Mobile banking apps are the best, according to Aussies
Let’s be honest, when’s the last time anyone actually visited a bank? And it seems we’re unlikely to ever again, according to new research from Roy Morgan .
Mobile banking (via a smartphone or tablet app) is hands-down the most popular banking method, producing an average customer satisfaction rating of nearly 90% among Australia’s Big Four Banks (CBA, Westpac, ANZ, and NAB). Nearly two thirds of Australians now use mobile banking as their top method for managing money.
Trailing at a close second is Internet banking (using a bank’s website), with an 86.8% average satisfaction rate. This is followed by in-person branch visits (82.6%), then lastly phone banking, which came in a dismal fourth at 77.4%.
Anything to avoid making a phone call, huh?
What are the advantages of mobile banking?
There are many key benefits offered by mobile and internet banking which might incentivise customers, chiefly enhanced accessibility, security, and clarity. Banking apps these days are no longer just the digital version of the bank: they often boast new user-friendly features like savings guides, budgeting tips and tools, and in-app chat platforms.
Now that open banking has been made mandatory, too, customers have more control and understanding than ever when it comes to managing their own money. The free-flow of data also fuels the development of cutting-edge technology in money apps, like the AI-learning in Finspo, a personalised finance app.
Is fintech the future of finance?
Digital banking and fintech are fast becoming the benchmark of modern financial management. This cultural shift has been super-charged by the pandemic, but we’ve been experiencing a trend toward tech-integration for a while now.
As such, these days there’s a veritable smorgasbord of money app options available for a range of financial needs and interests.
For instance, Buy Now Pay Later (BNPL) offers a handy alternative to the traditional credit card, while investment apps, digital wallets, and mobile payment apps like Beemit empower younger generations to take control of their money in a way that makes sense for them.
Neobanking, as opposed to traditional online banking, has also emerged as a new way of thinking about finance.
If you’re curious to learn more, we’ve written a nifty guide to fintech and what to pay attention to, including the pros and cons of neobanks.
Compare savings accounts
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Savings Account
5.50% p.a. (for $0 to $250,000)
5.00% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.50% p.a. (for $0 to $250,000)
- standard interest rate
- 5.00% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read reviews and learn more about Macquarie savings accounts
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Bonus Saver
5.00% p.a. (for $0 and over)
1.00% p.a.(for $0 and over)
Yes up to $250,000
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
CompareCompareBonus Saver
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
- Maximum rate
- 5.00% p.a. (for $0 and over)
- standard interest rate
- 1.00% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about BCU Bank savings accounts
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PremiumSaver
5.35% p.a. (for $0 to $250,001)
1.45% p.a.(for $0 and over)
Yes up to $250,000
Increase balance by $200 by the end of each month
Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.
CompareComparePremiumSaver
Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.
- Maximum rate
- 5.35% p.a. (for $0 to $250,001)
- standard interest rate
- 1.45% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Maximum rates apply when your closing balance on the last day of the month is at least $200 more than it was at the beginning of the first day of the month (excluding interest earned).
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account. Must hold and maintain a HISA.
Read reviews and learn more about Rabobank savings accounts
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Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read reviews and learn more about ING savings accounts
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MoneyMAX Account
No Current Offer
4.70% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
CompareCompareMoneyMAX Account
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
- Maximum rate
- No Current Offer
- standard interest rate
- 4.70% p.a.(for $1 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access for deposits only.
Read reviews and learn more about Unity Bank savings accounts
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^See information about the Mozo Experts Choice Savings Account Awards
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