Compare Australian Bank Accounts with Mozo

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 Australian bank accounts in terms of fees and features, and covers hundreds of accounts from major banks, regional banks and credit unions.

You can also read reviews of bank accounts 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.

What is a bank account?

The term ‘bank account’ usually refers to a standard transaction account used to store money electronically with a bank or other financial institution. One person (or two, if the account is a joint account) sets up a bank account in their name and uses it to deposit money into. 

Money can either be deposited as cash or transferred electronically from another account. Similarly a bank account usually comes with a card that can be used to withdraw cash from an ATM or make EFTPOS payments with. 

How to compare bank accounts in Australia

Before you start comparing, the first thing you will want to do is note down what exactly you want from a bank account. Some things to think about include:

• How often will money be deposited into the account?

• Will the account be used for everyday transactions?

• Is there a chance you will want to access it while overseas?

• Will you want to use it to make purchases from overseas?

• Are you searching for a fee-free account?

Having a clear idea of what you will be using the bank account for may help narrow down your options. You can compare bank accounts available in Australia right now with the compare bank accounts table above. Or for more options, check out Mozo’s bank account search tool. With this you can filter by your average balance and the state or territory you live in. 

What bank account will be the right choice for you?

The bank account that is right for you will be one that is suited to your particular financial needs. Here at Mozo we do not give individual financial advice, however, we can provide a snapshot of what’s on offer right now, plus some general tips on what to look for in a bank account.

Some factors that may sway your decision when choosing an account include:

• Regular fees - does the bank charge a monthly account keeping fee? 

• Online access - can the account be accessed via internet banking?

• ATM network - does the bank have a wide ATM network?

• Banking app - how useful is the banking app? Does it come with a lot of features?

• International fees - are there any high international fees associated with the account? What is the foreign exchange commission?

• Overseas access - can the account be accessed overseas? Is there a fee for withdrawing money from an overseas ATM?

• Ethics - does the bank align with your values?

We cover a lot of this information and more in our individual product reviews. Some of these things may not be so important to you, but knowing what is will help you come up with a potential bank accounts short list. 

What’s the difference between a bank account and savings account? 

Bank accounts tend to have lower interest rates than savings accounts (or offer no interest at all). However, they're often 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 through their everyday transaction account while earning higher interest on the funds stashed in their savings account.

What fees will I pay on a bank 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 very few 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 how you will use the account. 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.

Banking apps and digital wallets 

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. 

Travelling and overseas payments

When it comes to going overseas, you'll usually 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 often 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.

How does Mozo compare bank accounts

Once a year Mozo’s research team uses its knowledge and experience to compare bank accounts for the Mozo Experts Choice Awards. These awards date back to 2014 and are designed to highlight financial products available on the market, offering great value to Australians.

Bank accounts that are (for the most part) fee-free are considered for the awards. The team also looks at accounts that offer fee-free banking for international transactions and other perks such as rewards points. Read the full methodology report for the 2021 Mozo Experts Choice Bank Awards for more information.