Thinking of changing banks? 52% of young millennials have in the past year
When it comes to banks many of us tend to stick with the one we know. At least that was the case until recently - the ongoing global pandemic has forced change upon us. As well as learning new skills and starting new jobs, Aussies have been switching banks too.
In fact, around 30% of people surveyed in the recent PACE Pulse report by FIS said they had started a new banking relationship in the past 12 months. That figure is even higher for younger millennials, with 52% of 25 to 29-year-olds saying they had rethought their previous bank loyalty.
Of the 30%, around 5% previously did not have a bank account. The rest switched financial providers for a number of reasons.
Why people are switching banks
The survey lists six main motivations for switching banks, with the biggest motivation to gain better benefits. After that people listed starting a new chapter in their life and accessing particular products and services as their biggest reasons.
Features such as digital banking and products including credit cards and mortgages were noted as standout reasons for people to switch banks. With more and more digital banks and services becoming available in Australia, it’s easy to see why.
In recent years neobanks including 86 400, Up Bank, Alex Bank and Volt Bank have launched in Australia. If you’ve been following the recent shake up in banking, you might even be thinking about switching too.
Below are a few features to consider when changing banks.
What to look for in a bank account
What you want from a bank account will depend on your individual circumstances. As illustrated by the report, some people switch for a better customer service experience, while others are on the hunt for particular products.
Here are some of Mozo’s top tips for what to look for when switching.
- Fees: Want to avoid high fees? You may want to vet banks and credit unions for potential charges, such as account keeping fees, ATM fees and even overseas exchange fees.
- Conditions: Some products may come with strict conditions to meet to be eligible for certain perks. For instance, there may be monthly conditions to meet to earn interest on some savings accounts. Make sure you can meet these requirements before signing up.
- Products: As mentioned above, many have switched banks to take advantage of a particular product. An enticing product such as a savings account, a home loan etc. could sway your decision one way or the other.
- Digital banking features: Nowadays a lot of banks offer apps with useful features. These can include reminders to help you save money, a round-up tool and spending insights.
- Accessibility: The access you have to the bank may also be important to you. Are you happy to have online access only? Or would you like to have the option to walk into a branch? These are some other things to consider when switching.
Once you have an idea of what you’re looking for, you can start comparing what’s out there. Head to Mozo’s compare bank accounts page to get started, or check out the options below.
Compare bank accounts
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Mozo experts choice awards won:
- Exceptional Everyday Account - 2024
Orange Everyday
$0.00
Apple Pay, Google Wallet, PayID, PayTo
0% p.a.
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareOrange Everyday
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, PayTo
- interest rate
- 0% p.a.
- ATM networks
- None
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Access 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees for the first 5 fee incurring withdrawals (domestic). 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 reviews and learn more about ING bank accounts
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Everyday Options Account
$0.00
Apple Pay, Google Wallet, PayID
0.01% p.a.
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
CompareCompareEveryday Options Account
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read reviews and learn more about Suncorp bank accounts
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Glide Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay
0% p.a.
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay
- interest rate
- 0% p.a.
- ATM networks
- MyState
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free internet transactions.
Read reviews and learn more about MyState Bank bank accounts
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Everyday Global Account
$0.00
Apple Pay, Google Wallet
0% p.a.
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet
- interest rate
- 0% p.a.
- ATM networks
- HSBC
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, BPAY and direct debits
Read reviews and learn more about HSBC bank accounts
Your selected bank accounts
Your selected bank accounts
Your selected bank accounts
Your selected bank accounts
^See information about the Mozo Experts Choice Bank Account Awards
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