A Guide to Bank Accounts by Mozo Bank Accounts

What are bank accounts?
Entering into the workforce naturally requires you to open up a bank account so you can actually get paid by your employer. It's an easy enough concept, but banks accounts are not a 'one size fits all' affair, so compare bank accounts to discover what is right for you.

What are the different types? There are 5 main types of bank accounts. They are:

• Everyday bank accounts are the most common types of accounts and come with various sorts of features. Monthly fees are standard practice with many everyday bank accounts but banks will cancel such feesem if you retain a set minimum balance, are over the age of 60 or are a fulltime student at an Australian institution. Do your homework and compare bank accounts to find out if you are able to avoid monthly fees but still get the most out of your account like internet or phone banking, no ATM fees and unlimited transactions. Some accounts even come with a chequebook facility.

• Student accounts are targeted at for those under 18, those still in school, international or university students studying at an Australian educational institution. Most banks will remove monthly banking fees in student accounts, but will still provide unlimited transactions and convenient features like free online or phone banking. If you're eligible for these accounts, simply visit your preferred bank with proof of your fulltime enrolment. Compare bank accounts to discover what offers are available to you

• Concession accounts are designed to help those on a pension or who need government support. Banks are more flexible in these circumstances, sometimes providing fantastic benefits and no monthly fees so compare bank accounts across a wide range of financial institutions and get the one that's right for your situation.

• Internet accounts are for those who prefer online banking and seldom visit the banks. These accounts come with fewer options (limited over-the-counter transactions) but monthly fees are lower (or non-existent) and you have greater flexibility. If you don't want to pay for services that you don't use, compare bank accounts to see if internet accounts are a better alternative.

• Debit accounts combine everyday bank accounts with the flexibility of a credit card, minus the credit facility (so you stay out of debt). Shop online or travel and only spend what's in your account. Debit cards are an initiative of credit card companied like Visa or MasterCard, so you get guaranteed security and greater flexibility than your average savings card.

How can I compare bank accounts? Visit your preferred bank, click through dozens of websites or simply go to a financial comparison website like mozo.com.au to compare bank accounts. Get a up-to-date listing of all available bank accounts - and there are a lot - when you visit sites like mozo.com.au and work out what's best for your financial situation.

This article is brought to you by Mozo - compare bank accounts online with Mozo.



About the Author
Mozo - Compare credit cards, home loans, personal loans, bank accounts, car loans, savings accounts, term deposits, debit cards and more. Mozo has the latest interest rates information in Australia.