in order and keep you on the ball just in case of any *funny business*.

However many banks in Australia will charge a ‘monthly account keeping fee’, where you pay the bank to take your money. If you don’t like the sound of that or are worried about issues with the NDIA not covering the bank account fees, don’t stress – luckily there are some banks out there that will give you a FREE account (one may even give you a bonus for opening a new account!).

** Before we run through the list, we should note that this blog is general in nature, it doesn’t consider your specific circumstances and is not advice. When you choose a financial product including a bank account you may consider your own situation and/or consult with a financial advisor to find what is right for you to meet your needs and goals. If you use the ING promotional code when signing up the author of this blog post may also receive a bonus depending on what ING are doing with their promotions campaigns at the time **

Now the list…


National Australia Bank (NAB) offers a transaction account with no account keeping fees. The account is called the Classic Banking account and includes a Visa Debit card for accessing your funds. NAB Classic Banking

ING Direct (Bonus)

Most famous for their bright orange colour and those ads where Isla Fischer calls them ‘-ing’ instead of I.N.G. the bank offers a no account keeping fee transaction accounts called Orange Everyday which also includes a Visa debit card to access your funds. Rather than open a lot of branches, ING seems to have focused on making an easy to use app and training great telephone customer service people. If you deposit funds of $1000 or more in a month, you can withdraw cash from any bank’s ATMs in Australia for FREE in the following month.

They also seem to regularly run a promotion offering $75 when you open an account and deposit $1000 or more before a certain date. You can use the promo code DRZ606 when you apply and if the promotion is running you might just get the bonus. Whether or not the promotion is running, you’ll still get an account keeping fee FREE account. Orange Everyday


Much like ING, AMP is light on actual branches that you can go to. Instead they operate online and over the phone. They do however offer a no account keeping fee transaction account called AMP Access Account. AMP Access Account includes a Visa debit card and no ATM fees at rediATMS. AMP Access Account


You might be surprised to know that Macquarie Bank (maybe most famous for helping rich people invest to get richer) also offers retail banking services that regular people can use. The Macquarie Classic Transaction Account has no account keeping fees and like ING or AMP, don’t expect to see a bank branch any time soon. It is a little bit hard to find the Classic Transaction Account on the Macquarie website. Their website mostly promotes their Macquarie Platinum Transaction Account (this account is also no account keeping fee, but has a minimum $4000 monthly deposit and includes other perks). You can see the Classic Transaction Account mentioned about halfway down the page  under the piggybank icon here with this application link.


That’s our list. Mostly the trade off for no account keeping fees is no bank branches, but if you’d prefer the convenience of handling your banking over the phone, internet or app, then you have some options. What are your thoughts on these options? Have we missed any good alternative options for handling your NDIS funds? Let the community know, please share your advice in the comments section below!


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