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!
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees or ATM fees.
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees or ATM fees.
Read our Mozo Review to learn more about the Glide Account
Enjoy earning Virgin Money points on purchases (conditions apply). Bundled with the Virgin Money Boost Saver. No Account fees. Available as a joint account.
Enjoy earning Virgin Money points on purchases (conditions apply). Bundled with the Virgin Money Boost Saver. No Account fees. Available as a joint account.
Read our Mozo Review to learn more about the Go 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.$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.
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.
Read our Mozo Review to learn more about the Everyday Global Account
An easy, everyday banking account packed with flexible options to help you spend, budget and save better. Create up to 9 sub accounts.
An easy, everyday banking account packed with flexible options to help you spend, budget and save better. Create up to 9 sub accounts.
Read our Mozo Review to learn more about the Everyday Options
An everyday transaction account where you can enjoy fee-free transactions and a range of convenient payment options, including Apple Pay, Google Pay, or Samsung Pay. Open your account online and instantly access your card details securely to transact online or add to your Digital Wallet to make purchases instore.
An everyday transaction account where you can enjoy fee-free transactions and a range of convenient payment options, including Apple Pay, Google Pay, or Samsung Pay. Open your account online and instantly access your card details securely to transact online or add to your Digital Wallet to make purchases instore.
Read our Mozo Review to learn more about the & Transaction Account
Designed for everyday spending, whenever and wherever you are. Enjoy free internet banking transactions across any device. Enjoy no account keeping fees (conditions apply). Open a personal transaction account and complete 2 transactions by 30 June 2021 to receive $30. New customers only. Important T&Cs apply.
Designed for everyday spending, whenever and wherever you are. Enjoy free internet banking transactions across any device. Enjoy no account keeping fees (conditions apply). Open a personal transaction account and complete 2 transactions by 30 June 2021 to receive $30. New customers only. Important T&Cs apply.
Read our Mozo Review to learn more about the Everyday Account
Fee-free ATM use anywhere in Oz. No ING international transaction fees. Zero monthly fees. Winner of the Mozo Experts Choice Awards 2020 for Exceptional Everyday Account.^
Fee-free ATM use anywhere in Oz. No ING international transaction fees. Zero monthly fees. Winner of the Mozo Experts Choice Awards 2020 for Exceptional Everyday Account.^
Read our Mozo Review to learn more about the Orange Everyday
with Standard Visa Debit Card
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.
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.
Read our Mozo Review to learn more about the Classic Banking Account
Send and receive foreign currency with no Citi transfer fees. Consolidate your international bank accounts with account details for up to 10 currencies. Currently offering special exchange rate on New Zealand Dollar. Winner of Mozo Experts Choice Exceptional Everyday Account 2020 award^.
Send and receive foreign currency with no Citi transfer fees. Consolidate your international bank accounts with account details for up to 10 currencies. Currently offering special exchange rate on New Zealand Dollar. Winner of Mozo Experts Choice Exceptional Everyday Account 2020 award^.
Read our Mozo Review to learn more about the Global Currency Account
Enjoy simplified banking with this no-fuss transaction account. Get free 24/7 internet banking transactions across any device. Zero monthly account keeping fees. Open a personal transaction account and complete 2 transactions by 30 June 2021 to receive $30. New customers only. Important T&Cs apply.
Enjoy simplified banking with this no-fuss transaction account. Get free 24/7 internet banking transactions across any device. Zero monthly account keeping fees. Open a personal transaction account and complete 2 transactions by 30 June 2021 to receive $30. New customers only. Important T&Cs apply.
Read our Mozo Review to learn more about the Basic Access Account
^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.
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.
Customer service was fantastic, very quick and happy to answer any questions I had. Not sure about problems but I never had any so I wouldn't know. Very Friendly and understanding Trustworthy and knowledgeable Flexible and efficient
Read full reviewCustomer service was fantastic, very quick and happy to answer any questions I had. Not sure about problems but I never had any so I wouldn't know. Very Friendly and understanding Trustworthy and knowledgeable Flexible and efficient
Had enough of banking with Macquarie for a number of reasons Firstly the bank has never bothered to initiate NPP since its mandate in 2017. Unlike the other banks both australian and foreign Macquarie refuses to launch NPP offering instant payments to other bank accounts meaning I do not receive money transfers from friends and family until 24 hours later or more on weekends meanwhile others receive their funds instantly Secondly Macquarie have removed eftpos payment enablement from all their debit cards meaning cashouts during shopping are impossible and now the peer to peer payment app Beem it is incompatible for Macquarie cards. Macquarie have done this to maximise their interchange revenue from merchants. For those unfamiliar this means when I tap and pay for my coffee the coffee shop pays maximum merchant acquiring fees to the issuer (Macquarie bank) as all transactions to route via Mastercard. Whilst this has no effect on me as the consumer the small business is left footing a higher bill as they have no opportunity to explore cheaper payment acceptance rails Not interested in banking with an institution that maximises revenue at the cost of supporting australian businesses
Read full reviewHad enough of banking with Macquarie for a number of reasons Firstly the bank has never bothered to initiate NPP since its mandate in 2017. Unlike the other banks both australian and foreign Macquarie refuses to launch NPP offering instant payments to other bank accounts meaning I do not receive money transfers from friends and family until 24 hours later or more on weekends meanwhile others receive their funds instantly Secondly Macquarie have removed eftpos payment enablement from all their debit cards meaning cashouts during shopping are impossible and now the peer to peer payment app Beem it is incompatible for Macquarie cards. Macquarie have done this to maximise their interchange revenue from merchants. For those unfamiliar this means when I tap and pay for my coffee the coffee shop pays maximum merchant acquiring fees to the issuer (Macquarie bank) as all transactions to route via Mastercard. Whilst this has no effect on me as the consumer the small business is left footing a higher bill as they have no opportunity to explore cheaper payment acceptance rails Not interested in banking with an institution that maximises revenue at the cost of supporting australian businesses
Recently my mother passed away and as executor I needed to prove who I was to NAB to proceed with finalizing the estate. Firstly I supplied legally witnessed copies of my ID. 2 months later they send a letter saying this isn't sufficient I need to call them and do a phone ID verification. After waiting on hold for ages I finally get put through to an (english is my second language) representative only to be told I can't be verified over the phone I must go to a branch to be verified in person because I don't bank with NAB. So, I go to a branch to be verified and long waits and explanations later (why don't they know this process if it's theirs) I am told I will need to wait for a phone call to be verified because I am not a NAB customer. What a joke, because the grieving process isn't hard enough NAB is there to make it even more difficult!
Read full reviewRecently my mother passed away and as executor I needed to prove who I was to NAB to proceed with finalizing the estate. Firstly I supplied legally witnessed copies of my ID. 2 months later they send a letter saying this isn't sufficient I need to call them and do a phone ID verification. After waiting on hold for ages I finally get put through to an (english is my second language) representative only to be told I can't be verified over the phone I must go to a branch to be verified in person because I don't bank with NAB. So, I go to a branch to be verified and long waits and explanations later (why don't they know this process if it's theirs) I am told I will need to wait for a phone call to be verified because I am not a NAB customer. What a joke, because the grieving process isn't hard enough NAB is there to make it even more difficult!
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