Banking to suit your lifestyle: Which type are you?

piggy bank with bank coins falling from the sky

You buy clothes that fit your personality, lifestyle and size, so shouldn’t you be choosing a bank account the same way? The goal being to search for one that most perfectly fits with your needs and life. Because one size does not fit all.

With hundreds of potential bank accounts available in Australia, it’s time you search for one that contains your wants and needs. But where do you start?

Well, we’ve identified five potential money lifestyles that the average Aussie might fall into. Read on to see which one you could be.

The frequent traveller

woman with curly hair at an airport

Always looking for your next overseas getaway? Know your way through all the major airports? Maybe having a travel card that has low international or overseas ATM fees or lets you earn frequent flyer points could be what you need in your wallet. 

Cards you may want to look at:

HSBC Everyday Global Account
  • 2022 Mozo Experts Choice Award^ winner
  • 2% cashback on tap & pay purchases under $100 AUD (conditions apply)
  • No monthly account fee
Find out more

HSBC’s Everyday Global Account won a 2022 Mozo Experts Choice Award^ in the Exceptional Everyday Account category. This account can also hold up to 10 currencies, so if you travel a lot, you can spend your money like a local wherever you go. The Everyday Global Account is also compatible with Apple Pay, Google Pay, and PayID. It also has no monthly account fees, no minimum deposit or minimum balance requirements.

Citi Global Currency Account
  • Mozo Experts Choice Award 2022 winner^
  • No overseas ATM or foreign exchange fees
  • Up to 10 currencies in the account
Find out more

If you’re a frequent traveller, the Citi Global Currency Account could be worth considering. It recently scored a 2022 Mozo Experts Choice Award^ for exceptional bank account. Store up to 10 currencies on the account for ease of use when crossing borders or transacting in different currencies. The Citi Global Currency Account also has no monthly fees and no overseas ATM or transaction fees as long as you are withdrawing the same currency of the account.

Interested? Read the full Citi Global Currency product review

American Express - Qantas Discovery Card
  • Purchase rate of 20.74% p.a.
  • 3% foreign exchange margin
  • No annual account fee

American Express won the title of Best Credit Card Provider of the Year for the 2021 Mozo Experts Choice Award^. Its Qantas Discovery card also won Best Qantas Frequent Flyer Credit Card. What makes this credit card stand out is its lack of annual fees and is packed with lots of reward benefits. You can earn 0.75 Qantas Points for each $1 you spend on everyday purchases and 1 more bonus point for every $1 spent on selected Qantas products and services (T&C apply). The card has a high-interest rate of 20.74% p.a., but you do get the first 44 days interest-free.

NAB Qantas Rewards Signature Card
  • Purchase rate of 19.99% p.a.
  • Annual fee of $395
  • 3% foreign exchange margin

NAB’s Qantas Rewards Signature card has an interest rate of 19.99%. With this card, you can earn $1 to 1 point for the first $5,000 and $1 to 0.5 points for the next $20,000 each month. If you are a big spender you could potentially qualify for up to 15,000 points per month! You also get the first 44 days interest-free on your purchases. Other perks include free membership to the Qantas Frequent Flyer program, access to complementary travel insurance coverage and a concierge service. Keep in mind that the card does come with a hefty $395 annual fee, but for the first year of having the card you only pay $295.

The determined saver

putting money in a safe account

Are you always storing money for a rainy day? Maybe a big-ticket item like a home loan deposit? Or perhaps you’re on the lookout for an account that might help you control how much you spend. Well, maybe it is time to consider getting a high interest savings account

Accounts you may want to consider

MyState Bank - Bonus Saver Account
  • 2022 Mozo Expert Choice Award^ winner
  • Max interest rate of 1.10% p.a.
  • No account fee

MyState Bank’s Bonus Saver Account is great for savers who want to be rewarded for their saving habits, which is why it won in the Best Regular Saver category in the 2022 Mozo Expert Choice Awards^. This account offers a special rate of 1.10% p.a. for balances up to $250,000 which you could get by depositing at least $20 every month and having at least 5 debit transactions. If you don’t meet the requirements you run the risk of receiving a lower interest rate of 0.05% p.a. for that month. The account also comes with no annual or service fees, so every dollar you stash away is yours to keep. Keep in mind that to have access to the Bonus Saver Account you will need to link it to a MyState Bank transaction account.

Virgin Money - Boost Saver with Go Account
  • 2022 Mozo Expert Choice Award^ winner
  • Max interest rate of 1.00% p.a.
  • No account fee
Find out more

This 2022 Mozo Expert Choice Award winner took the title of best savings accounts in the Regular Saver and the Best New Savings Account categories. The Virgin Money Boost Saver with Go Account offers a special interest rate of 1.00% p.a. for balances up to $250,000 and those who meet the correct conditions in their age category–which you can find on their website. If you don’t, there is a chance you’ll get a lower rate of 0.05% p.a. The account also comes with Virgin Money Points (not to be confused with Virgin Velocity Points) which you could redeem for cashback into your savings account or for gift cards (T&C apply). You also will need to have a Virgin Money everyday account to access the saving account benefits. There are also no account fees which is always a big win.

The ethically minded

green banking, stacking up some coins

We all know that recycling, reusing and sourcing locally are great ways of being environmentally friendly, but have you ever considered how ethical your bank might be? Sadly, there are many banks that invest in fossil fuels, but it's not all doom and gloom because green banks exist! If you want to make your finances green. Below are some accounts you may want to consider.

Bank Australia - Everyday Access
  • $5.00 account fee (waived when you deposit $2,000 a month)
  • Compatible with Apple Pay, Google Pay and Samsung Pay available
  • $3.50 fee for overseas ATM withdrawals
Find out more

Bank Australia’s Everyday Access account might be a good option if you’re looking for a green bank. Bank Australia doesn’t invest in fossil fuels, live animal export, the arms industry, gambling or tobacco. In 2020 it received B Corp certification for its environmental impact and the bank runs on 100% renewable electricity. Its Everyday Access account comes with a monthly $5 account fee but it is waived if you’re under 25 or deposit $2,000 a month. The account is compatible with Apple Pay, Google Pay and Samsung Pay.

MyState Bank - Glide Account
  • No account fee
  • Compatible with Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, and Garmin
  • No ATM fees for overseas withdrawals

MyState Bank’s Glide Account comes with no monthly account fee and is compatible with Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, and Garmin. The Tasmania based bank also doesn’t invest in any coal, gas or oil project, making a good account if you’re looking to make your banking green and fossil fuel free. The company claims that the majority of the company cars and branches are eco-friendly which is always a major plus for the environment!

The student budgeter

uni students at a library

Student life is something many of us go through. It's part of the journey we call life and banks know this too. That’s why many of them offer special student accounts that may come with extra benefits like no monthly account fees or higher interest rates.

Accounts to consider looking at:

Westpac - Life (18-29-year-old)
  • 2022 Mozo Experts Choice Award^ - Young Adult Savings
  • 2.00% maximum rate
  • No minimum balance
Find out more

This savings account has a special interest rate of 2.00% p.a. for balances up to $30,000—one of the most generous interest rates in Mozo’s database—if you make at least one deposit, grow your balance, and make at least five purchases each month. If you don’t meet the monthly conditions you’ll receive a lower interest rate for that month. You must be between the ages of 18-29 to apply for this savings account. It also was the sole winner in the Young Adult Savings category at the 2022 Mozo Experts Choice Awards^. Keep in mind that you’ll also need a Westpac everyday account to reap the benefits of this savings account.

Commonwealth Bank - Student Smart Access
  • No monthly account fee
  • No minimum balance
  • Compatible with Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, and Garmin
Find out more

CommBank’s Student Smart Access has no monthly account fees and offers unlimited free transactions. There is also no account balance minimum which is great for that student lifestyle. It’s compatible with Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, and Garmin which is always a plus if you prefer paying with your smart devices. This account is also international student-friendly, you can open an account whilst still overseas if you arrive in Australia within 3 months.

The go-with-the-flow

couple looking at their lapto

Maybe you’re not ready to draw up a specific saving-spending plan. For a long time, I didn’t have one either. I would put money in my savings account whenever I remembered (which wasn’t very often) and didn’t really care what bank I was with.

If you were like me below are some accounts you may want to consider if banking is just an afterthought.

Great Southern Bank - Everyday Edge Account
  • Rebates on overseas ATM fees and foreign exchange fees (conditions apply)
  • Apple Pay, Google Pay and Samsung Pay
  • No monthly account keeping fee
Find out more

Great Southern Bank’s Everyday Edge Account is compatible with Apple Pay, Google Pay and Samsung Pay and has no monthly fees. This account comes with a built-in ‘The Boost’ feature which gives you the option to automatically round up purchases and deposit the difference into your savings account. This could be great if you’re not an active saver but still want to build a savings account. It also has no minimum balance requirements but it does come with a $1 minimum opening deposit.

ING Orange Everyday
  • Round-up savings feature
  • No account monthly fees
  • 1% cashback on eligible utility bill payments (T&Cs apply)

If you’re after a bank account that does the saving for you, consider the multi Mozo Expert Choice Award^ (2018-2022) winning ING Orange Everyday account. It comes with a round-up savings feature which rounds up purchases to the nearest $1 or $5 and automatically puts the extra amount into your linked ING savings account. There is also an opportunity to get 1% cashback (up to $100 annually) on eligible utility bills when you deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month. 

Read the full editorial review of the ING Orange Everyday

So which type of account suits your lifestyle? If you’re not sure you can check out some more banking options below. Alternatively, you can check out our pages for Best Savings Account, Best Bank Accounts and Best Credit Cards to learn about the cream of the crop in the banking world.

Bank account comparisons on Mozo - last updated 29 June 2022

Search promoted bank accounts below or do a full Mozo database search . Advertiser disclosure
  • Transaction Account
    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID
    1.50% p.a.

    Earn 1.50% p.a. interest on all balances. No monthly account fees. Winner of a Mozo Experts Choice Australia's Best Bank 2022^.

    Details
  • 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 & save better. You could get $25 plus Suncorp Bank will donate 25 meals to Oz Harvest. T&C’s Apply.

    Details
  • Classic Banking Account
    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.

    Details
  • 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 2022 for Exceptional Everyday Account.^

    Details

^See information about the Mozo Experts Choice Bank Account Awards

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