Bank Account Features
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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 - last updated 19 March 2024
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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.
CompareCompareSpend Account
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.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
- 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
- Unlimited eftpos, debit, ATM, and banking app transactions using internet banking or the ubank iOS or Android app.
Read our Mozo Review to learn more about the ubank Spend Account
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Mozo experts choice awards won:
- Travel Debit Card - 2023
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.
CompareCompareEveryday Options
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.
- 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 our Mozo Review to learn more about the Suncorp Everyday Options
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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.^
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)+ no monthly fees. Winner of the Mozo Experts Choice Awards 2023 for Exceptional Everyday Account.^
- 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 our Mozo Review to learn more about the ING Orange Everyday
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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.^
CompareCompareEveryday Global Account
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.^
- 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 our Mozo Review to learn more about the HSBC Everyday Global Account
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Mozo experts choice awards won:
- Travel Debit Card - 2023
Carbon Insights Account
$0.00
Apple Pay, PayID, Google Pay
0.01% p.a.
An online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareCarbon Insights Account
An online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, PayID, Google Pay
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $0.01: 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 our Mozo Review to learn more about the Suncorp Carbon Insights Account
Your selected bank accounts
Your selected bank accounts
Your selected bank accounts
Your selected bank accounts
Your selected bank accounts
- 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 payments. This 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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