The key to choosing any kind of financial product is making sure you understand your needs, and your financial situation, before you apply for anything.
The best advice is often: “It depends what you need it for.”
If you are choosing a bank account you need to ask yourself, do you need to access the funds on a regular basis? Are you using it for saving surplus cash? Will a regular payment be going into the account?
These are important questions because most transaction accounts offer no or minuscule levels of interest, so if you have money sitting in the account, you want it to be earning more than that.
Source: Sydney Morning Herald