Qudos Bank wins title of Australia’s Best Large Mutual Bank in 2022

A couple smiling. Qudos Best Bank MECA sticker.

Mutual banks have emerged as a viable alternative to the big banks over the years. And for the third year in a row, 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 2022.

This year, our panel of judges assessed 90 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 home loans, a title in the Australia’s Best Banking category of Mozo awards recognises value offered across the bank’s product suite.

About Qudos Bank

Qudos Bank began in 1959 as Qantas Credit Union. Since opening up its doors to all Australians, it has become one of the more visible faces in the customer-owned banking scene, serving over 100,000 members.

As a mutual bank, Qudos is able to put its members – rather than shareholders – front and centre. According to Qudos, that means profits are returned to customers in the form of competitive rates and quality financial services.

Qudos has also made a point to avoid unethical investments, steering clear of businesses involved in factory farming and live exports, coal and fossil fuel, and any other environmentally detrimental projects.

So if you’re after a bank that’s committed to the community and environment, Qudos Bank could be a great choice for you. Below, we’ve compiled a list of standout banking and loan products, two which won awards and another we thought was worth highlighting.

For more information on why Qudos won, browse the Australia's Best Banking methodology report.

Fixed Rate Home Loan
  • Fixed rates from 2.99% p.a. (2.76% p.a. comparison rate*) for 1-year terms
  • No application fee or annual fee
  • Free extra repayments (up to $10,000 per year)

With the Qudos Bank fixed rate home loan, borrowers can lock in a fixed rate for up to 5 years, with rates as low as 2.99% p.a. (2.76% p.a. comparison rate*) for 1-year terms. There are no upfront or ongoing fees, and you can opt to make repayments weekly, fortnightly or monthly. If you want to pay down your loan ahead of schedule, you’ll be able to do so without penalty, however all extra contributions are capped at $10,000 per year. No wonder this loan won a 2022 Mozo Experts Choice Home Loans Award for fixed rate offers.

  • 0.70% p.a. base interest rate
  • Zero account keeping fees
  • No minimum balance requirements
Find out more

The QSaver account, which was recognised in the No Strings Savings category in this year’s Mozo Experts Choice Savings Accounts Awards, comes with a competitive 0.70% p.a. base interest rate for balances up to $500,000 – for amounts over this, you could get up to 0.80% p.a. in interest. You’ll be able to transfer funds easily via online or telephone banking, and you won’t have to worry about any account keeping fees taking a bite out of your savings. Funds are also guaranteed by the Financial Claims Scheme, which protects deposits of up to $250,000 per customer.

Car Loan (Variable)
  • No ongoing account keeping fees
  • Flexible repayment options
  • 6.19% p.a. variable rate (6.40% p.a. comparison rate*)
Find out more

With a variable rate of 6.19% p.a. (6.40% p.a. comparison rate*) and loan terms going up to 7 years this secured car loan from Qudos is well worth a look. You’ll be able to borrow between $10,000 and $150,000 to buy a car that’s less than three years old, and up to $75,000 for cars aged 3 to 5 years. Fees have also been kept to a minimum: while there’s a $150 establishment fee, there are no ongoing fees thereafter.

If you want to learn more about Qudos Bank and the other winners from this year’s awards, visit the Mozo Experts Choice Best Banking Award page for all the details.

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Bank Account Awards

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