A bank account is a place to store your money and also access it to make everyday transactions. Bank accounts are different from savings accounts as they don’t pay you interest but rather offer a basic service to receive payments and make cash withdrawals. Looking for the best everyday bank account for your money? Compare more than 90 bank accounts from up to 70 banks on Mozo today and find out how to save on account fees, ATM fees, international transaction fees and more. Start comparing now!
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$6.00$0 monthly account fee if you deposit min. $2,000 per month or are under 23 years.
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^See information about the Mozo Experts Choice Bank accounts Awards
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Reviews, news, tips and guides to help find the best bank account for you.
Whether you're looking for low fee accounts, online accounts or high interest accounts, Mozo can guide you through the Australian banking maze.
Our database lets you quickly compare bank accounts throughout Australia by fees and features, and covers hundreds of accounts from major banks, regional banks and credit unions.
You can also read reviews from real customers around Australia to get the inside story on everything from bank fees to customer service.
Before you compare bank accounts (also known as everyday transaction accounts), it helps to make a quick list of the features and access what you need for your day-to-day banking.
To make a quick and easy transaction account comparison, our nifty comparison tools let you filter Australian accounts by your desired features to help you find the best bank accounts for your needs. You can shortlist and compare your selection side-by-side.
If you make a large number of ATM and EFTPOS transactions each month, compare bank accounts that give you unlimited electronic transactions for one low monthly fee. These days some accounts even offer unlimited transactions with no monthly fees. If you want to make purchases online also think about an account with a debit card attached.
Those who intend to maintain a high account balance from month to month should consider a high interest bank account that pays a good interest on your money, while still giving you all the convenience of a regular everyday transaction account.
With Mozo you can compare bank accounts Australia wide by interest rate, monthly account fee, monthly free transactions and more.
Banking has come along way in recent years and apps and digital wallets are now very popular among Australian consumers and when you are considering a new bank account this should be top of mind. Fintech Apps allow you to access your bank account from your smartphone and give you access to many cool features like spending tracking and money management alerts that you don't get with regular online banking.
It has also become extremely popular to pay with things via digital wallets like Apple Pay, Samsung Pay and Google Pay rather than using the physical card that you get issued with when you sign up for a new bank account.
When it comes to going overseas, you'll be able to use your bank account to withdraw money from foreign ATMs and if you've got a debit card with Visa or MasterCard you'll also be able to make purchases.
Most banks will charge you a foreign exchange margin on overseas transactions which is usually a percentage (around 3.5%) and for ATM withdrawals there is an overseas fee. This will be in addition to any fee that the overseas ATM operator charges.
In recent years as more and more Australians travel and make day to day online shopping transactions, there are now a number of banks that do not charge overseas fees. You can try Mozo's debit card fee finder too to see what the likely fees will be for any bank account listed in our database.
Bank accounts tend to have lower interest rates than savings accounts, however they’re more flexible, allowing you to withdraw funds and transfer money between your own accounts or to other people. Typically people have both a transaction and a savings account, so they can keep their savings separate from their everyday funds. This lets them spend money in their everyday account, while earning higher interest on the funds stashed in their savings account.
There are a few fees that you should know about before you open a bank account so that you can avoid paying too much. While basically no bank accounts have monthly account fees anymore, it’s likely you’ll come across charges like ATM withdrawal costs, transaction fees (both domestically and internationally), overdraw charges and assisted banking withdrawal fees.
Each bank will charge different fees so it’s worth doing your research and considering what you are most likely to use the account for - for example if you foresee yourself needing to make multiple international transactions, look for an account with minimal to no international transaction fees. It’s all about saving where you can. If you need a full break down, check out our guide to bank account fees and charges.
In most cases bank accounts (or transaction accounts) come with a debit or key card so that you are able to withdraw cash or pay using the card. To find accounts with debit cards head to our debit card comparison table.
Also bear in mind that as digital wallets become more and more popular, many banks have launched Apple Pay, Samsung Pay and Google Pay as a payment alternative to debit cards on their bank accounts. For more information, and to find out which banks have jumped on board, check out our mobile payment guide.
The key to a healthy bank balance is sticking to a budget. If you want some help working out how much you spend and how much you should have left over each month, try our handy budget calculator.
And if you are wondering if the tax man is playing fair, try our income tax calculator to work out whether you're paying too much or too little tax.
This page is about personal transaction accounts. If you're after a transaction account for your small or medium business, check out our Business Bank Accounts page.
With such a variety of high interest transaction accounts on the market right now, it's a tough call to pick the best one. Mozo's high interest bank account comparisons provide you with all the information you need to make the right choice and nab a great deal.
High interest bank accounts do everything a normal account does, with the added benefit of giving you a high interest rate on your money. They may have conditions, such as making a minimum deposit each month, so do your homework to find the right high interest bank account for your needs.
Once you’ve done your homework and found the bank account that suits your needs, the hard work is over, opening a bank account is pretty straight forward. Make sure you fit the eligibility criteria - you’re over 18, are an Australian resident and are using the account for personal purposes (if you’re after an account for your business you’ll need a dedicated business bank account).
Jump online or head to your local branch with all the documents you need to identify yourself. This may include a drivers licence, medicare card or your passport. Fill out any online or in-person steps you need to, like providing contact and personal details. Once you’ve done this, your bank account should become active instantly. It may take a few days before your bank or debit card arrives in the mail, but you can deposit funds into the account straight away if you wish.
I like the friendly service.
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In branch and online banking system suits my needs at the present.
Read full reviewIn branch and online banking system suits my needs at the present.
Westpac are just like any other bank in Australia. Because Australian working laws force and dictate its citizens to use banks because of how the fiat economy system runs, WestPac is a moderate option to go with. However, in the last couple of years their services and practices have got out of hand. On two occasions when depositing coins into the automatic tellers, it counted almost all of my $2 coins as 5cent pieces and it took two months to have each situation resolved and you’re made to feel like a liar and a fraud when you complain about what happened. When depositing money, DO NOT use the automatic tellers - it is a scam to steal from the public. The other serious problem is that none of the transactions are happening in real time any more. It says an amount is deducted and then it comes out a week later making it very difficult to track expenses. Of course I always do this in my head and with a calculator, but this is a real put off. Their telephone banking staff have become increasing rude and abrupt. I am now in the process of changing banks and would not recommend anyone to open an account with them. You’re best off going with Commonwealth, they’re just as terrible, but at least they won’t fold like Westpac in the next financial crisis we are heading into.
Read full reviewWestpac are just like any other bank in Australia. Because Australian working laws force and dictate its citizens to use banks because of how the fiat economy system runs, WestPac is a moderate option to go with. However, in the last couple of years their services and practices have got out of hand. On two occasions when depositing coins into the automatic tellers, it counted almost all of my $2 coins as 5cent pieces and it took two months to have each situation resolved and you’re made to feel like a liar and a fraud when you complain about what happened. When depositing money, DO NOT use the automatic tellers - it is a scam to steal from the public. The other serious problem is that none of the transactions are happening in real time any more. It says an amount is deducted and then it comes out a week later making it very difficult to track expenses. Of course I always do this in my head and with a calculator, but this is a real put off. Their telephone banking staff have become increasing rude and abrupt. I am now in the process of changing banks and would not recommend anyone to open an account with them. You’re best off going with Commonwealth, they’re just as terrible, but at least they won’t fold like Westpac in the next financial crisis we are heading into.
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