Is your bank a winner? Mozo reveals the best term deposits, savings and bank accounts for 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.
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.
Compare bank accounts
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Mozo experts choice awards won:
- Exceptional Everyday Account - 2025
- Travel Debit Card - 2025
Everyday Edge Account
$0.00
Apple Pay, Google Pay, PayID, Samsung Pay
0% p.a.
This bank account has no account keeping fees to pay. There are unlimited fee-free domestic transactions. Safe and secure digital banking. Fee-free card purchases and cash-out transactions in-store. Free access to thousands of ATMs nationwide. For customers 18 or over.
CompareCompareEveryday Edge Account
This bank account has no account keeping fees to pay. There are unlimited fee-free domestic transactions. Safe and secure digital banking. Fee-free card purchases and cash-out transactions in-store. Free access to thousands of ATMs nationwide. For customers 18 or over.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay, PayID, Samsung Pay
- interest rate
- 0% p.a.
- ATM networks
- -
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from counter deposit, phone, internet and EFTPOS. Free counter withdrawals.
Read reviews and learn more about Great Southern Bank bank accounts
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Orange Everyday
$0.00
Apple Pay, Google Pay, PayID, PayTo
0% p.a.
ING’s Orange Everyday bank account offers no monthly fees and 1% cashback on eligible utility bills up to $100 (T&Cs apply). Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^
CompareCompareOrange Everyday
ING’s Orange Everyday bank account offers no monthly fees and 1% cashback on eligible utility bills up to $100 (T&Cs apply). Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay, PayID, PayTo
- interest rate
- 0% p.a.
- ATM networks
- None
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Access 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees for the first 5 fee incurring withdrawals (domestic). When you deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.
Read reviews and learn more about ING bank accounts
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Everyday Global Account
$0.00
Apple Pay, Google Pay
0% p.a.
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2025 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2025 winner for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay
- interest rate
- 0% p.a.
- ATM networks
- HSBC
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, BPAY and direct debits
Read reviews and learn more about HSBC bank accounts
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Choice
$5.00$0 monthly account fee for 12 months when you open an account by 30 May 2025. Account fee is also waived for customers that deposit at least $2,000 per month.
Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay, Digital Card
0% p.a.
Enjoy no monthly account-keeping fees for the first 12 months, for deposits of $2,000 a month or for eligible customers. No withdrawal fees at branded and select non-branded ATMs. No international transfer fees when sending foreign currency overseas via Online Banking or the Westpac App. Unlimited free transactions and account enquiries.
CompareCompareChoice
Enjoy no monthly account-keeping fees for the first 12 months, for deposits of $2,000 a month or for eligible customers. No withdrawal fees at branded and select non-branded ATMs. No international transfer fees when sending foreign currency overseas via Online Banking or the Westpac App. Unlimited free transactions and account enquiries.
- account fee
- $5.00$0 monthly account fee for 12 months when you open an account by 30 May 2025. Account fee is also waived for customers that deposit at least $2,000 per month.
- Payment Options
- Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay, Digital Card
- interest rate
- 0% p.a.
- ATM networks
- Westpac, St.George, BankSA, Bank of Melbourne
- What kind of card?
- Debit Mastercard
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from internet, phone, network ATMs, EFTPOS, BPAY, branch deposits and withdrawals, and cheque.
Read reviews and learn more about Westpac bank accounts
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Everyday Options Account
$0.00
Apple Pay, Google Pay, PayID
0.01% p.a.
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
CompareCompareEveryday Options Account
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay, PayID
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read reviews and learn more about Suncorp Bank bank accounts
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^See information about the Mozo Experts Choice Bank Account Awards
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