The results are in for Mozo’s 2017 Australia’s Best Expert Choice Awards, revealing the financial providers offering customers the best value across a range of products, including home loans, savings accounts and credit cards.
Bank Australia took home the title of Australia’s Best Bank this year, replacing last year’s winner, ME, and also bagged the award for Best Mutual Bank.
Outside the major bank award - which necessitated slightly different criteria, and ultimately went to NAB - just 8 out of 118 assessed providers took out top honours in different categories, including Best Credit Union, Best Online Bank and Outstanding Performance. Awards were given to providers who’d previously won Experts Choice awards across multiple product areas - ranging from everyday banking like transaction accounts or home loans, to more niche product types, like travel money cards - and weighted according to their relative importance to everyday consumer needs.
“These awards are great for customers, because they identify the financial providers that are offering overall good value across a number of different products,” explained Mozo Data Manager and Experts Choice Awards judge, Peter Marshall.
“So for customers who want to have all their main banking needs in one place with the same provider but still get great value, these are the best options.”
Here are the winners, and a quick rundown of what each one brought to the table:
Bank Australia - Australia's Best Bank & Australia's Best Mutual Bank
During the year from June 2016-June-2017, Bank Australia took out wins in key product categories, including home loans, credit cards, personal loans and savings accounts, as well as more specialised categories, such as travel credit cards. As well as being the best value overall, it also represented the best value among mutual banks.
“Bank Australia won across many of our awards categories, and importantly, ticked the boxes on some of the more heavily valued product types. These products are either very common, like bank accounts, or represent a large chunk of someone’s finances, like a home loan, and so are particularly important for most customers to consider,” said Marshall.
Gateway Credit Union - Australia's Best Credit Union
For customers who like to bank with a credit union, Gateway was the top dog. With wins in the home loan, personal loan and bank account awards, Marshall said Gateway, “is great value in a couple of key areas for everyday banking customers. Plus, the debit card attached to its award winning bank account is also a winner for travel spending.”
UBank - Australia's Best Online Bank
“Online banking often represents great value for customers, because these providers have lower overheads and can pass those savings on in their interest rates. UBank is a great example of that,” said Marshall. UBank bagged a couple of home loan awards, and was a clear winner for savers, taking out wins in both the savings account and term deposit categories.
NAB - Australia's Best Major Bank
In the Mozo Experts Choice Awards, major banks are assessed separately, to help those Aussies who prefer to stick with one of the big 4 choose the best one for their needs.
“We recognise that many people would rather stick with a big bank for their own peace of mind, but that doesn’t mean they should miss out on value,” said Marshall. NAB came out on top as the overall best this year, with wins in the Big Bank section of savings account, credit card and home loan awards.
A number of providers who just missed out on the top spot still received high recommendations from our Expert judges. Winners included:
- Police Bank
- Police Credit Union
- Qudos Bank
- Victoria Teachers Mutual Bank
Head over to our Experts Choice Australia’s Best page for more information on the winners.