Australia’s Best Bank Accounts November 2024
Without an everyday transaction account, you’d be hard pressed to transfer money to your friends, pay your bills, withdraw cash from an ATM or make over-the-counter purchases via your smartphone. Whatever you use it for though, you'll want the absolute best bank account to suit your circumstances, right?
Of course, there’s no single ‘best’ bank account out there. It’s about finding a great match for you depending on your own needs and wants in an account.
To help you get started on your search, we’ve wrapped up a number of bank account options below including 2024 Mozo Experts Choice Award^ winners, Mozo People’s Choice Award^ winners and a few other accounts which the Mozo editors agreed were worth highlighting.
Best bank accounts 2024
- Suncorp Everyday Options
- ING - Orange Everyday
- MyState Bank - Glide Account
- AMP Cash Manager
- Bendigo Bank Everyday Account
- ING - Orange Everyday
- Up - Everyday Account
Expert Picks: Award-winning best everyday bank accounts
Every year Mozo’s team of in-house experts analyse a diverse range of banking and financial products as part of the Mozo Experts Choice Awards, including bank accounts. For the 2024 Mozo Experts Choice Savings and Transaction Account Awards, the Mozo judges scrutinised over 505 personal products from 92 providers and named winners in a number of award categories including Exceptional Everyday and Best Travel Debit Cards. Here’s a look at some of the standouts from the recent 2024 awards.
Suncorp Everyday Options
- 9 sub-accounts to help manage cash
- No overseas ATM and foreign exchange fees by Suncorp
- No monthly account-keeping fee
- Multi 2024 Mozo Experts Choice Award winner^
Scoring two 2024 Mozo Experts Choice Awards awards (Exceptional Everyday Account and Travel Debit Card), the Everyday Options account is a great bank account to have whether you’re here in Australia or travelling overseas. There is no monthly account fee and no overseas ATM fees or foreign exchange fees by Suncorp. It also comes with a sub-account system with which users can create up to nine sub-accounts to divvy up any savings or 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 0.01% interest on each sub-account which is a relatively rare feature for transaction accounts.
ING - Orange Everyday
- Zero monthly fee
- Round-up feature for savings goals
- 1% cashback on eligible utility bill payments via BPAY or direct debit for customers who meet eligibility requirements (up to $100 per financial year)
- 2024 Exceptional Everyday Account Award winner
The Orange Everyday Account took out an Exceptional Everyday Account Award in this year’s Mozo Experts Choice Awards, helping ING secure the title of Everyday and Savings Bank of the Year 2024. As long as you deposit at least $1,000 per month (from an external account) and make at least five card eligible purchases using your ING debit card, the account has no monthly account fees.
You’ll also get rebates on ATM fees for the first 5 fee incurring withdrawals in Australia and rebates on ING international transaction fees. The account has a handy ‘round-up’ feature that rounds up purchases to either the nearest $1 or $5 when activated, then deposits the difference into your ING savings account. Plus, you’ll get 1% cashback when you pay your utility bills using your Orange Everyday bank account, up to $100 per year (T&Cs apply).
Of course, the bank accounts above aren’t the only options around, which is why our editors have also wrapped up a selection of other standout accounts from some of our partners below. And if you’re keen to cast your eyes over an even greater range of accounts, head over to Mozo’s dedicated bank account comparison hub.
MyState Bank - Glide Account
Looking for a budget-friendly bank account that’s compatible with all the latest payment options? Well, you might just want to take a closer look at the Glide Account from MyState Bank. The account has no monthly account fee, plus Australians travelling abroad will be able to withdraw money from an overseas ATM using the linked debit card without MyState charging a fee. Keep in mind that there is a 3.00% foreign exchange fee that will apply on international purchases and ATM withdrawals though. And anyone who likes to pay on the go with a smartphone or smartwatch will appreciate that the Glide Account is set up to be used with Apple Pay, Google Wallet, Samsung Pay, PayID and Garmin Pay.
AMP Cash Manager
- Earn up to 4.80% p.a
- No ongoing or account fees
- Send and receive payments in real-time
Enjoy all the benefits of a flexible cash management account with the a great rate of up to 4.80% p.a with AMP Cash Manager on a minimum balance of $10K. You’ll not only have the freedom to manage and access you funds while earning interest, but you’ll also pay no transaction, ongoing or account fees in the process. Complete with digital wallet payments, AMP Cash Manager is a simple way to watch your wealth grow.
Customer Favourites: Bank accounts from Mozo People’s Choice Award winners
Unlike the Mozo Experts Choice Awards, the Mozo People’s Choice Award winners are determined by the opinions of everyday Australians collected through a national survey commissioned by Mozo. Participants are asked to rate their financial institutions on everything from customer service and satisfaction to trust and whether or not they’d recommend them to family or friends.
Here’s a look at products from some of the winners of our 2024 Mozo People's Choice Awards:
Bendigo Bank Everyday Account
- Branch and ATM access Australia-wide
- Debit Mastercard option
- Apple pay, Google Wallet and Samsung Pay access
Bendigo Bank is known for its excellent customer service and outstanding customer satisfaction and has the Mozo People’s Choice Awards^ to show for it! This year, Bendigo Bank won a total of three Mozo People’s Choice Awards^. The Everyday Account is a straightforward bank account that you can use to deposit and withdraw money for your everyday needs, whether that’s online, via an ATM or at one of the Bendigo branches across Australia. You can use the account with all major digital wallets (Apple, Google and Samsung) and wherever Mastercard is accepted via the debit card option. Similar to other bank accounts, there is no interest paid, so be sure to set up a separate high-interest account for savings.
ING - Orange Everyday
- Zero monthly fee
- Round-up feature for savings goals
- No ATM withdrawal fees in Australia or overseas (conditions apply)
- 1% cash back on eligible utility bill payments via BPAY or direct debit for customers who meet eligibility requirements (up to $100 per financial year)
In addition to winning a 2023 Mozo Experts Choice Exceptional Everyday Account Award^ for its Orange Everyday account, ING was also a standout performer in the 2024 Mozo People’s Choice Awards^ — taking home five awards. The Orange Everyday bank account has no monthly fee, as long as you deposit at least $1,000 per month (from an external account) and make at least five card-eligible purchases using your ING debit card. You’ll also get rebates on ATM fees for the first 5 fee-incurring withdrawals. There’s also a handy ‘round-up’ feature that rounds up purchases to either the nearest $1 or $5 when activated, then deposits the difference into your ING savings account. Plus, you could get 1% cashback when you pay your utility bills using your Orange Everyday bank account, up to $100 per year (T&Cs apply).
Up - Everyday Account
- No monthly account fee
- Optional round-up feature to help you save
- No overseas ATM fees or foreign exchange fees
Digital bank Up has proven to be a hit with its customers in the 2024 Mozo People’s Choice Awards — taking out not one but five wins in total! So, what does Up’s Everyday Account have to offer? For starters, there’s no monthly account fee to worry about, plus international travellers using the linked debit card won’t be charged any overseas ATM withdrawal fees or foreign exchange fees by Up. Users looking for a passive way to boost their savings balance can also make use of the ‘round-up’ feature, which rounds up each purchase you make to the nearest dollar and then transfers the difference to a linked Up savings account. Just remember, Up is a digital bank, so you’ll only be able to access the Everyday Account via the mobile app.
Most common FAQs about bank accounts
What’s the difference between a bank account and savings account?
Bank accounts - or transaction accounts as they’re also known - and savings accounts both fall into the category of deposit accounts, but there are key differences between them. Bank accounts are used for everyday needs like transferring money and paying bills, plus they’re generally the account which is linked to a debit card. As the name implies, savings accounts are used for saving money because, unlike most bank accounts, they come with an interest rate.
Can I earn interest with a bank account?
Most bank accounts don’t come with an interest rate. There are a handful of exceptions of course, but if you’re looking to earn the highest interest rate possible on your savings stash then a bank account probably isn’t your best bet. Instead, a high interest savings account or even a term deposit could prove a better match.
Will I get a debit card when I open a bank account?
Yes, in most cases you’ll receive a debit card when you open a new bank account. The debit card will be linked to that account and it’s where you’ll be able to see any transactions or cash withdrawals you make with the card. Plenty of banks are also making it easy for customers to pay with a virtual version of their debit cards via digital wallets such as Apple Pay, Google Pay and Samsung Pay.
Are there bank accounts with no monthly fees?
One of the best ways to reduce bank account costs is to avoid paying a monthly account-keeping fee, so you might be happy to know that plenty of Australian banks offer no monthly fee bank accounts. And there are even a handful of banks that won’t charge you to use your linked debit card while making transactions or withdrawing money overseas.
What’s the best way to open a bank account?
Gone are the days when the only way to open a bank account was to walk into your local bank branch, because there are now several different options to choose from depending on your needs. Aside from in-branch, new customers can sign up for an account online through their bank's website or via a mobile banking app.
Which bank account is best for me?
While there’s no single ‘best’ bank account out there which is going to suit the needs of every Australian, if you are looking to compare some standout options then our 2022 Mozo Experts Choice Bank Account and Savings Award winners could be a great place to start.
Are bank accounts safe?
If you’re banking with an authorised deposit-taking institution (ADI), then you will be covered under the Financial Claims Scheme (FCS), which covers up to $250,000 per account-holder, per ADI (that’s banks, building societies, or credit unions).
The FCS may even cover you if your bank fails, meaning that you won’t lose the money you have deposited with them (up to $250,000).
If you have a joint account, then each individual account-holder is guaranteed for $250,000 each.
Aside from the FCS, many bank accounts will have protective measures in place to ensure the security of your bank account.
How to close your bank account
To close your bank account, you’ll need to clear any funds out of it into a new bank account. After you’ve transferred your money across to your new account, call up or contact your bank via email, to request closure. Some banks will allow you to close your account online.
Which bank account is best for my child?
If you’re looking for a bank account for your children or teenagers, then consider having a look at some of the best savings accounts for kids. These accounts are a great way to teach your kids about the benefits of saving their money and watching their interest grow.
What bank account can I open with bad credit?
While a bad credit rating may make it harder to access different financial products, like loans, it probably won’t make a difference when you’re trying to open up a bank account.
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