Australia’s best bank accounts for 2021

A woman looking surprised, putting money into a piggy bank after reading about the best bank accounts in Australia.

While a shoebox under the bed may have seemed a logical place to store your pocket money as a kid, you’ll undoubtedly need a bank account to function in 2021.

A transaction account is generally a necessity for making online payments and using your money day-to-day, whether that’s via mobile payments, through a linked debit or credit card, or by withdrawing good old fashioned cash. 

However you use it, you want the absolute best bank account to suit your circumstances. Luckily, the Mozo experts are here to help you find that glass slipper fit for your banking needs.

Each year we go on a fact-finding mission to uncover the best bank accounts in Australia in the Mozo Experts Choice Awards. In 2021, the expert judges assessed 144 personal transaction accounts from 81 financial institutions.

At the end of their research expedition, they uncovered an impressive contingent of bank accounts across the award categories of Exceptional Everyday Account, Student Bank Account and Pensioner account.

So you can start comparing bank accounts for yourself, we’ve done a wrap-up of some of this year’s winning everyday accounts.

Exceptional bank accounts in 2021

HSBC Everyday Global Account
  • Holds up to 10 currencies in the one account
  • 2% cashback on tap & pay purchases under AU$100 (conditions apply)
  • No account-keeping fees

This award-winning bank account bundles up useful features of an everyday transaction account alongside international spending tools. Firstly, there are no ongoing account fees or deposit requirements, and you’ll have unlimited fee-free transactions online, over the phone via EFTPOS, BPAY or direct debits. But what makes this account unique is that it holds up to 10 different currencies which you can spend while travelling or making international purchases. Another fun feature is the 2% cashback offer on tap & go purchases under $100. Just remember there’s a $50 monthly limit and you need to deposit at least $2,000 each month to qualify for this bonus.

Suncorp Everyday Options
  • 9 sub-accounts to help manage cash
  • 0.05% interest on all sub-accounts
  • No account-keeping fees

The standout feature of Suncorp’s award-winning Everyday Options account is undoubtedly its sub-account system. Users can create up to 9 sub-accounts to divide savings and spending goals. These are all accessible online, have no account-keeping fees and have unlimited withdrawals to and from the main account. And as a bonus, you can earn up to 0.05% interest on each sub-account. Interest-earning capability is an unusual feature for a transaction account, so this is handy if you like streamlined banking (keep in mind interest is paid half-yearly). Other great features include fee-free EFTPOS, phone and internet banking, as well as branch and RediATM access.

UBank USpend Transaction Account
  • ‘Sweep’ savings function
  • High interest-earning capabilities
  • No account-keeping fees

UBank provides nifty features to help customers stay on top of their savings goals with this fee-free transaction account. By linking your USpend account with UBank’s USave savings account, you can earn up to 1.10% interest on the funds held in the USave, as long as you deposit a minimum of $200 into either account each month. Then, the ‘Sweep’ function helps you manage the cash in both accounts. Customers set a minimum and maximum USpend balance, and every night funds will automatically rollover from the USave to keep that balance on target. Similarly, if the balance in the USpend exceeds the selected maximum amount, the excess will be transferred back into USave. This way you may never be stuck without spending money but consistently meeting savings goals.

Up Everyday Account
  • Optional round-up feature
  • No international ATM fees or foreign exchange commission
  • No account-keeping fees

If you like minimal-effort savings, then the Up Everyday Account could be just the ticket. When linked with the Up Saver Account, you can use the optional round-up feature to grow your savings fund. How does it work? With each transaction you make using your Up debit card which comes linked to the transaction account, Up will round the amount up to the nearest dollar and whisk those cents away to your savings. It might not look like much in a day, but is a great way to add to your stash in the long-run without digging into other parts of your budget. This account could also be a useful tool on your next holiday, as it has no international ATM withdrawal fees and a 0% foreign exchange commission.

Other award-winning 2021 bank account options

The accounts listed above weren’t alone on the winner’s podium. Other bank accounts which also took home gold in the Exceptional Everyday Account category this year were: 

Macquarie also took out the Mozo title of Everyday and Savings Bank of the Year in 2021, with numerous award wins across banking and savings award categories.

Student Bank Accounts

So students can kick-off their banking journey on the right foot, Mozo also investigated accounts specifically for students aged under 24. The expert judges took careful consideration of things like low international transaction fees, as many students and younger Aussies shop at online stores from around the world, and are looking for an affordable way to make these purchases.

Of the 47 transaction accounts from 37 financial institutions, the Suncorp Everyday Options Student account and the ING Orange Everyday Youth account were identified as the front runners.

Pensioner Bank accounts

Pensioner accounts were also assessed in their own award category, so retirees can manage their balance and pension income while earning some interest and using the account for daily banking needs. The five gold medal-winning pensioner accounts in 2021 are:

If you’d like to learn more about the awards process and see how our judges selected these winners, head to the Mozo Experts Choice Bank Account Awards page.

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.