Mozo guides

Types of bank accounts

People lined up at a bank.

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. 

So, let's explore some of the options on the table.

Bank Account Comparison Table - last updated 30 May 2024

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  • Everyday Global Account


    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 2024 winner for Exceptional Everyday Account.^

  • Everyday Options


    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.

  • Spend Account


    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.

  • Glide Account


    Apple Pay, Google Wallet, 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. Access Any Major Bank & MyState Bank ATM Fee-Free.


Basic bank accounts

A basic bank account is one that you’d generally deposit your salary into and use to manage transactions like your utility bills, grocery shopping and credit card payments. Unfortunately, most bank accounts offer low or no interest on your balance. That's why it's important that you make sure you link the bank account to a high interest savings account with instant transfers.

Student bank accounts

One shiny student card can get you a reduction in monthly fees and transaction charges. Like the sound of that? Then check out our student bank account comparison page.

Pensioner bank accounts

These accounts are open to retirees or those on the Age Pension. While you may also want a pensioner savings account to help any savings grow, a tailored bank account can help reduce fees or offer additional features for your golden years of banking.

Online bank accounts

Once upon a time, this was a distinct breed of bank account. Now, it tends to come as standard. Typically, an online account makes your financial life simpler by letting you transfer money, check your account statement and pay off your credit card, all from the click of a button. Neobanks take this one step further, operating entirely online or via a mobile app.

Important things to look out for in a bank account

When you're choosing the best bank account for storing your money, look out for some of these key features: 

  • Debit cards. 

Many bank accounts come with a linked debit card, which lets you make EFTPOS transactions and contactless payments wherever Visa and MasterCard are accepted. These debit cards can also be used online and overseas.    

  • ATM access. 

You'll generally be able to access your bank’s ATM network for free, but there can be additional charges for using out of network ATMs. Most online banks let you use any ATM in Australia free of cost, or reimburse the fee.

  • International transactions. 

You can use your ATM card when you're travelling abroad, but you’ll often pay a higher fee for this. Overseas ATM fees vary between $3 - $5 for overseas withdrawals. Apart from these charges, you’ll usually also pay a foreign exchange commission of approximately 2% - 3% of the transaction amount.

  • Bank interest. 

Generally, banks don’t pay any interest on everyday transaction accounts. That’s why it makes sense to get a linked savings account so you can move money over and start growing a nest egg. 

  • Internet banking.

All major banks in Australia offer online banking facilities. This means you can use your online account to manage your money, pay your bills, check your balance and transfer funds to other accounts on the go. 

Finding the right bank account 

The perfect bank account for you depends on your financial needs and habits. For instance, do you make a large number of monthly ATM and EFTPOS transactions? Do you prefer online or face to face banking? Will you deposit your salary into the bank account every month?

Based on your requirements, use Mozo's bank accounts comparison table to shortlist the account that best meets your checklist.

For instance, if you'll need to make multiple withdrawals then look for an account that gives you unlimited transactions for a low monthly fee. These days some accounts even offer unlimited transactions with no monthly fees. If you want to make purchases online, look for an account with a linked debit card. 

Olivia Gee
Olivia Gee
Money writer

As a personal finance writer at Mozo, Olivia investigates insurance, banking and property. After completing a double degree in journalism and media and communications, Olivia became a lifestyle editor at Time Out Sydney and freelanced for notable publications such as Guardian Australia and SBS News. Now she is Mozo’s resident car insurance enthusiast, and is certified (ASIC RG146 Tier 2) to provide general advice in general insurance. She also creates audible finance adventures as co-host of Mozo’s podcast, The Finance Burrito.

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