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Let’s say I didn’t have enough money in my account. It has an overdrawing fee of $100, though I only have a balance of $50. If I were required to pay a medical bill at a specialist which were $290 and I know I get paid tomorrow. Would this transaction still go through?


I paid for a hair cut recently by tapping with my debit card & the lady explained to me that if I select cheque they charge a 6% fee, but if I select savings they charge a 1% fee. This suggests that there are other differences between these transaction types other than account selection.


Hi! While the difference between Cheque/Savings vs. Credit is explained, the difference (which I was after) between Cheque and Savings is not explained. You say “different accounts can be linked”, which I assume means a Cheque account can be linked to the Cheque option, and a Savings account can be linked to the same card? This still does not explain the actual difference between Cheque and Savings: What is the actual difference of accounts/systems? How can I find out which type of account I have? I seem to have an “Everyday Account” and a “Savings” account. If I press Savings,… Read more »


As a 30 year old who has lived in Australia all my life and had a bank card for almost the last 10, I never knew the difference until now. Thanks!

Matt Tansey

One other think to consider when deciding which button to press is the additional cover you get for your purchases if you press ‘credit’. If it is a high value item I would suggest pressing ‘credit’ as by doing so you are effectively registering your purchase and are then covered for 3 months of purchase protection insurance. This is the case with my NAB card so I presume other banks’ debit cards work in the same way.


I was just about to ask this question too…so does that mean if I have a visa debit card and I select savings for $500 i don’t get protected? And its better to select credit?


Can someone explain what the difference is between the Cheque and Savings buttons? From the article, it would appear that they do the same thing. Is there any reason I would press ‘Chq’ instead of ‘Sav’ or vice versa?
Thanks for your help and for this helpful article.


Same here, when I press Sav button, the money is deducted from my Smart Access account of Commonwealth Bank and Chq button fails.

Thanks a lot from a French Expat looking for answers too !


Thank you!! Just what I was looking for!

Hi there, this is a great article! At work, I always get asked what the difference is between cheque and savings and I’ve always been stumped. However, I will correct you with one thing: I always choose “savings” when making purchases and I am still able to get “cash out” at retailers. Hope that helps!

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