Bank accounts have had a major glow-up: Is it time to switch?

When you think of your bank account, you likely think of three key things. Has my pay gone into the account, what’s the current balance, and wow, do I really spend that much on sushi? 

What you’re probably not thinking about is whether your bank account fees and features are really helping you hit your financial goals and whether or not there might be a better account suited to your spending habits and lifestyle. 

But did you know that bank accounts have also undergone a transformation in recent years and not just in terms of digital wallets and tap n go abilities. While most bank accounts are still the non-interest earning account option for everyday spending and money management, several banks have been adding on innovative features and rewards or removing fees to stand out from the pack.

Let’s take a look at some of them and then decide whether your current bank account stacks up or whether it’s time to switch…

ING Orange Everyday
  • Multi year Mozo Experts Choice Awards^ winner for Exceptional everyday account
  • 1% cashback on eligible utility bill payments (up to $100 annually)
  • Unlimited rebates on international transaction fees (T&Cs apply)
  • Round-up feature to help you save or contribute towards philanthropy

The ING Orange Everyday account is a regular Mozo Experts Choice Award recipient, having won awards for Exceptional Everyday Account for 6 years running (2018-2023). It has a range of innovative features which are unlocked when the monthly criteria (deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super and Orange One) & make 5 or more settled (not pending) eligible ING card purchases). These include: rebates on domestic ATM fees (up to 5 per month) , not paying any international transaction fees on online or overseas purchases and scoring up to $100 cashback annually for paying your utility bills through the account. You can also activate the everyday round-up feature which will round up your card purchases to the nearest $1 or $5 and the extra amount is moved to your nominated savings account or charity. For International ATM withdrawals, there is a $5 fee but rebates may be available for eligible customers. 

HSBC Everyday Global Account
  • Up to 2% cashback on eligible purchases up to $50 a month( t&cs apply)
  • Up to 10 currencies in the one account
  • No monthly account fees
  • 2023 Mozo Experts Choice Exceptional Everyday Account Winner^

Whether you’re at home in Australia, travelling internationally or shopping online, the HSBC Everyday Global Account is designed to be as flexible as your lifestyle. You can earn up to $50 a month cashback on tap n’ pay eligible purchases (under $100) as long as you meet the criteria of depositing at least $2,000 into the account every calendar month. There’s no monthly account fees and no fees to pay at domestic HSBC ATMs (charges may apply at some HSBC ATM locations globally). You won’t pay any international transaction fees when overseas or shopping online internationally and you can buy, transfer, hold and spend in up to 10 currencies, which are all managed via the mobile banking app.     

ubank Spend Account
  • No domestic ATM, international ATM or transaction Fees
  • App to help track your spending with insights and predictions
  • 2023 Mozo Experts Choice Exceptional Everyday Account Award Winner

The ubank spend account is an everyday bank account and money management tool all rolled into one. The account has no monthly fees, overseas and online payments are also fee free making it a great account to use when travelling. You can use the account with all the main digital payment methods (Apple, Google, Samsung, Fitbit and Garmin Pay) and access ATMs or payments  via a physical card. The app helps you to track upcoming expenses and bills and gives you visibility to your spending so that you can avoid any late fees. It also lets you connect accounts with other banks so that you have a single view of your finances.

Suncorp Carbon Insights Account
  • Australia’s first certified carbon neutral personal transaction account
  • No monthly account or foreign currency conversion fees
  • Banking innovation winner - Mozo Experts Choice Awards 2023^

If you’d like to understand how the purchases you make are contributing to climate change, the innovative Carbon Insights Account from Suncorp can help. In addition to a range of great standard bank account features like no account fees, no international or foreign currency conversion fees (when using the Visa Debit Card online and overseas) and free domestic Suncorp ATM access, the app attached to the account also tracks and estimates the carbon emissions for your purchases. You can also benefit from other Suncorp banking app features like sub accounts and budgeting with the dollar tracker.  The account is only available online and can be opened within minutes according to Suncorp.  

Want to compare more bank accounts? Compare over 80 banks on Mozo to find a bank account to suit your needs.

^See information about the Mozo Experts Choice Bank Account Awards

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