bank accounts

Compare Australian Bank Accounts with Mozo

A bank account is a place to store your money and also access it to make everyday transactions. Bank accounts are different from savings accounts as they don’t pay you interest but rather offer a basic service to receive payments and make cash withdrawals. 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. Start comparing now!

Bank account comparisons on Mozo - last updated March 01, 2021

Search promoted bank accounts below or do a full Mozo database search. Advertiser disclosure.
  • Glide Account

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, 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 or ATM fees.

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    Details
  • Mozo Experts Choice 2021
    Everyday Global Account

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID
    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.$100 Bonus for new HSBC customers and earn 2% cashback on tap and pay under $100 (T&Cs apply)

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    Details
  • Everyday Options

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID
    0.01% p.a.

    An easy, everyday banking account packed with flexible options to help you spend, budget and save better. Create up to 9 sub accounts.

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    Details
  • & Transaction Account

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID, Samsung Pay
    0% p.a.

    An everyday transaction account where you can enjoy fee-free transactions and a range of convenient payment options, including Apple Pay, Google Pay, or Samsung Pay. Open your account online and instantly access your card details securely to transact online or add to your Digital Wallet to make purchases instore.

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    Details
  • Classic Banking Account

    with Standard Visa Debit Card

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID, Samsung Pay
    0.01% p.a.

    No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.

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    Details
  • Everyday Account

    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID, Samsung Pay
    0% p.a.

    No account or network ATM fees, unlimited free transactions via its iOS or Android app and a round up feature to help you save your spare change. $10 bonus when you use code MOZOUP10 at sign up.

    Compare
    Details

^See information about the Mozo Experts Choice Bank accounts Awards

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Bank account resources

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

FAQ

Making a quick and easy bank account comparison

Show transcript

In the era of low interest rates, you might think there are better things to do with your cash, than put it in a bank. But a bank is still considered the safest place for your money. And you might be surprised to learn that banks, and the accounts they offer have come a long way.

Whatever your aims, Mozo, has the simple tools you need to compare accounts from up to 70 banks. As we move towards a cashless economy, everyday transaction accounts with online banking and digital payment options are becoming more than just a convenience - they are essential.

Many banks now offer fee-free accounts that can save you plenty if you make lots of transactions. And, if you travel regularly, there are also savings to be made with a bank account that waives international ATM and transaction fees.

Even if interest rates are super low, you can still boost your savings with accounts that reward you for making regular deposits, as long as you can avoid the temptation to make withdrawals for that special something you probably don’t really need.

If your best option is to lock your money away for a while, you can amp up your interest with a term deposit for a variety of amounts over different periods.

Head to Mozo.com.au to compare bank accounts and find a great way to manage and grow your money.

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.

what bank account do i need

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. 

banking app features

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.

What’s the main difference between a bank and savings account? 

Bank accounts tend to have lower interest rates than savings accounts, however they’re more flexible, allowing you to withdraw funds and transfer money between your own accounts or to other people. Typically people have both a transaction and a savings account, so they can keep their savings separate from their everyday funds. This lets them spend money in their everyday account, while earning higher interest on the funds stashed in their savings account.

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.

Picture of JP Pelosi
JP Pelosi
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

More FAQs about everyday bank accounts


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

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's high interest bank account comparisons provide 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

Westpac Choice review
Overall 8/10
Westpac is the best and I’ve ever dealt with.

I have banked with Westpac bank for over 15 years. Their online banking is made so easy for anyone to guide through. Online banking has everything you need from recording cards, changing PIN numbers, even ordering credit cards. Or just browsing for anything you need. I’ve had problems with companies drawing money against my account that I’ve not been aware of and Westpac promptly dealt with it and I received my money back. I’ve found they work great with their customers and I wouldn’t personally bank with anyone else. When you want to talk to a real person it’s easy and they are great and go out of their way to resolve/help sort whatever issues you may have. I fully recommend Westpac Bank to anyone who wants easy banking.

Read full review

I have banked with Westpac bank for over 15 years. Their online banking is made so easy for anyone to guide through. Online banking has everything you need from recording cards, changing PIN numbers, even ordering credit cards. Or just browsing for anything you need. I’ve had problems with companies drawing money against my account that I’ve not been aware of and Westpac promptly dealt with it and I received my money back. I’ve found they work great with their customers and I wouldn’t personally bank with anyone else. When you want to talk to a real person it’s easy and they are great and go out of their way to resolve/help sort whatever issues you may have. I fully recommend Westpac Bank to anyone who wants easy banking.

Price
7/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
5/10
Less
Craig, New South Wales, reviewed about 8 hours ago
Bendigo Bank Everyday Account review
Overall 7/10
Very friendly and helpful.

This bank looks after those on Centrelink as they will not charge you on overdraws if you set up the right product with them.

Read full review

This bank looks after those on Centrelink as they will not charge you on overdraws if you set up the right product with them.

Customer service
8/10
Convenience
8/10
Trust
8/10
Less
Ashley, Queensland, reviewed about 8 hours ago
Commonwealth Bank Smart Access review
Overall 10/10
Best bank.

I like that there are no fees to withdraw or to use in any store, also no monthly account keeping fees! I've never had any issues with the Commonwealth Bank and would definitely recommend to everyone over any other bank!

Read full review

I like that there are no fees to withdraw or to use in any store, also no monthly account keeping fees! I've never had any issues with the Commonwealth Bank and would definitely recommend to everyone over any other bank!

Price
10/10
Features
10/10
Customer service
10/10
Convenience
8/10
Trust
10/10
Less
Kylie, Australian Capital Territory, reviewed about 8 hours ago

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