Bank account news and advice

Westpac, ANZ, NAB and CommBank have already or plan to close down 350 bank branches between January 2020 and Christmas 2021.

With interest rates in Australia stuck at an all time low, getting the best value savings, bank accounts and term deposits is critical, whether you’re wanting to maximise your interest rate, enjoy fee-free everyday banking or reach your savings goal faster.

It’s time to give MOVE Bank another round of applause, as they’ve just taken out the title of Australia’s Best Small Mutual Bank for the second year in a row.

Founded nearly 50 years ago, Illawarra Credit Union has learned a thing or two about keeping customers happy. And it's this customer-centred approach to banking that helped it win the title of Australia’s Best Credit Union in our 2021 Best Banking Awards.Our team of judges assessed 89 providers on the basis of value and quality. The winners were determined by the number of Mozo Experts Choice Awards they had won over the last 12 months and how their products compared against competitors.Illawarra Credit Union stood out mainly for its home loans, which were recognised in the offset, first home buyer, and packaged home loan categories in 2021. But it also impressed our judges with its personal loan and car loan offers.Since 1972, Illawarra Credit Union has provided a community-oriented banking alternative to the big banks. As a customer-owned credit union, it’s able to invest its profits into improving its products and services, rather than divvying it out to shareholders. We’ve collected an assortment of Illawarra Credit Union products below, but if you’re looking for more information on its win, be sure to read our 2021 Australia's Best Banking methodology report.

ING has done it again, taking home the revered title of Australia’s Best Bank in the Mozo Experts Choice Best Banking Awards for the third year in a row.

Since its founding in 2008, UBank has made a name for itself with its competitive rates and innovative approach to banking. And it continues to impress, earning the title of Australia’s best online bank in the 2021 Mozo Experts Choice Awards.This year, our team of judges assessed 89 different Australian financial institutions to determine which ones offered the best value across the broadest range of products. Among online banks, UBank was the clear standout.Not only was it recognised for its range of home loans, we were also wowed by its everyday banking products, including a savings account which consistently ranks among the best value offers on the market.

Mutual banks have emerged as a viable alternative to the big banks over the years. And Qudos Bank has proven it’s one of the best choices out there, taking out the title of Australia’s Best Large Mutual Bank for 2021.This year, our panel of judges assessed 89 banking providers to determine which ones offered the greatest value across the widest range of products. Awards were given to those that performed the best over the last 12 months of Mozo Experts Choice Awards.While Qudos picked up medals throughout the year for its savings accounts and personal loans, a title in the Australia’s Best Banking contingent of Mozo awards recognises value offered across the bank’s product suite. This year marks the second year in a row that Qudos has been awarded this honour.

After a year of sifting through awards and analysing data to find the crème de la crème of Australian banking providers, Westpac has been crowned Australia’s Best Major Bank for the second year running in the Mozo Experts Choice Best Banking Awards.The double-whammy win comes off the back of a long list of awards accrued across the last 12 months. The Best Major Bank title is one of just six categories in the Australia’s Best Banking awards, and recognises Westpac as the most competitive player among the big four banks. To determine the results for these awards, Mozo’s Expert Judges analysed 89 banks, mutual banks and credit unions to find those that stood out in banking product categories and Mozo awards. “Having taken out this award for two consecutive years shows Westpac is providing a great diversity of banking products while maintaining the security and service many Australians are looking for in a major bank,” Mozo Banking Expert and Awards Judge, Peter Marshall said.“While not every financial product Westpac offers is a leader in its field, we found offerings from this big bank to be more competitive in our awards and other assessments than the rest of the major banks.”Check out some of the products available at Westpac below for a sample of what’s on offer with this popular big bank.

During these financially uncertain times, it pays to know your banking provider has your back, which is why factors like trust and customer service should be top of mind. That’s where the 2021 Mozo People’s Choice Awards come in. Now in their 12th year, these awards give everyday Australians the opportunity to rate their banking providers, for services ranging from home loans and bank accounts through to Buy Now Pay Later and share trading.The 2021 winners were based on results from a recent Ipsos survey commissioned by Mozo which recorded the attitudes of 3,973 Australians. Unlike the Mozo Experts Choice Awards which draw on data analysis from our team of in-house experts, the People’s Choice Awards are determined solely by the votes of customers.“People find it really useful to see what existing customers and users of a product say about that banking product, which is why many of us go to review websites before making a purchase decision,” Mozo Banking Expert, Peter Marshall said. “The Mozo People’s Choice Awards are an opportunity to see what actual people think about their experiences with banking products and services beyond what is being advertised.”Let’s take a look at some of 2021’s top rated banking providers. 

Teachers Mutual Bank has reported a dramatic increase in interest in just 18 months. Between 2019 and 2020 the mutual bank (formerly a credit union) says its product portfolio increased a staggering $4.3 billion, from $2 billion to $6.4 billion.