Australia’s best banks accounts of 2020

Polly Fleeting

20 Feb 2020

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Whether you are after a personal bank account or an account for your small business, there are a whole bunch of killer offers on the market at the moment.  

This year, Mozo’s experts compared 144 personal bank accounts from 80 providers, and 70 business accounts from 43 providers, as part of the 2020 Mozo Expert’s Choice Awards. Our judges looked at all things fees, interest rates and even some bonus features, and chose those accounts that offered the most customer value and stood out above the rest.   

With that in mind, to make things a little easier and to help you find the right option for your everyday banking, we’ve bundled together a few of the bank accounts that came out on top in 2020!

Best Bank Accounts 2020

Promoted

ING Orange Everyday
  • $0 monthly account fee

  • No ATM withdrawal fee overseas or in Australia

  • 2020 Mozo Experts Choice winner^

If you’re looking for an exceptional bank account with no monthly or ATM fees, ING’s Orange Everyday account could be the pick for you. ING is no stranger to the Mozo Experts Choice Awards^ as it was again given our expert judges’ tick of approval (for the third year running) and received a 2020 Mozo Experts Choice Award in the Exceptional Everyday Account category. With this account you can withdraw funds without the fear of being charged at the ATM, no matter whether you are at home in Australia or overseas. There are also no international transaction fees attached to the account and no ongoing monthly fee. Just remember, to bid farewell to these fees you must deposit at least $1,000 into your ING account from an external bank each month, as well as make 5 transactions on your card.

Promoted

Bankwest Qantas Transaction Account
  • Earn Qantas Points on your account balance

  • $0 monthly account fee (if you deposit min. $2,000 a month)

  • 2020 Mozo Experts Choice Award winner^

Who says rewards points are just for credit cards? Not Bankwest. Say hello to the Bankwest Qantas Transaction Account, where account holders can earn 5 Qantas Points on eligible purchases and 0.4 points per $100 that’s sitting in your account each day. But that’s not the only thing this account has going for it, not only does it have no ATM fees, Bankwest will waive the $6 monthly account fee when you deposit a minimum of $2,000 into the account. This account really is exceptional, and Mozo’s expert judges agree because it took home a 2020 Mozo Expert’s Choice Award^ in the Exceptional Everyday Account category.   

Promoted

Citi Global Currency Account
  • Hold up to 10 currencies in one place

  • Up to 1.50% interest (balance requirements apply)

  • 2020 Mozo Experts Choice Award winner^

After a killer everyday bank account but also consider yourself a bit of a world traveller? Why not combine the two! The Citi Global Currency Account could be the perfect way to do it. With this account you can hold up to 10 currencies which you can switch between as needed. There are also no monthly fees, international transaction fees or overseas ATM fees (as long as you withdraw in the same currency you have in the account). It’s no wonder that Mozo’s experts were happy to give the Citi Global Currency Account their tick of approval with a 2020 Mozo Experts Choice Award^ in the Exceptional Everyday Account category. Plus, customers can earn up to 1.50% on their balance, though bear in mind there are different rates for different balance amounts so if you have below $5,000 you’ll receive 0%.

^For the full list of winners and more info, check out our 2020 Mozo Experts Choice Awards for Bank Accounts page. 

Want to weigh up other bank accounts on the market at the moment? Jump over to our bank accounts comparison table or check out our handy bank accounts guide section for all the information you need.

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