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.

Bank Account Comparison Table - rates updated daily

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

    Go to site
    Details
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    Orange Everyday

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

    Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees. Winner of the Mozo Experts Choice Awards 2020 for Exceptional Everyday Account.^

    Go to site
    Details
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    Global Currency Account

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

    Send and receive foreign currency with no Citi transfer fees. Consolidate your international bank accounts with account details for up to 10 currencies. Winner of Mozo Experts Choice Exceptional Everyday Account 2020 award^.

    Go to site
    Details
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    Mozo Experts Choice 2021
    Everyday Snap Account

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

    Enjoy $0 monthly account fees and unlimited fee-free card, phone and online transactions. Tap and pay with Google Pay, Apple Pay or Samsung Pay. Refund of overdrawn fees and international ATM withdrawal fees and international card transaction fees^.

    Go to site
    Details
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    Go Account

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

    Enjoy earning Virgin Money points on purchases (conditions apply). Bundled with the Virgin Money Boost Saver. No Account fees. Available as a joint account.

    Go to site
    Details

The Mozo Bank-Switch Checklist

Step 1. Compare bank accounts.

Kick-off your move towards better banking services by comparing the best bank accounts through Mozo's bank account comparison table. Pick the one that has the best features based on your financial requirements, click on the 'Go to site' button and head over to the bank's website directly. Check out the eligibility criteria to make sure you fulfil all the requirements and then make an online application. After the bank has accepted your application and you have your brand new account, don't be in a rush to close your old account. Leave it open for the moment.

Step 2. Transfer your salary deposits

Once your new bank account is active, move your salary payments here, so that it's soon nice and full. Also, if there are any minimum deposit requirements to waive the monthly account keeping fee, then make sure you're fulfilling those conditions.   

Step 3. Check your bank statement

While your new bank account is slowly filling up with money, check at least three months' worth of statements for direct debits OR credits on your current bank account so you know exactly where your money is going. You're looking for:

  • credit cards, paypal account
  • linked savings or term deposits
  • rent, utilities
  • Medicare
  • gyms, subscriptions, weekly cheese clubs
  • friends, family

Step 4. Reorganise your payments

Knuckle down, and move all these payments across to your peachy new bank account - your new bank might help with this, so do ask them. (Simply notify any regular depositors such as family and friends that you've changed accounts. This will also highlight your financial savviness and make your new account the envy of your peers.) And this is also a good opportunity to take stock of your finances and make sure you're sticking to your savings goal.

Step 5. Close your old bank account

After your new account is up to date on all your regular transactions and you're sure you won't be missing any bill payments, you can say goodbye to your old transaction account! 

Now sit back and enjoy your banking fabulousness or... sit up and become a little more fabulous still, with Mozo's nifty budget calculator.

^See information about the Mozo Experts Choice Bank Account Awards

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