Guide to Bank Accounts

Opening a bank account... fee free banking... bank cards and money accounts - you'd think a basic transaction account would be a little more, well, basic. Never fear - Mozo's quick guide will turn you into a bank account guru in minutes!

A guide to ethical banking in Australia: How to switch

A guide to ethical banking in Australia: How to switch

There is a growing movement in Australia to fight climate change. People are signing petitions, lobbying the government and demanding corporations cut their carbon emissions. 

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Banks, mutual banks and credit unions - what’s the difference?

Banks, mutual banks and credit unions - what’s the difference?

Maybe your parents opened one for you when you were little, or maybe you opened one for yourself just before you received your first paycheck. Regardless of how your first bank account came to be, it is highly unlikely that you thought too long and hard about how the financial institution you were joining was structured.

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From cash sweeps to payment alerts, these bank accounts make saving in 2017 a breeze

From cash sweeps to payment alerts, these bank accounts make saving in 2017 a breeze

“This year, I’m going to spend less and save more.”

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 5 must-read tips before opening a joint bank account

5 must-read tips before opening a joint bank account

Considering taking your relationship to the next level? Financial compatibility plays a big part in relationships, so when it comes to opening a bank account with your partner it’s important you're on the same page.

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Open banking: The data sharing revolution set to save everyday Aussies time and money

Open banking: The data sharing revolution set to save everyday Aussies time and money

Open banking is in the process of revolutionising traditional banking systems across the world and has certainly been making waves down under. This new notion of consumer-centric banking has the potential to seriously change how you handle your personal finances so what better time than now to get a grasp of what it actually is, when it’s likely to be implemented and what open banking means for your future money management.

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Banking in a flash: A guide to the New Payments Platform (NPP)

Banking in a flash: A guide to the New Payments Platform (NPP)

After much speculation and fanfare, the New Payments Platform (NPP) has officially launched in Australia, ushering in what could be a number of momentous changes to the way Australian consumers and businesses do their banking.

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Understanding Osko and the New Payments Platform

Understanding Osko and the New Payments Platform

If you’ve ever felt that transferring money to someone’s bank account was way more difficult than it should be, you’re not alone. If you’ve felt frustrated waiting 2-3 business days, just to receive a simple payment, you’re not alone. 

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What happens if I transfer money to the wrong bank account?

What happens if I transfer money to the wrong bank account?

Long gone are the days when you had to repay money with cash or by whipping out your cheque book. The invention and uptake of online bank accounts has made everything from transferring money to friends and family to paying rent and bills a breeze.

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Australia’s New Payments Platform. Real-time payments will become a thing in 2017

Australia’s New Payments Platform. Real-time payments will become a thing in 2017

Wouldn’t life be so much easier if you could just transfer money from one bank account to another in real-time, rather than the whole process taking a couple of business days for the recipient to receive your funds? Flirt with the concept for a moment and you’ll soon realise that the convenience of making fast payments 24/7 (like to your landlord or energy provider for instance) would indeed be a good thing to have.

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Fee-free bank accounts

Fee-free bank accounts

A fee-free bank account can actually mean multiple things. For instance, it could refer to an everyday transaction account that comes with $0 monthly fee, or an account that waives its recurring charges as long as you deposit a certain amount each month, or one that does not charge extra money for ATM and over-the-counter transactions.

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Bank charges

Bank charges

There’s nothing worse than receiving your bank account statement and realising you’ve accumulated all these additional bank charges you never knew about.    

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Online banks

Online banks

With more and more Australians relying on the internet for work, entertainment and general communications, it comes as no surprise that online banks and online bank accounts are now extremely popular.

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Personal banking

Personal banking

Looking for a better way to manage your money but don’t know where to begin? From everyday transaction accounts and linked savings accounts to credit cards and personal loans, a little attention to your personal banking services can actually save you a bundle.    

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Bank interest

Bank interest

One of the most important things to consider before setting up a bank account is if it can help your money grow. And to answer that question, it’s essential to understand how much interest you can earn with a bank account, where can you get the highest rate of interest and whether you’ll need to pay any additional fees for high bank interest.

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Checking accounts

Checking accounts

A checking account is just like any everyday transaction account that lets you make bank deposits as well as withdrawals. The added feature with a checking account is that apart from managing your funds at the branch, at an ATM or online, you also have a cheque book, which enables you to make payments to businesses or people from your account.

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Bank deposits cheat sheet

Bank deposits cheat sheet

Found the perfect bank account to store your money? Then now’s a good time to understand all the tips and tricks to efficiently manage the moolah coming in and going out of your account.  

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How to open a bank account

How to open a bank account

Opening a bank account in Australia is a very simple process that doesn’t require you to spend hours filling out complicated paperwork. It actually just takes a few minutes and can be done online or at a local branch of a bank, credit union or building society, depending on whatever works best for you.

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Online accounts

Online accounts

Gone are the days when you needed to go over specially to your local branch to deposit cash, transfer money, check your account balance and pay off your credit card. Online banking makes your financial life simpler by letting you perform all of these actions with just one tap on your smartphone, computer or tablet.     

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Current accounts for everyday banking

Current accounts for everyday banking

If you're new to Australia, one of the first things you'll need to do (after visiting some of our must-see beaches and sights) is set up an everyday bank account. This is the Aussie version of a current account and is the bank account that you’d generally deposit your salary into and use to manage transactions like your household bills, grocery shopping and credit card payments.  

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Student bank account fees & features

Student bank account fees & features

With so many banks around, and so many more features, offers and conditions, it's easy enough to feel like a kid in an accountancy store. Here's Mozo's checklist of sweets (and sours!) on offer...

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Changing bank accounts

Changing bank accounts

Wondering if it's worth the trouble to switch your bank account? Trust us, changing bank accounts is no big deal and you'll feel much happier with all the extra savings you'll make. Banks make billions of dollars out of customer laziness - so keep your mind on the prize and soldier through these 5 Steps to Bank Account Paradise.

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Beating bank fees

Beating bank fees

The first step to avoid any sneaky bank charges is to be aware of the common fees that can eat away from your monthly bank balance. Here's a list of the charges that you need to watch out for:

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Types of bank accounts

Types of bank accounts

Big banks and their smaller online banking competitors are increasingly focused on personalised banking products. They generally offer a range of bank accounts to suit the needs of different customer groups, or at least brand and target these accounts to certain demographics. 

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Bank Account Fees and Charges

Bank Account Fees and Charges

Bank account fees and charges vary between banks and between bank account products. Here are the most common fees and charges that you will likely see attached to a bank account:

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Bank Account Features

Bank Account Features

With so many banking institutions around – from online banks to neobanks and the bricks and mortar versions – offering so many different features, products and conditions, it's easy to end up with the wrong transaction account, and pay for the privilege.

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Top bank accounts for pensioners and retirees

Top bank accounts for pensioners and retirees

Charges for overdrawing your bank account, missing monthly deposit quotas and minimum balance requirements can add up significantly over time. And unfortunately, it’s often retirees and those already struggling to cover their bills who are often paying those fees and charges.

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Bank account news

Get more than the headlines with whole picture reports whenever transaction account news breaks.

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