bank accounts

Compare Australian Bank Accounts with Mozo

A bank account is a place to store and access your money for everyday transactions. Bank accounts are different from savings accounts as they usually don’t pay interest, rather offering 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 with Mozo and find out how to save on account fees, ATM fees, international transaction fees and more. 

Fact Checked

Bank account comparisons on Mozo - last updated 19 September 2021

Search promoted bank accounts below or do a full Mozo database search. Advertiser disclosure.
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    Glide Account

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, 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 or ATM fees.

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    Everyday Options

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID
    0.01% p.a.

    An easy, everyday banking account packed with flexible options to help you spend, budget and save better. Create up to 9 sub accounts.

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    Mozo Experts Choice 2021
    Everyday Snap Account

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID, Samsung Pay
    0% p.a.

    Enjoy $0 monthly account fees and unlimited fee-free card, phone and online transactions. Tap and pay with Google Pay, Apple Pay or Samsung Pay. Refund of overdrawn fees and international ATM withdrawal fees and international card transaction fees^.

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    Go Account

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, Samsung Pay
    0% p.a.

    Enjoy earning Virgin Money points on purchases (conditions apply). Bundled with the Virgin Money Boost Saver. No Account fees. Available as a joint account.

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    Orange Everyday

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID
    0% p.a.

    Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees. Winner of the Mozo Experts Choice Awards 2020 for Exceptional Everyday Account.^

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    Everyday Youth Account

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID, Samsung Pay
    0% p.a.

    No monthly fees. Must be between 10 and 17 years of age. Get a CUA Visa Debit card with payWave if you're over 14, or a CUA rediCARD if you're over 10. Mozo Experts Choice winner for Australia's Best Large Credit Union 2020.

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    Global Currency Account

    account fee
    Payment Options
    interest rate
    $0.00
    PayID, Samsung Pay
    0% p.a.

    Send and receive foreign currency with no Citi transfer fees. Consolidate your international bank accounts with account details for up to 10 currencies. Winner of Mozo Experts Choice Exceptional Everyday Account 2020 award^.

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    Mozo Experts Choice 2021
    Everyday Global Account

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID
    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.$100 Bonus for new HSBC customers and earn 2% cashback on tap and pay under $100 (T&Cs apply). Mozo's Experts Choice 2021 winner for Exceptional Everyday Account.

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    Classic Banking Account

    with Standard Visa Debit Card

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID, Samsung Pay
    0.01% p.a.

    No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.

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^See information about the Mozo Experts Choice Bank accounts Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Bank account resources

Reviews, news, tips and guides to help find the best bank account for you.

FAQ

Making a quick and easy bank account comparison

Show transcript

In the era of low interest rates, you might think there are better things to do with your cash, than put it in a bank. But a bank is still considered the safest place for your money. And you might be surprised to learn that banks, and the accounts they offer have come a long way.

Whatever your aims, Mozo, has the simple tools you need to compare accounts from up to 70 banks. As we move towards a cashless economy, everyday transaction accounts with online banking and digital payment options are becoming more than just a convenience - they are essential.

Many banks now offer fee-free accounts that can save you plenty if you make lots of transactions. And, if you travel regularly, there are also savings to be made with a bank account that waives international ATM and transaction fees.

Even if interest rates are super low, you can still boost your savings with accounts that reward you for making regular deposits, as long as you can avoid the temptation to make withdrawals for that special something you probably don’t really need.

If your best option is to lock your money away for a while, you can amp up your interest with a term deposit for a variety of amounts over different periods.

Head to Mozo.com.au to compare bank accounts and find a great way to manage and grow your money.

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.

what bank account do i need

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. 

banking app features

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.

Picture of JP Pelosi
JP Pelosi
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

More FAQs about everyday bank accounts


Will I receive a debit card when I open a bank account? 

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

Where can I find a calculator to help with budgeting and tax? 

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.

Should I compare high interest savings accounts too?

With such a variety of high interest accounts on the market right now, it's a tough call to pick the best one. Mozo's high interest savings account comparisons provide you with all the information you need to make the right choice and nab a great deal.

High interest savings 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 or not making any withdrawals, so do your homework to find the right high interest savings account for your needs.

How do I open a bank account? 

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.

What is the best bank account in Australia?

While we can present some affordable, easy-to-use options, the best bank account for you will depend on your individual financial circumstances and how you're planning to use the account. But if you are looking for a solid place to start researching your options, kick off with our collection of some of the best bank accounts in Australia right now. 

These highly rated accounts are all Mozo Experts Choice Bank Account Award-winners, so you can be sure you're on the right track for choosing a great value bank account.

Bank Account Reviews

ANZ Bank Account
Overall 3/10
Not trying

Been with ANZ for a lot of years. I am partially disabled and all my local branches are closed. The closest ANZ to me closes at 1pm. This branch is a long walk from my car. They lost my business due to being very uncompetitive in the savings sector especially Term Deposits sometimes being 50% less than other banks.

Read full review

Been with ANZ for a lot of years. I am partially disabled and all my local branches are closed. The closest ANZ to me closes at 1pm. This branch is a long walk from my car. They lost my business due to being very uncompetitive in the savings sector especially Term Deposits sometimes being 50% less than other banks.

Price
3/10
Features
3/10
Customer service
5/10
Convenience
1/10
Trust
4/10
Less
Powell, Victoria, reviewed 2 days ago
Great Southern Bank Everyday Account
Overall 10/10
Competitive with big banks

I've been a member for close to 15 years along with the rest of my family and never had a reason to change even after researching other banks. Their app and website are user-friendly and the features are similar to what other banks offer i.e naming your accounts, and hiding savings accounts. Interest rates are competitive and there are no fees. The staff are always personable and offer to update your accounts to the latest product offerings to assist savings.

Read full review

I've been a member for close to 15 years along with the rest of my family and never had a reason to change even after researching other banks. Their app and website are user-friendly and the features are similar to what other banks offer i.e naming your accounts, and hiding savings accounts. Interest rates are competitive and there are no fees. The staff are always personable and offer to update your accounts to the latest product offerings to assist savings.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
8/10
Trust
10/10
Less
Ellen, New South Wales, reviewed 6 days ago
Bank of Queensland Bank Account
Overall 1/10
Terrible Bank

BOQ need to update their products and move out of the stone Age. No payID, no suggestion that it's coming either. Bank transfers still take at least 6-8hrs to show up in account, unless you preform transaction after 5pm on a Friday, in that case you won't see it until the following Monday. Transfers between BOQ accounts however are almost instant but this is the only time you will see a transaction move fast. The Online outages are also a huge issue with it happening consistently. Don't sign on to this bank, save yourself the hassle

Read full review

BOQ need to update their products and move out of the stone Age. No payID, no suggestion that it's coming either. Bank transfers still take at least 6-8hrs to show up in account, unless you preform transaction after 5pm on a Friday, in that case you won't see it until the following Monday. Transfers between BOQ accounts however are almost instant but this is the only time you will see a transaction move fast. The Online outages are also a huge issue with it happening consistently. Don't sign on to this bank, save yourself the hassle

Price
1/10
Features
1/10
Customer service
5/10
Convenience
3/10
Trust
2/10
Less
Alana, Queensland, reviewed 6 days ago

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