What to look for when switching bank accounts
Bank accounts have become a standard part of our everyday life. Because of this, it’s important to make sure that your provider is offering an account that works for your needs.
Comparing bank account features
Just like savings accounts, bank accounts have a range of differing features between providers. Part of this variance is that bank accounts are usually linked to a savings account from the same provider. This can change which features are available between the two. In some cases, transaction accounts will even double as a savings account
So, what are some of the features that you should look out for?
1. Reduced or no fees
Monthly maintenance fees, ATM withdrawal fees, and overseas transactions can slowly eat into your funds. Thankfully, as banks become more digital, maintenance fees have become less common. Still, if you frequently pay various charges, consider switching to a more cost-effective option.
2. Enhanced digital banking experience
As the digital world evolves, so should your banking experience. If your current bank’s app or online banking platform feels outdated, lacks features, or is not user-friendly, you might want to look for a bank that offers a more modern, secure, and feature-rich digital banking experience. This can make managing your finances more efficient and enjoyable.
3. Better customer service
The quality of customer service can make a huge difference in your banking experience. If you're experiencing poor service, long wait times, or unhelpful responses, it’s a sign to switch. Banks that prioritise customer service provide a smoother and more supportive banking journey.
4. Aligning with your lifestyle and goals
Your banking needs can change over time based on your lifestyle, financial goals, and personal values. For instance, if you’ve become more environmentally conscious, you might prefer a bank emphasising sustainable practices. Or, if you’re planning to travel extensively, an account with no foreign transaction fees could be ideal.
5. Incentives for switching
Banks often offer incentives to attract new customers – from cash bonuses to reward points. While these offers should not be the sole reason to switch, they can be a nice bonus if the bank already meets your other criteria.
6. Seeking better interest rates
While interest rates are usually associated with savings accounts, some transaction accounts offer interest on your balance. Also, some savings accounts need a connected transaction account, so it’s also useful to check if your transaction account has a high interest savings account with it.
Not sure where to compare bank account and debit card providers? You can click the links to our hub pages or check out some of the providers in the table below…
Bank account comparisons on Mozo - last updated 2 May 2024
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Everyday Options
$0.00
Apple Pay, Google Wallet, PayID
0.01% p.a.
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareEveryday Options
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Suncorp Everyday Options
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Everyday Global Account
$0.00
Apple Pay, Google Wallet
0% p.a.
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet
- interest rate
- 0% p.a.
- ATM networks
- HSBC
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, BPAY and direct debits
Read our Mozo Review to learn more about the HSBC Everyday Global Account
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Glide Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
0% p.a.
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
- interest rate
- 0% p.a.
- ATM networks
- MyState
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free internet transactions.
Read our Mozo Review to learn more about the MyState Bank Glide Account
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^See information about the Mozo Experts Choice Bank Account Awards
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