Compare Australian Bank Accounts with Mozo

Looking for the best everyday bank account for your money? Compare more than 90 bank accounts from up to 70 banks on Mozo today and find out how to save on account fees, ATM fees, international transaction fees and more.

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How can I find the best bank account with Mozo?

When it comes to picking the best bank account there are so many things to weigh up, from choosing whether to go for a traditional or online account to finding one with no ATM or monthly account fees. And with so many types of bank accounts on offer from a range of banks, comparing them can prove a hard ask.

That’s where Mozo’s bank account comparison table below can help out. By listing a range of accounts all in the one place you’ll be able to easily compare accounts side by side based on features such as account fees, interest rates and even whether the account is compatible with digital payment options like Apple, Google and Samsung Pay.

Is the interest rate on a bank account important?

It’s always nice to be earning as much interest on your money as possible, but the vast majority of bank accounts in Australia have relatively low interest rates. While that doesn’t mean you shouldn’t weigh up interest rates when comparing bank accounts, many Aussies choose to stash the bulk of their savings in a savings account with a higher interest rate.

If you are interested in comparing some of the bank accounts with the best interest rates around, check out the offers in the tables below or click the green ‘Compare more bank accounts’ button further down and refine your search by interest rate to see even more offers.

What is an online bank account?

Online bank accounts are an increasingly popular type of bank account for many Australians. Instead of visiting a branch and conducting your banking business face to face, online bank accounts allow Aussies can use their smartphones or laptops to check their balances, transfer money and make repayments conveniently through a website or banking app.

Which banks have digital payment options?

Love the idea of ditching your wallet and paying for everything with your phone? It’s no longer a dream, with digital wallets like Apple Pay, Google Pay, Samsung Pay and wearable payment options like Fitbit and Garmin making it easier than ever for Aussies to leave their physical cards and cash at home.

And Mozo makes it easy to find out whether or not a bank account has the digital payment option of your choice. Just have a look under ‘Payment Options’ in the different bank accounts below.

Page last updated July 19, 2019

Bank account comparisons on Mozo - rates updated daily Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

Want more? Compare all 93 bank accounts in the Mozo comparison engine.

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Bank Account Resources

Reviews, news, tips and guides to help find the best bank account for you.

Making a quick and easy bank account comparison

Whether you're looking for low fee accounts, online accounts or high interest accounts, Mozo can guide you through the Australian banking maze.

Our database lets you quickly compare bank accounts throughout Australia by fees and features, and covers hundreds of accounts from major banks, regional banks and credit unions.

You can also read reviews from real customers around Australia to get the inside story on everything from bank fees to customer service.

Before you compare bank accounts (also known as everyday transaction accounts), it helps to make a quick list of the features and access what you need for your day-to-day banking.

To make a quick and easy transaction account comparison, our nifty comparison tools let you filter Australian accounts by your desired features to help you find the best bank accounts for your needs. You can shortlist and compare your selection side-by-side.

Finding the right bank account

If you make a large number of ATM and EFTPOS transactions each month, compare bank accounts that give you unlimited electronic transactions for one low monthly fee. These days some accounts even offer unlimited transactions with no monthly fees. If you want to make purchases online also think about an account with a debit card attached.

Those who intend to maintain a high account balance from month to month should consider a high interest bank account that pays a good interest on your money, while still giving you all the convenience of a regular everyday transaction account.

With Mozo you can compare bank accounts Australia wide by interest rate, monthly account fee, monthly free transactions and more.

Banking apps and digital wallets 

Banking has come along way in recent years and apps and digital wallets are now very popular among Australian consumers and when you are considering a new bank account this should be top of mind. Fintech Apps allow you to access your bank account from your smartphone and give you access to many cool features like spending tracking and money management alerts that you don't get with regular online banking.

It has also become extremely popular to pay with things via digital wallets like Apple Pay, Samsung Pay and Google Pay rather than using the physical card that you get issued with when you sign up for a new bank account. 

Travelling and overseas payments

When it comes to going overseas, you'll be able to use your bank account to withdraw money from foreign ATMs and if you've got a debit card with Visa or MasterCard you'll also be able to make purchases. 

Most banks will charge you a foreign exchange margin on overseas transactions which is usually a percentage (around 3.5%) and for ATM withdrawals there is an overseas fee. This will be in addition to any fee that the overseas ATM operator charges.

In recent years as more and more Australians travel and make day to day online shopping transactions, there are now a number of banks that do not charge overseas fees. You can try Mozo's debit card fee finder too to see what the likely fees will be for any bank account listed in our database.
 
Written by: Kelly Emmerton, Mozo Money Editor

More FAQs about everyday bank accounts

What’s the difference between a transaction and a savings account? 

As the name indicates, a transaction account is generally used for everyday transactions while a savings account is usually set up to store funds and accumulate interest. Transaction accounts tend to have lower interest rates, however they’re more flexible in terms of being able to withdraw funds and transferring money between your own accounts or to other people. 

Typically people open both a transaction and savings account so that they keep spending money in their everyday account, while earning higher interest on the funds stashed in their savings account. Additionally, most banks allow you to set up direct debits into your savings account, where a certain amount of money at a certain time (say, when you get paid) is transferred from your transaction account to your savings account automatically. 

Will I receive a debit card when I open a bank account? 

In most cases bank accounts (or transaction accounts) come with a debit or key card so that you are able to withdraw cash or pay using the card. To find accounts with debit cards head to our debit card comparison table

Also bear in mind that as digital wallets become more and more popular, many banks have launched Apple Pay, Samsung Pay and Google Pay as a payment alternative to debit cards on their bank accounts. For more information, and to find out which banks have jumped on board, check out our mobile payment guide

What fees will I pay on a bank account? 

There are a few fees that you should know about before you open a bank account so that you can avoid paying too much. While basically no bank accounts have monthly account fees anymore, it’s likely you’ll come across charges like ATM withdrawal costs, transaction fees (both domestically and internationally), overdraw charges and assisted banking withdrawal fees. 

Each bank will charge different fees so it’s worth doing your research and considering what you are most likely to use the account for - for example if you foresee yourself needing to make multiple international transactions, look for an account with minimal to no international transaction fees. It’s all about saving where you can. If you need a full break down, check out our guide to bank account fees and charges. 

Where can I find a calculator to help with budgeting and tax? 

The key to a healthy bank balance is sticking to a budget. If you want some help working out how much you spend and how much you should have left over each month, try our handy budget calculator.

And if you are wondering if the tax man is playing fair, try our income tax calculator to work out whether you're paying too much or too little tax.

This page is about personal transaction accounts. If you're after a transaction account for your small or medium business, check out our Business Bank Accounts page.

Should I compare high interest bank accounts?

With such a variety of high interest transaction accounts on the market right now, it's a tough call to pick the best one. Mozo provides you with all the information you need to make the right choice and nab a great deal.

High interest bank accounts do everything a normal account does, with the added benefit of giving you a high interest rate on your money. They may have conditions, such as making a minimum deposit each month, so do your homework to find the right high interest bank account for your needs.

How do I open a bank account? 

Once you’ve done your homework and found the bank account that suits your needs, the hard work is over, opening a bank account is pretty straight forward. Make sure you fit the eligibility criteria - you’re over 18, are an Australian resident and are using the account for personal purposes (if you’re after an account for your business you’ll need a dedicated business bank account). 

Jump online or head to your local branch with all the documents you need to identify yourself. This may include a drivers licence, medicare card or your passport. Fill out any online or in-person steps you need to, like providing contact and personal details. Once you’ve done this, your bank account should become active instantly. It may take a few days before your bank or debit card arrives in the mail, but you can deposit funds into the account straight away if you wish.

Bank Account Reviews

ANZ
ANZ Access Advantage Bank Account review
Overall
3/10
Bad

Not a very good bank at all.

Not a very good bank at all.

Price
3/10
Features
0/10
Customer service
5/10
Convenience
10/10
Trust
3/10

Lisa | Queensland

reviewed 17 days ago

Commonwealth Bank
Commonwealth Bank Smart Access Bank Account review
Overall
8/10
Great, easy to use online platforms

Having arrived from South Africa 3 years ago with little knowledge of the banking system in...

Having arrived from South Africa 3 years ago with little knowledge of the banking system in Australia we chose Comm Bank only through word of mouth. We found them to be extremely accommodating and efficient in getting our accounts set up. They continued to follow up on our banking needs and we found use of the online platforms very comprehensive and easy to use.

Price
10/10
Features
7/10
Customer service
8/10
Convenience
7/10
Trust
8/10

Matthew | New South Wales

reviewed about 1 month ago

Commonwealth Bank
Commonwealth Bank Smart Access Bank Account review
Overall
7/10
Satisfied

Very satisfied with their services. I've been with Commonwealth Bank since I was a little girl.

Very satisfied with their services. I've been with Commonwealth Bank since I was a little girl.

Price
3/10
Features
6/10
Customer service
4/10
Convenience
4/10
Trust
4/10

Mellissa | New South Wales

reviewed 4 months ago