Australia’s best bank accounts July 2025
An everyday transaction account is essential for managing your money. Without one, you'd find it difficult to send or receive payments, withdraw cash at an ATM, or make purchases using your debit card or smartphone.
Whether you're paying bills, transferring money to friends, or simply tapping to pay on the go, the right transaction account can make your day-to-day banking easier and more cost-effective.
Of course, there’s no one-size-fits-all solution when it comes to choosing the best bank account in Australia. It comes down to finding the right fit for your financial needs and spending habits.
To help you compare your options, we’ve listed a selection of everyday bank accounts featuring winners of the 2025 Mozo Experts Choice Awards^, customer favourites from the Mozo People’s Choice Awards^, plus standout picks that our editors believe offer great value or useful features.
Mozo Experts Choice Awards 2025 winners
Mozo’s team of in-house experts analysed a diverse range of banking and financial products as part of the Mozo Experts Choice Awards 2025^. For Bank Accounts, judges scrutinised over 235 products from 79 providers and named winners in a number of award categories, including Exceptional Everyday Accounts and Best Travel Debit Cards. See the standouts below.
ING - Orange Everyday
- Zero monthly fees
- Round-up feature for savings goals
- 5 fee-free domestic ATM withdrawals each month
- 2025 Exceptional Everyday Account Award winner
The Orange Everyday Account took out an Exceptional Everyday Account Award in last year's Mozo Experts Choice Awards, helping ING secure the title of Everyday and Savings Bank of the Year 2025.
ING’s account offers rebates on ATM fees for the first 5 fee incurring withdrawals (domestic), unlimited rebates on the ING International Transaction fee 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.
Receive 1% cashback when you pay any eligible gas, electricity and water bills with your Orange Everyday account by BPAY, PayTo or Direct Debit (up to $100 per financial year). T&Cs apply.
Suncorp Bank Everyday Options
- 9 sub-accounts to help manage cash
- No monthly account-keeping fee
- Multi 2025 Mozo Experts Choice Award winner^
Scoring two 2025 Mozo Experts Choice Awards awards (Exceptional Everyday Account and Highly Commended Everyday Bank), the Everyday Options account is a great bank account to have whether you’re here in Australia or travelling overseas. There is no monthly account fee. It also comes with a sub-account system with which users can create up to nine sub-accounts to divvy up any savings or spending goals. These are all accessible online, have no account-keeping fees, and have unlimited withdrawals to and from the main account. And as a bonus, you can earn up to 0.01% interest on each sub-account which is a relatively rare feature for transaction accounts.
ubank - Spend Account
- Zero monthly fees to pay
- No overseas or online charges
- Free card purchases and ATM cash withdrawals
Pay no monthly fees and no charges for overseas or online payments with the ubank Spend Account. Stay one step ahead with ubank’s spending insights and bill prediction. Plus, make free purchase and ATM cash withdrawals in Australia.
Tap your way to a win with your Ubank Visa Debit card! Make 30 eligible purchases by 30 June 2025 and you’ll score an entry into Visa’s cash giveaway. There’s a $100,000 major prize up for grabs plus over 40 more cash prizes. Every 30 transactions on one card = 1 entry. No limits!
Mozo Editor’s Pick: Best bank accounts
While the accounts listed above are among the top picks this month, they’re not the only ones worth considering. To give you a broader view of what's available, our editors have also recommended a selection of everyday bank accounts from some of our trusted partners below. These options could offer features or benefits that better suit your personal banking needs.
Westpac Choice Account
- Easy online application process
- Fee-free ATM transactions
- Google Pay, Apple Pay, Samsung Pay
- ShopBack rewards and cashback program
The Westpac Choice account delivers an easy option for anyone looking to access their funds quickly and manage daily transactions. There’s a $5 monthly account-keeping fee, but Westpac is waiving this for your first 12 months if you open an account before 30 September, 2025.
If you’re under 30 or a full-time student, you won’t have to pay the monthly fee. Alternatively, if you deposit $2,000 or more each month, the fee is also waived.
Westpac is part of the Global ATM Alliance, giving you access to a huge network of fee-free ATMs around the world. Be aware that some ATMs may still charge their own fees. There are international transaction fees on card purchases made in currencies other than the Australian Dollar (AUD).
Westpac uses the Mastercard payments platform, not Visa. The account is compatible with Google Pay, Apple Pay, Samsung Pay and the Westpac Digital Card. Westpac partners with ShopBack, a rewards program that offers cashback from more than 4,000 online, in-store and gift card brands.
Open an account by 30 September 2025, add your Debit Mastercard to your mobile wallet, and spend $50 or more in contactless in-person payments within 15 days to score a $50 bonus.
AMP Bank GO Everyday Account
- No monthly fees or minimum balance or deposits
- Card controls - lock, block or cancel your card
- Toggle between personal and business banking
- Earn Qantas Points
The new AMP Bank GO experience is smart, fast and intuitive. It offer a shiny new app and fresh features designed to make your personal and business banking easier. The Everyday Transaction Account offers $0 monthly fees and 24/7 real human support. Plus, you can turn your everyday banking into Qantas Points. Link your Qantas Frequent Flyer account on AMP Bank GO and earn 1 Qantas Point for every $10 on your average monthly balance. T&Cs apply.
Mozo People’s Choice Awards 2025 winners
Unlike the Mozo Experts Choice Awards^, the Mozo People’s Choice Awards^ winners are determined by everyday Australians through a national survey commissioned by Mozo. Participants are asked to rate financial institutions on everything from customer service and satisfaction to trust and whether or not they’d recommend them to family or friends.
Take a look below at some of the winners of our Mozo People's Choice Awards 2025^.
ING - Orange Everyday
- Zero monthly fees
- Round-up feature for savings goals
- 5 fee-free domestic ATM withdrawals each month
- 2025 Exceptional Everyday Account Award winner
The Orange Everyday Account took out an Exceptional Everyday Account Award in last year's Mozo Experts Choice Awards, helping ING secure the title of Everyday and Savings Bank of the Year 2025.
ING’s account offers rebates on ATM fees for the first 5 fee incurring withdrawals (domestic), unlimited rebates on the ING International Transaction fee 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.
BANK ACCOUNTS INFORMATION AND RESOURCES
What is a bank account?
A bank account is a secure place to store your money, make payments, and manage everyday spending. A transaction account (also known as an everyday account) lets you deposit money, receive your salary, withdraw cash at ATMs, and pay for purchases via EFTPOS or a banking app.
Bank accounts today often come with a linked debit card and are accessible through online banking and mobile apps. Many Australian banks also let you add your debit card to a digital wallet, so you can tap and pay with your phone or smartwatch.
Some savings accounts also require you to link a transaction account for money transfers and access. Banks may even bundle these accounts together for new and existing customers.
What is a transaction account?
A transaction account (or everyday account) is the most common type of bank account in Australia. It’s designed for regular use, such as:
- Paying bills
- Making purchases in store or online
- Receiving your salary or Centrelink payments
- Transferring money to savings accounts or term deposits
Most transaction accounts come with fee-free access to large ATM networks across Australia and support for international payments, though fees may apply overseas.
Bank accounts with no monthly fees
Looking to avoid unnecessary costs? A bank account that doesn't charge you a regular account-keeping fee can help you keep more of your money – especially if you don’t use your account very often or want to avoid conditions like minimum deposits.
Many digital banks and even major institutions now offer fee-free accounts with features like:
- Free access to large ATM networks
- Support for Apple Pay, Google Pay and Samsung Pay
- No minimum balance requirements
- Competitive international fee structures
Just keep an eye out for any extra charges like foreign transaction fees, ATM withdrawals outside supported networks, or add-on services like overdrafts.
Mobile banking and digital wallets
Aussies are increasingly managing their money through mobile banking apps and digital wallets (i.e. Apple Pay, Google Pay and Samsung Pay), rather than visiting a branch. These tools let you:
- Check balances and recent transactions instantly
- Set spending alerts and budgeting tools
- Block or unblock cards instantly
- Make contactless payments with your phone or watch
Look for a bank with a highly rated app if you're after convenience and functionality, especially if you're switching to a digital bank or neobank that don't offer in-person assistance or services.
How to compare bank accounts
Finding the best bank account in Australia depends on your spending habits and what features matter most to you. Here’s what to look for:
- No monthly fees – Many banks don’t charge monthly account keeping fees. Of those that do, some may waive these fees if you deposit a minimum amount each month.
- ATM access – Choose a bank with a large ATM network to avoid withdrawal fees. Some banks also refund ATM fees locally and internationally.
- International fees – Planning to travel or shop online in foreign currencies? Check for low foreign transaction fees and competitive currency conversion rates.
- App features – Look for instant notifications, spending summaries, and card controls.
- Interest on transaction accounts – Some bank accounts with interest pay you a return on your balance, though typically less than savings accounts.
- Bundled savings accounts – If you're looking to grow your savings, consider a transaction account that links to a high interest savings account.
- Student bank accounts – Usually no monthly fees and flexible conditions.
- Bank accounts for children – Help kids learn about money with parental controls.
Thinking about switching bank accounts?
Switching is easier than ever. Most banks allow for a completely online process. Simply:
1. Compare, select and apply for a new bank account that suits your needs.
2. Open the new account and make sure it's fully active (some may require ID verification).
3. Update all recurring payments, such as direct debits and income deposits.
4. Transfer your remaining funds from your old account to the new one.
5. Monitor both accounts for a short period to ensure nothing is missed.
6. Close your old account once everything's switched over (check exit fees and conditions).
Check out our Mozo Experts Choice Awards to find some of the best options available now.
Bank accounts FAQs
What’s the difference between a bank account and savings account?
Bank accounts - or transaction accounts as they’re also known - and savings accounts both fall into the category of deposit accounts, but there are key differences between them. Bank accounts are used for everyday needs like transferring money and paying bills. Plus, they’re generally the account which is linked to a debit card. As the name implies, savings accounts are used for saving money because, unlike most bank accounts, they allow you to earn interest.
Can I earn interest with a bank account?
Most bank accounts (everyday accounts) don’t pay interest. There are a handful of exceptions but if you’re looking to earn the highest interest rate possible then a bank account probably isn’t your best bet. Instead, a high interest savings account or term deposit could be a better match.
Will I get a debit card when I open a bank account?
Yes, in most cases you’ll receive a debit card when you open a new bank account. The debit card will be linked to that account and you’ll be able to see any transactions or cash withdrawals you make with the card. Plenty of banks are also making it easy for customers to pay with a virtual version of their debit cards via digital wallets such as Apple Pay, Google Pay and Samsung Pay.
Are there bank accounts with no monthly fees?
You can reduce costs by not paying a monthly account-keeping fee. Plenty of Australian banks offer bank accounts with no monthly fees. There are even a handful of banks that won’t charge you to use your linked debit card while making transactions or withdrawing money overseas.
What’s the best way to open a bank account?
In the past, to open a bank account, you had to visit a local branch. Nowadays there are several different options to open accounts, depending on your needs. Aside from doing so in-branch, new customers can sign up for accounts online via their bank's website or mobile banking app.
Which bank account is best for me?
There’s no single ‘best’ bank account to suit the needs of every Australian. If you're looking to compare standout options, consider checking out the Mozo Experts Choice Awards winners.
Are bank accounts safe?
If you’re banking with an authorised deposit-taking institution (ADI), then you will be covered under the Financial Claims Scheme (FCS), which covers up to $250,000 per account-holder, per ADI (that’s banks, building societies, or credit unions). The FCS may even cover you if your bank fails, meaning you won’t lose the money you have deposited with them (up to $250,000).
If you have a joint account, then each individual account-holder is guaranteed for $250,000 each.
Many banks have protective measures in place to ensure the security of your bank account.
How do you close a bank account?
To close your bank account, you’ll need to clear any funds out of it into a new bank account. After you’ve transferred your money across to your new account, call up or contact your bank via email, to request closure. Some banks will allow you to close your account online.
Which bank account is best for my child?
There's no 'best' account for kids. However, some banks offer dedicated children's accounts. These can be a great way to teach your kids to budget and learn the benefits of saving money.
What bank account can I open with bad credit?
While a bad credit rating may make it harder to access different financial products, like loans, it probably won’t make a difference when you’re trying to open up a bank account.
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.