Australia’s Best Bank Accounts August 2022


While a shoebox under the bed may have seemed a logical place to store your pocket money as a kid, you’ll undoubtedly need a bank account for your day-to-day financial needs as an adult in 2022.

After all, you’d be hard pressed to transfer money to your friends, pay your energy bills, withdraw cash from an ATM or make over-the-counter purchases via your smartphone or debit card without a transaction account. Whatever you use it for though, you'll want the absolute best bank account to suit your circumstances, right?

Of course, there’s no single ‘best’ bank account out there - finding a great match will depend on your own needs and wants in an account. So to help you get started on your search we’ve wrapped up a number of bank account options below, including 2022 Mozo Experts Choice Award^ winners, 2021 Mozo People’s Choice Award^ winners and a few other accounts which the Mozo editors agreed were worth highlighting.

Best bank accounts 2022

Expert Picks: Award-winning best everyday bank accounts


Every year Mozo’s team of in-house experts analyse a diverse range of banking and financial products as part of the Mozo Experts Choice Awards, including bank accounts. For the 2022 Mozo Experts Choice Bank Accounts and Savings Awards, the Mozo judges scrutinised over 150 personal transaction accounts from 81 financial institutions and named winners in a number of award categories including Exceptional Everyday Account, Student Bank Account and Pensioner Account. Here’s a selection of winners from the Exceptional Everyday Account^ category:

Exceptional bank accounts in 2022

Macquarie - Transaction Account
  • Up to 1.50% p.a. interest rate
  • Multiple 2022 Mozo Experts Choice Awards^
  • Zero international and account keeping fees

Macquarie’s Transaction Account might be on your radar after it took home the Exceptional Everyday Account for the 2022 Mozo Experts Choice Banking Awards^ and the Everyday & Savings Bank of the Year for the 2022 Mozo Expert Choice Savings Awards. Unlike many other bank accounts, you’ll be able to earn 1.50% p.a. interest on balances up to $250,000, 1.00% p.a. on balances from $250,000.01 to $1,000,000 and 0.85% p.a. on balances of $1,000,000.01 and over. And if that isn’t impressive enough, the account allows for free withdrawals from over 3,000 ATMs and refunds you potential network fees. It’s also compatible with Apple Pay, Google Pay and PayID.

Suncorp Everyday Options
  • 9 sub-accounts to help manage cash
  • 0.01% interest on all sub-accounts
  • No monthly account-keeping fee

The standout feature of Suncorp’s award-winning Everyday Options account is undoubtedly its 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. There’s also no monthly account fee and international travellers won’t need to worry about being charged overseas ATM fees or foreign exchange fees by Suncorp.

HSBC Everyday Global Account
  • Holds up to 10 currencies in the one account
  • 2% cashback on tap & pay purchases under $100 AUD (conditions apply)
  • No monthly account fee
Find out more

This award-winning bank account bundles up the useful features of an everyday transaction account alongside international spending features. Firstly, there’s no monthly account fee, and you’ll have unlimited fee-free transactions online, via EFTPOS, BPAY or direct debits. It also allows users to hold up to ten different currencies which can be spent while travelling overseas or making international purchases. There is also a 2.00% cashback offer on tap and go purchases under $100. Just remember, there’s a $50 monthly cashback limit and you'll need to deposit at least $2,000 into the account each month to qualify for this bonus.

Citi Global Currency Account
  • Store up to 10 currencies in the one account
  • No monthly fees or overseas ATM withdrawal fees
  • Up to 1.20% p.a. interest on AUD balances above $25,000
Find out more

The award-winning Citi Global Currency Account provides an everyday bank account and a multi-currency travel card all-in-one. It can hold up to ten different currencies which you can switch between easily for complete control over your money, no matter where you are. There are no monthly fees, no overseas ATM withdrawal fees and no foreign exchange fee, but if you are withdrawing cash in a currency that’s not in the account, you will pay a 2.50% foreign exchange fee. As an added bonus there’s also an ongoing interest rate of 1.20% available, though you'll need a balance of at least $25,000 AUD in order to earn any interest.

Customer Favourites: Bank accounts from Mozo People’s Choice Award winners


Unlike the Mozo Experts Choice Awards, the Mozo People’s Choice Awards are based on the opinions of everyday Australians collected during a national survey commissioned by Mozo. Participants are asked to rate their 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 some of the winners from our 2022.

ING - Orange Everyday
  • Zero monthly fee
  • Round-up feature for savings goals
  • No ATM withdrawal fees in Australia or overseas (conditions apply)
  • 1% cashback on eligible utility bill payments via BPAY or direct debit for customers who meet eligibility requirements (up to $100 per financial year)

In addition to winning a 2022 Mozo Experts Choice Exceptional Everyday Account Award^ for its Orange Everyday account, ING was also a standout performer in the 2022 Mozo People’s Choice Awards^ — taking home four trophies in all. The Orange Everyday bank account has no monthly fee, and 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 you won't have to pay any ATM fees in Australia or overseas, and you'll even be reimbursed for any ATM provider fees. There’s also a handy ‘round-up’ feature which rounds up purchases to either the nearest $1 or $5 when activated, then deposits the difference into your ING savings account. Plus, get 1% cashback when you pay your utility bills using your Orange Everyday bank account, up to $100 per year (T&Cs apply). 

Up - Everyday Account
  • No monthly account fee
  • Optional round-up feature to help you save
  • No overseas ATM fees or foreign exchange fees
  • $10 bonus when you use code 'MOZOUP10' at sign up
Find out more

A star performer in the 2022 Mozo Experts Choice Exceptional Everyday Account Award^ for its Everyday Account, digital bank Up also proved a hit with its customers in the 2022 Mozo People’s Choice Awards^ — taking out an impressive four awards 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, 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 smartphone app.

Editor’s picks of the month: Best bank account deals on Mozo in August


Of course, the bank accounts above aren’t the only options around, which is why our editors have also wrapped up a selection of other standout accounts from some of our partners below. And if you’re keen to cast your eyes over an even greater range of accounts then over to Mozo’s dedicated bank account comparison hub.

MyState Bank - Glide Account
  • Zero monthly fee
  • Digital payment options
  • No overseas ATM fees

Looking for a budget-friendly bank account that’s compatible with all the latest payment options? Well, you might just want to take a closer look at the Glide Account from MyState Bank. The account has no monthly account fee, plus Australians travelling abroad will be able to withdraw money from an overseas ATM using the linked debit card without MyState charging a fee. A 3.00% foreign exchange fee will apply on international purchases though. And anyone who likes to pay on the go with a smartphone or smartwatch will appreciate that the Glide Account is set up to be used with Apple Pay, Google Pay, Samsung Pay, FitBit Pay and Garmin Pay.

Virgin Money - Go Account
  • No monthly account fee
  • Earn Virgin Money Points (conditions apply)
  • Apple Pay, Google Pay and Samsung Pay available

Virgin Money’s Go Account is one of the newest digital bank accounts around, so you won’t be surprised to learn that it comes with major mobile payment options like Apple Pay, Google Pay and Samsung Pay so that you can pay on the go with your smartphone. There’s no monthly account fee, but if you plan to use the linked debit card overseas you will have to pay a $5 oversea ATM withdrawal fee and a 2.50% foregin exchange fee on payments. One of the major features of the Go Account is the reward points. Users can earn eight Virgin Money Points on eligible purchases so long as they deposit $2,000+ per month into the Go Account from another financial institution and make at least five settled debit card purchases, direct debits or BPAY payments in the previous month.

Great Southern Bank - Everyday Edge Account
  • Rebates on overseas ATM fees and foreign exchange fees (conditions apply)
  • Apple Pay, Google Pay and Samsung Pay
  • No monthly account keeping fee
Find out more

If you’re big on flexibility and travel-friendly features then the Everyday Edge Account could be worth taking a closer look at. To start with there’s no monthly account keeping fee, plus when you deposit at least $2,000 into the account (e.g. your salary) and make five or more eligible transactions with the linked Visa card (which are settled) each month you’ll receive rebates on both overseas ATM fees and foreign exchange commission. And whether you’re paying in Australia or on your next international adventure, you’ll be able to do so on your smartphone via either Apple Pay, Google Pay or Samsung Pay. There’s even an option to set up round ups to a Great Southern Bank savings account.

Most common FAQs about bank accounts

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.

^See information about the Mozo Experts Choice Bank Account Awards

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