Australia’s best bank accounts May 2025
Without an everyday transaction account, you’d be hard pressed to transfer money to your friends, pay your bills, withdraw cash from an ATM or make over-the-counter purchases via your smartphone. Whatever you use it for, you'll want the best account to suit your circumstances.
There’s no single ‘best’ bank account out there. It’s about finding a great match for you.
To help you get started on your search, we’ve listed a number of bank account options below including the Mozo Experts Choice Awards^ winners, Mozo People’s Choice Awards^ winners and a few other accounts which the Mozo editors agreed were worth highlighting.
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 Best Bank Accounts, judges scrutinised over 622 products from 85 providers and named winners in a number of award categories, including Exceptional Everyday Accounts and Best Travel Debit Cards. See the standouts below.
Great Southern Bank Everyday Edge Bank Account
- Zero account keeping fees
- Unlimited fee-free domestic transactions
- Free access to thousands of ATMs nationwide
The Great Southern Bank Everyday Edge Bank Account has no account keeping fees to pay to help you get ahead. There are unlimited fee-free domestic transactions which help with everyday spending and access to safe and secure digital banking. You'll get fee-free card purchases and cash-out transactions in-store, plus, free access to thousands of ATMs nationwide. For customers 18+.
Everyday Global Account
- Holds up to 10 currencies in the one account
- 2% cashback on tap & pay purchases under $100 AUD (conditions apply)
- Multi 2025 Mozo Experts Choice Award winner^
This fee-free bank account bundles up the useful features of an everyday transaction account alongside international spending features. As long as you deposit AUD$2,000 or more into your HSBC Everyday Global Account before the last day of each calendar month, you could earn 2% cashback on tap and pay purchases under $100 (conditions apply) There’s no monthly fees or HSBC ATM fees worldwide, and you’ll have unlimited fee-free transactions online, via EFTPOS, BPAY or direct debits. Users can hold up to ten different currencies which can be spent while travelling overseas or making international purchases. Mozo Experts Choice Exceptional Everyday Bank Account winner 2025.^
Suncorp Everyday Options
- 9 sub-accounts to help manage cash
- No overseas ATM and foreign exchange fees by Suncorp
- 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 and no overseas ATM fees or foreign exchange fees by Suncorp. 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.
ING - Orange Everyday
- Zero monthly fee
- Round-up feature for savings goals
- 1% cashback on eligible utility bill payments via BPAY or direct debit for customers who meet eligibility requirements (up to $100 per financial year)
- 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 award-winning Orange Everyday account gives you access to 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), 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.
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
The bank accounts above aren’t the only options around, which is why our editors have also selected accounts from some of our partners below. If you’re keen to cast your eyes over an even greater range of accounts, head over to Mozo’s dedicated bank account comparison hub.
AMP Everyday Account
- Unlimited fee-free transactions from internet, phone, cheque, EFTPOS, AusPost deposit
- No monthly fees or minimum balance or deposits
- Card controls - lock, block or cancel your card
- Sync with Apple Pay and Google Wallet
The new AMP Bank experience is a smart, fast and intuitive. It offers a shiny new app and fresh features designed to make your personal and business banking easier. The Everyday Account offers $0 monthly account-keeping fees and 24/7 real human support. Plus, you can turn your everyday banking into Qantas Points. Link your Qantas Frequent Flyer account to your AMP Bank account in the AMP Bank app and earn 1 point for every $10 on your average monthly balance. T&Cs apply.
Westpac Choice Account
- Easy online application process
- Member of the Global ATM Alliance for fee-free ATM transactions
- Compatible with Google Pay, Apple Pay and Samsung Pay
- Eligible for Westpac’s ShopBack rewards and cashback program
The Westpac Choice transaction 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 or you can use the Westpac Digital Card .
For those seeking extra perks on their spending, Westpac is partnered with ShopBack , an online platform that offers rewards and cashback from over 4,000 online, in-store and gift card brands.
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.
Here’s a look at products from some of the winners of our Mozo People's Choice Awards 2025^:
ING - Orange Everyday
- Zero monthly fee
- Round-up feature for savings goals
- No ATM withdrawal fees in Australia or overseas (conditions apply)
- 1% cash back on eligible utility bill payments via BPAY or direct debit for customers who meet eligibility requirements (up to $100 per financial year)
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 2024. As long as you deposit at least $1,000 per month (from an external account) and make at least five card eligible purchases using your ING debit card, the account has no monthly account fees.
You’ll also get rebates on ATM fees for the first 5 fee incurring withdrawals in Australia and rebates on ING international transaction fees. The account has a handy ‘round-up’ feature that rounds up purchases to either the nearest $1 or $5 when activated, then deposits the difference into your ING savings account. Plus, you’ll get 1% cashback when you pay your utility bills using your Orange Everyday bank account, up to $100 per year (T&Cs apply).
For a limited time, new customers can earn $100 cashback when bundling an ING Orange Everyday and Savings Maximiser account. Offer is available until 15 February, 2025 (T&Cs apply).
Bendigo Bank Everyday Account
- Branch and ATM access Australia-wide
- Debit Mastercard option
- Apple pay, Google Wallet and Samsung Pay access
Bendigo Bank is known for its excellent customer service and outstanding customer satisfaction and has the Mozo People’s Choice Awards^ to show for it! In 2024, Bendigo Bank won a total of three Mozo People’s Choice Awards^. The Everyday Account is a straightforward bank account that you can use to deposit and withdraw money for your everyday needs, whether that’s online, via an ATM or at one of the Bendigo branches across Australia. You can use the account with all major digital wallets (Apple, Google and Samsung) and wherever Mastercard is accepted via the debit card option. Similar to other bank accounts, there is no interest paid, so be sure to set up a separate high-interest account for savings.
Up - Everyday Account
- No monthly account fee
- Optional round-up feature to help you save
- No overseas ATM fees or foreign exchange fees
Digital bank Up has proven to be a hit with its customers in the 2024 Mozo People’s Choice Awards — taking out not one but five wins in total! So, what does Up’s Everyday Account have to offer? For starters, there’s no monthly account fee to worry about, plus international travellers using the linked debit card won’t be charged any overseas ATM withdrawal fees or foreign exchange fees by Up. Users looking for a passive way to boost their savings balance can also make use of the ‘round-up’ feature, which rounds up each purchase you make to the nearest dollar and then transfers the difference to a linked Up savings account. Just remember, Up is a digital bank, so you’ll only be able to access the Everyday Account via the mobile app.
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 come with an interest rate.
Can I earn interest with a bank account?
Most bank accounts don’t come with an interest rate. There are a handful of exceptions of course, but if you’re looking to earn the highest interest rate possible on your savings stash then a bank account probably isn’t your best bet. Instead, a high interest savings account or even a term deposit could prove 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 it’s where 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?
One of the best ways to reduce bank account costs is to avoid paying a monthly account-keeping fee, so you might be happy to know that plenty of Australian banks offer no monthly fee bank accounts. And 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?
Gone are the days when the only way to open a bank account was to walk into your local bank branch, because there are now several different options to choose from depending on your needs. Aside from in-branch, new customers can sign up for an account online through their bank's website or via a mobile banking app.
Which bank account is best for me?
While there’s no single ‘best’ bank account out there which is going to suit the needs of every Australian, if you are looking to compare some standout options then our 2022 Mozo Experts Choice Bank Account and Savings Award winners could be a great place to start.
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 that 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.
Aside from the FCS, many bank accounts will have protective measures in place to ensure the security of your bank account.
How to close your 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?
If you’re looking for a bank account for your children or teenagers, then consider having a look at some of the best savings accounts for kids. These accounts are a great way to teach your kids about the benefits of saving their money and watching their interest grow.
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.
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