What to look for when switching bank accounts

Bank accounts have become a standard part of our everyday life. Because of this, it’s important to make sure that your provider is offering an account that works for your needs.

Comparing bank account features

Just like savings accounts, bank accounts have a range of differing features between providers. Part of this variance is that bank accounts are usually linked to a savings account from the same provider. This can change which features are available between the two. In some cases, transaction accounts will even double as a savings account

So, what are some of the features that you should look out for?

1. Reduced or no fees

Monthly maintenance fees, ATM withdrawal fees, and overseas transactions can slowly eat into your funds. Thankfully, as banks become more digital, maintenance fees have become less common. Still, if you frequently pay various charges, consider switching to a more cost-effective option.

2. Enhanced digital banking experience

As the digital world evolves, so should your banking experience. If your current bank’s app or online banking platform feels outdated, lacks features, or is not user-friendly, you might want to look for a bank that offers a more modern, secure, and feature-rich digital banking experience. This can make managing your finances more efficient and enjoyable.

3. Better customer service

The quality of customer service can make a huge difference in your banking experience. If you're experiencing poor service, long wait times, or unhelpful responses, it’s a sign to switch. Banks that prioritise customer service provide a smoother and more supportive banking journey.

4. Aligning with your lifestyle and goals

Your banking needs can change over time based on your lifestyle, financial goals, and personal values. For instance, if you’ve become more environmentally conscious, you might prefer a bank emphasising sustainable practices. Or, if you’re planning to travel extensively, an account with no foreign transaction fees could be ideal.

5. Incentives for switching

Banks often offer incentives to attract new customers – from cash bonuses to reward points. While these offers should not be the sole reason to switch, they can be a nice bonus if the bank already meets your other criteria.

6. Seeking better interest rates

While interest rates are usually associated with savings accounts, some transaction accounts offer interest on your balance. Also, some savings accounts need a connected transaction account, so it’s also useful to check if your transaction account has a high interest savings account with it.

Not sure where to compare bank account and debit card providers? You can click the links to our hub pages or check out some of the providers in the table below… 

Bank account comparisons on Mozo - last updated 25 February 2024

Search promoted bank accounts below or do a full Mozo database search. Advertiser disclosure
  • 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)+ no monthly fees. Winner of the Mozo Experts Choice Awards 2023 for Exceptional Everyday Account.^

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  • AMP Cash Manager

    $0.00

    Apple Pay, Google Wallet, Samsung Pay

    0.60% p.a.

    Earn up to 4.80% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.

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  • Spend Account

    $0.00

    Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay

    0% p.a.

    No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.

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  • Mozo Expert Choice Badge
    Everyday Options

    $0.00

    Apple Pay, Google Wallet, PayID

    0.01% p.a.

    An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.

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  • Wisdom Saver Account

    $0.00

    Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit, Garmin

    0.05% p.a.

    IMB’s Wisdom Saver Account is a high interest transaction account available to members 55 years or over, or members who receive an eligible permanent pension. Enjoy unlimited fee free IMB transactions (T&Cs apply). Great interest rates and at-call access to your money. No monthly account keeping fees. Access to real time payments through Osko. Free Internet, Mobile, and Phone Banking.

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  • Everyday Global Account

    $0.00

    Apple Pay, Google Wallet

    0% p.a.

    No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2023 winner for Exceptional Everyday Account.^

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  • Glide Account

    $0.00

    Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin

    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.

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^See information about the Mozo Experts Choice Bank Account Awards

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