How Aussies can save over $1,000 in the new financial year with the right bank
As we welcome in the new financial year (and Sydneysiders curse the Opal fare rise), many Aussies may be thinking about how they can start the new year with a money-saving bang.
And according to recent Mozo research, the answer may lie in financial bundling. The research found Australians can save over $1,000 a year simply by choosing the right bank to bundle their products with.
But the data also revealed that many Aussies may already be on the right track, with 4 in 5 customers having more than one product with their main bank, while 50% of customers do all their banking with one provider.
“When it comes to banking, many Australians like to stick all their eggs in one basket, with a tendency to gravitate towards the Big Four banks. Mozo research has found that you could save more than a thousand dollars each year simply by opting for a better value bank that is competitive across a number of product categories,” says Kirsty Lamont, Mozo Director.
RELATED: ME takes out top spot as Mozo reveals Australia’s Best banks of 2018
Currently, 80% of Aussies bank with one of the big four, with two in three bundling their products, despite being ranked lower than smaller banks for customer satisfaction, service and trust.
So to ensure that Aussies were getting the best bang for their buck, Mozo analysed banking products from 117 providers to determine which provider offered the best value.
When ranked for value and convenience, it was none other than Australia’s Best Mozo Expert Choice winner, ME Bank.
RELATED: Mozo Experts Choice Award winners revealed to be up to 36% cheaper than average NBN plans
“There’s no reason to play it safe and stick with uncompetitive interest rates and fees, simply to enjoy more convenient banking. The average customer relationship with a bank now spans 10 years indicating banking loyalty is well and truly prevalent in our current banking culture, and customers are losing out on serious savings,” says Lamont.
“Consumers could save up to $1,600 annually by switching to ME’s best variable home loan, credit card and savings account compared with the market average.”
Comparison between ME Bank and the market average, as at July 14 2018
So if you are an Aussie looking to kickstart the new financial year with a top bank, why not do it with one of the nation’s best, fresh off the Mozo Experts Choice winners list.
RELATED: Best NBN plans for Aussie household revealed: Exetel takes out top spot
Australia’s Best Customer Owned Banking - Newcastle Permanent
With the title of Home Lender of the Year already under its belt, Newcastle Permanent offer competitive financial products from home loans to savings accounts.
Top products:
Australia’s Best Small Bank - Qudos Bank
Outranking every other small bank in terms of value is customer-owned bank Qudos Bank. It currently offer a range of great value home loans as well other financial products, like term deposits.
Top products:
Australia’s Best Credit Union - CUA
Australia’s largest credit union, CUA was also picked as Australia’s Best Credit Union due to its numerous wins over the last 12 months for products including home loans, savings accounts and personal loans.
Top products:
- Kick Start Home Loan*
- Discount Unsecured Personal Loan
- eSaver Boost Savings Account
Australia’s Best Major Bank - Westpac
Despite being Australia’s oldest bank, Westpac still understands what customers value most. With low fees and competitive rates across a range of products, it’s no wonder it took out the title of Australia’s Best Major Bank.
Top products:
Want to compare more banking options? Check out our bank account comparison tool to help you find the best bank account for your needs.
*Product no longer exists (as of 18/12/2018)
^See information about the Mozo Experts Choice Bank Account Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.