We’ve done the hard work and compared hundreds of bank accounts for this year’s awards. So if you’re looking for a great value bank account with features more suited to your needs, then you’ve come to the right place to begin your search.
An everyday bank account is something most people use on a weekly basis, so it’s important you have the right one to suit your needs. This award recognises everyday transaction and bank accounts that not only offer largely fee-free banking, but provide extra value such as fee free banking for overseas transactions or rewards points. 141 bank accounts from 81 providers were considered.
86 400, Citi, Hiver, HSBC, ING, Macquarie, Suncorp, and Up
Having a great value bank account from a young age is an important part in setting yourself up for the future. Of the 36 transaction accounts from 29 financial institutions that are designed specifically for younger customers up to the age of 24 years old, our experts determined these to be the winners.
ING and Suncorp
Pensioner accounts are much like other everyday banking accounts, but often bring more fees while paying interest on the account balance. Our experts found the pensioner accounts that offer fee-free day-to-day banking then identified those that also had better interest rates. 55 accounts from our database were considered.
Bank First, Goldfields Money, Heritage Bank, P&N Bank, Queensland Country Bank, and The Mutual Bank
Now in their ninth year, the Mozo Experts Choice Awards present an opportunity to highlight products in the market we believe offer great value to Australians.
For the 2022 Bank Account awards, we analysed 141 bank accounts issued by 81 Australian financial institutions.
“Every bank offers at least one bank account, but with hundreds to choose from, each with its own set of fees and features, it could be really hard and time-consuming to pick those that are better than the rest for an everyday Australian," Mozo Experts Choice Awards Judge Peter Marshall said.
“That’s why these awards exist. We’ve done the work for you and the winners in this category are those that provide demonstrably better banking value for most people’s needs according to our expert analysis.”
For details on how we crunched the numbers and determined our winners, see the 2022 Mozo Experts Choice Bank Accounts Awards methodology report.
We couldn’t have a name like the Mozo Experts Choice Awards without a dedicated and experienced team of product data analysts at the helm. Combined they have decades of experience behind them. Meet them below.
Once you’ve done your homework and found the bank account that suits your needs, opening a bank account is pretty straightforward. Make sure you fit the eligibility criteria - you’re over 18, are an Australian resident and are using the account for personal purposes.
Jump online or head to your local bank 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.
Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. See our Mozo Experts Choice Bank Account Awards methodology report for detailed information on how we performed product comparisons and determined the final Bank Account Award winners for 2022.
We aim to include most bank account providers in the market in the Mozo Experts Choice Awards. However, not every financial institution or product in the market will be included in our review. Any product we review must be available to the general public and in the market at the time of our analysis.
The Mozo Experts Choice Awards are overseen by AJ Duncanson and Peter Marshall. AJ is Mozo’s Data Director, a data scientist and actuary who has worked in financial services and product comparison for over 30 years. Peter has been in the industry even longer, and as Research Manager he leads the team of analysts that gather information and compare products every day, and perform all the calculations behind the Mozo Experts Choice Awards.
Please get in touch with us to discuss by email should you have any queries.