Is your bank a winner? Mozo reveals the best term deposits, savings and bank accounts for 2020

Tara McCabe

Thursday 20 February 2020

When it comes to bank accounts you could be forgiven for going with “the devil you know.” But while sticking with what seems easier might be more convenient, it could mean that you wind up missing out on heaps of potentially better deals. 

Mozo Experts Choice Awards. Two women sit at a table with coffee cups looking at a smart tablet and a credit card, they are both smiling.

This is where the Mozo Experts Choice Awards come in. We at Mozo understand just how overwhelming it can be to choose a new bank or savings account, which is why every year our team of data experts comb through hundreds of banking products to determine which ones really are offering great value and great features.

So when it comes to picking a new bank account, forget the devil you know and get to know a banking product with a better deal for you!

The digital revolution: online and neobanks win big in 2020

Our experts compared over 700 personal, small business and self-managed super fund products from multiple Australian providers, to determine the winners of the 2020 Mozo Experts Choice Deposit Awards. And after much deliberation *drumroll* neobank Up was crowned the Everyday & Savings Bank of the Year for 2020!

RELATED ARTICLE: Neobank, Up crowned Mozo Everyday and Savings Bank of the Year

Mozo banking expert Peter Marshall commented, “Digital banks really have lead the charge this year in the Mozo Experts Choice Deposit Awards, with online banks ING, ME Bank, Judo Bank and UBank taking home awards along with app-based neobanks 86 400, Up Bank and Xinja”.

Neobank Xinja in particular really impressed the experts, managing to bag not one but five Mozo Experts Choice Awards! The Xinja Bank Account swept up awards for both Best New Transaction Account and Exceptional Everyday Account, only to be one-upped by Xinja’s savings account, the Xinja Stash Account which was given three Mozo Experts Choice Awards for best Regular Saver account, best No Strings Savings Account and Best New Savings Account.

Aussie banks under the microscope

Of course it wasn’t all about online banks this year, with plenty of credit unions, challenger banks and big banks bagging Mozo Experts Choice Awards as well. And it wasn’t all about savings accounts either, as regular transaction accounts, term deposits, kid’s accounts, business accounts, self-managed super fund accounts and banking apps all came under Mozo’s microscope.

Among some of the big players picking up accolades, Citi scored Exceptional Everyday Account Awards for both its Global Currency Account and Plus Transaction Account, while big four bank NAB’s $0 Business Everyday Account was considered worthy for a Small Business Everyday Account Experts Choice Award. 

And currently with the highest interest rates in the Mozo database for 1, 2, 3, 4 and 5 year term deposits, challenger bank Judo Bank was quite rightly recognised with a Mozo Experts Choice Award for best Term Deposit. This award seeks to highlight personal term deposits that consistently offer better rates for short, medium and long term deposits.

Banking apps to write home about

While the aim of the awards is to highlight ‘exceptional’ bank accounts, Mozo also understands that behind every good bank account lies an even better banking app, a fact which the Mozo Experts Choice Awards recognises with the Excellent Banking App award. 

“For the Mozo Experts Choice Award for Excellent Banking Apps we examined the number of features available in 77 different banking apps and how useful each one would be to a potential user,” said Marshall.

If you’re a Commbank customer, it may come as no surprise that of those 77 apps scrutinised, the Commbank app was yet again, awarded a Mozo Experts Choice Excellent Banking App Award. And it wasn’t alone either, with fellow 2019 winner Bendigo Bank also picking up another Excellent Banking App award for the Bendigo banking app.

Curious to find out more about the Mozo Experts Choice Awards? Why not read the full Mozo Experts Choice Awards, Bank Accounts & Savings Accounts methodology report for more information on how each banking product is judged or check out the full list of winners to find out if your bank made the cut.

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