Bank Account Features

Person using smartphone to pay an eftpos bill.

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.

Here are some of the key features you should consider before opening a bank account:

Bank Account Comparison Table - rates updated daily

Search promoted bank accounts below or do a full Mozo database search. Advertiser disclosure.
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    Glide Account

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, 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 or ATM fees.

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    Details
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    Go Account

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, Samsung Pay
    0% p.a.

    Enjoy earning Virgin Money points on purchases (conditions apply). Bundled with the Virgin Money Boost Saver. No Account fees. Available as a joint account.

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    Details
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    Mozo Experts Choice 2021
    Everyday Global Account

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID
    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.$100 Bonus for new HSBC customers and earn 2% cashback on tap and pay under $100 (T&Cs apply). Mozo's Experts Choice 2021 winner for Exceptional Everyday Account.

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    Details
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    Global Currency Account

    account fee
    Payment Options
    interest rate
    $0.00
    PayID, Samsung Pay
    0% p.a.

    Send and receive foreign currency with no Citi transfer fees. Consolidate your international bank accounts with account details for up to 10 currencies. Winner of Mozo Experts Choice Exceptional Everyday Account 2020 award^.

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    Details
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    Classic Banking Account

    with Standard Visa Debit Card

    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.

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    Details
  • Bank account interest. Most transaction accounts offer the grand interest rate of 0.00% on your monthly balance. Which means you're more likely to find savings in your armpit than in an Australian bank account. Check out Mozo's savings account comparison for a place to store your rainy day fund.
  • Online bank accounts. These days, very few banks don't offer online access. But some accounts offer reduced fees or fee-free banking for online-only accounts. Our handy guide to online banks will help you investigate your options.
  • BPay is an easy payment facility using your transaction account, and should be available with all online bank accounts.
  • Mobile paymentsThis includes things like Apple Pay, Google Pay and Samsung Pay, as well as independent apps from banks and other independent providers. Basically, mobile payment platforms allow you to use your smartphone to make transactions so you don't have to tote your wallet around constantly.
  • Branch access transaction accounts. The modern world hasn't totally eliminated the need for bank branches. Some accounts have, however. So unless you're positively sure you'll never need to visit a bank in person, better check up on some access features.
  • Bank@Post. Australia Post now provides various banking services for most major banks and financial institutions, so if you don't have branch access, Bank@Post could be your answer for depositing cheques, paying bills and other in-person banking activities.
  • Checking accounts. There's nothing like signing your name with a flourish, ripping out a cheque, perhaps waving it a little in front of the payee before handing it over. You can forget the separate cheque account nowadays. Many bank accounts will offer chequebook facilities.
  • Bank cards, cash cards, debit cards. These all essentially refer to your ATM/EFTPOS thingumijigs that you use to make payments or withdraw money. They should come standard with any transaction account and function like credit cards, but spend your savings rather than racking up debt. You can compare debit cards with Mozo.
  • ATM/EFTPOS & overseas ATMs. ATM access is standard with most transaction accounts, although a range of fees from your provider (or the bank which owns the ATM you're drawing money from) can apply. EFTPOS is near-universally available and is either free, limited or charged depending on the transaction account. Overseas ATM access is typically available for most bank cards, but the fees vary wildly.

Bank account tips:

  • Keep your cash in a linked high interest savings account with instant transfers.
  • Don't bother with cheques unless you're in regular need of them, or are happy to pay for the pose.
  • Check up on your regular activity before signing up for a banking account with limited transactions, as these fees will add up. If you find a shedload of activity there, it's better to bite the bullet and take up unlimited transactions for a monthly fee if necessary.
  • Check out free transaction accounts - yes, they do exist - to see if they fit the bill.
  • Keep a record of direct debits expected for each month: credit cards, utilities, rent and so on. Set up an electronic reminder ahead of the debit.

^See information about the Mozo Experts Choice Bank Account Awards

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