Bank deposits cheat sheet
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.
From setting up direct deposits for your salary, registering for online banking and scheduling automatic payments of your household bills so you never miss a deadline, this guide will take you through the ins and outs of bank deposits.
Bank Account Comparison Table - last updated 29 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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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
-
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
-
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
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How long does it take for a bank deposit to reflect in the account balance?
Back in the day, making a bank deposit required you to personally visit your local branch and deposit funds into the account over the counter. Now you have a number of other options such as depositing money at an ATM or making online transfers. Here’s a quick look at how soon the money can be accessed depending on how you make the bank deposit:
At the bank / post office
You can easily deposit cash as well as cheques into your bank account by going to the nearest bank branch or post office. While cash deposits into your account should reflect in the available balance immediately, if you’re depositing a cheque it may take 2-5 business days to clear before you can access the funds.
At an ATM
Many major Australian banks these days allow you to deposit money into your account 24/7 through an ATM. You can deposit both cash as well as cheques into an ATM. Generally, cash deposits take 1-2 business days to clear, whereas cheque deposits may take between 5 and 7 working days. If your bank is working with Smart ATMs then cash deposits can be available instantly, whereas cheque deposits will clear in the same time as in-branch deposits.
Online transfers
You can easily deposit or transfer money using online banking services. Making online transfers is the fastest way to deposit money into any account. While transfers to and from the same financial institution are instant, if you’re sending money to a different bank or lender, it could take 1-2 business days for the funds to show up in the deposited account.
Tips for depositing cash or cheques at an ATM
If you receive cheques on a regular basis or have cash payments you need to deposit, it’s likely that an ATM will be the most efficient way to deposit funds into your account. Many banks charge for over-the-counter deposits, so using an ATM will not only be a more convenient option but also a cheaper one. There are a couple of things you’ll need to keep in mind when making a bank deposit via the ATM though:
- Make sure the notes are not torn or faded so that they are accepted by the machine
- ATMs only accept Australian dollars and won't accept unrecognised foreign currency
- Generally ATMs don’t accept coins
- ATMs will only accept domestic bank cheques
- Make sure you’ve removed any foreign objects such as envelopes or paper clips, before inserting the cash or cheques into the ATM slot
- Once you’re done, don’t forget to keep a receipt for your records
Setting up online deposits
One of the easiest and fastest ways to make bank deposits across different accounts and pay bills is via online banking. Once you’ve opened a bank account, registering for internet banking is a very simple and quick process. Some banks let you sign up online while some may require you to call the customer care to create a login id and password.
Many financial providers also have mobile banking apps so you can process instant money transfers using your smartphone. Beyond the realm of banks, there are an increasing number of independent finance management and budgeting apps you can also explore. Check out some of Mozo's favourite banking apps.
Some of the useful ways to manage your money using online banking are:
Salary deposit. You can get your salary credited to your account directly so there’s no need for you to go to a bank and deposit the funds yourself. Plus, many bank accounts waive ATM and account keeping fees when your salary is deposited directly.
Plan automatic debits. Keeping a track of all the household bills can be tedious. To make sure you don’t miss out on due dates, you can set up regular bill and rent payments using direct debits or BPAY. Read more about how to make digital deposits in our detailed guide on online accounts.
Make your credit card repayments. One of the most convenient ways to make sure you don’t exceed the interest free period of your credit card is to set up automatic online repayments.
Transfer money between accounts. Whether you want to transfer money between your everyday bank and savings account or you want to pay a friend, it’s very easy to electronically deposit funds from one account to another online or through a mobile banking app.
^See information about the Mozo Experts Choice Bank Account Awards
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