Guide to Bank Accounts

Maybe your parents opened one for you when you were little, or maybe you opened one for yourself just before you received your first paycheck. Regardless of how your first bank account came to be, it is highly unlikely that you thought too long and hard about how the financial institution you were joining was structured.

“This year, I’m going to spend less and save more.”

Considering taking your relationship to the next level? Financial compatibility plays a big part in relationships, so when it comes to opening a bank account with your partner it’s important you're on the same page.

Open banking is in the process of revolutionising traditional banking systems across the world and has certainly been making waves down under. This new notion of consumer-centric banking has the potential to seriously change how you handle your personal finances so what better time than now to get a grasp of what it actually is, when it’s likely to be implemented and what open banking means for your future money management.

After much speculation and fanfare, the New Payments Platform (NPP) has officially launched in Australia, ushering in what could be a number of momentous changes to the way Australian consumers and businesses do their banking.

If you’ve ever felt that transferring money to someone’s bank account was way more difficult than it should be, you’re not alone. If you’ve felt frustrated waiting 2-3 business days, just to receive a simple payment, you’re not alone. 

Long gone are the days when you had to repay money with cash or by whipping out your cheque book. The invention and uptake of online bank accounts has made everything from transferring money to friends and family to paying rent and bills a breeze.

Wouldn’t life be so much easier if you could just transfer money from one bank account to another in real-time, rather than the whole process taking a couple of business days for the recipient to receive your funds? Flirt with the concept for a moment and you’ll soon realise that the convenience of making fast payments 24/7 (like to your landlord or energy provider for instance) would indeed be a good thing to have.

A fee-free bank account can actually mean multiple things. For instance, it could refer to an everyday transaction account that comes with $0 monthly fee, or an account that waives its recurring charges as long as you deposit a certain amount each month, or one that does not charge extra money for ATM and over-the-counter transactions.

There’s nothing worse than receiving your bank account statement and realising you’ve accumulated all these additional bank charges you never knew about.    

With more and more Australians relying on the internet for work, entertainment and general communications, it comes as no surprise that online banks and online bank accounts are now extremely popular.

Looking for a better way to manage your money but don’t know where to begin? From everyday transaction accounts and linked savings accounts to credit cards and personal loans, a little attention to your personal banking services can actually save you a bundle.    

One of the most important things to consider before setting up a bank account is if it can help your money grow. And to answer that question, it’s essential to understand how much interest you can earn with a bank account, where can you get the highest rate of interest and whether you’ll need to pay any additional fees for high bank interest.

A checking account is just like any everyday transaction account that lets you make bank deposits as well as withdrawals. The added feature with a checking account is that apart from managing your funds at the branch, at an ATM or online, you also have a cheque book, which enables you to make payments to businesses or people from your account.

Found the perfect bank account to store your money? Then now’s a good time to understand all the tips and tricks to efficiently manage the moolah coming in and going out of your account.  

Opening a bank account in Australia is a very simple process that doesn’t require you to spend hours filling out complicated paperwork. It actually just takes a few minutes and can be done online or at a local branch of a bank, credit union or building society, depending on whatever works best for you.

Gone are the days when you needed to go over specially to your local branch to deposit cash, transfer money, check your account balance and pay off your credit card. Online banking makes your financial life simpler by letting you perform all of these actions with just one tap on your smartphone, computer or tablet.     

If you're new to Australia, one of the first things you'll need to do (after visiting some of our must-see beaches and sights) is set up an everyday bank account. This is the Aussie version of a current account and is the bank account that you’d generally deposit your salary into and use to manage transactions like your household bills, grocery shopping and credit card payments.  

With so many banks around, and so many more features, offers and conditions, it's easy enough to feel like a kid in an accountancy store. Here's Mozo's checklist of sweets (and sours!) on offer...

Wondering if it's worth the trouble to switch your bank account? Trust us, changing bank accounts is no big deal and you'll feel much happier with all the extra savings you'll make. Banks make billions of dollars out of customer laziness - so keep your mind on the prize and soldier through these 5 Steps to Bank Account Paradise.

The first step to avoid any sneaky bank charges is to be aware of the common fees that can eat away from your monthly bank balance. Here's a list of the charges that you need to watch out for:

Big banks and their smaller online banking competitors are increasingly focused on personalised banking products. They generally offer a range of bank accounts to suit the needs of different customer groups, or at least brand and target these accounts to certain demographics. 

Bank account fees and charges vary between banks and between bank account products. Here are the most common fees and charges that you will likely see attached to a bank account:

With so many banking institutions around – from online banks to neobanks and the bricks and mortar versions – offering so many different features, products and conditions, it's easy to end up with the wrong transaction account, and pay for the privilege.

Charges for overdrawing your bank account, missing monthly deposit quotas and minimum balance requirements can add up significantly over time. And unfortunately, it’s often retirees and those already struggling to cover their bills who are often paying those fees and charges.

Teachers Mutual Bank has reported a dramatic increase in interest in just 18 months. Between 2019 and 2020 the mutual bank (formerly a credit union) says its product portfolio increased a staggering $4.3 billion, from $2 billion to $6.4 billion. 

Online bank ING and a host of customer owned banks, including Newcastle Permanent and Greater Bank, have placed at the top of the Australian charts in Forbes’ ‘World’s Best Banks’ list for 2021.

While a shoebox under the bed may have seemed a logical place to store your pocket money as a kid, you’ll undoubtedly need a bank account to function in 2021.

In response to growing concerns around the climate crisis, the Australian Prudential Regulation Authority (APRA) will be assessing the climate vulnerability of the country’s largest banks.