Qudos Bank wins title of Australia’s Best Large Mutual Bank in 2021
Mutual banks have emerged as a viable alternative to the big banks over the years. And 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 2021.
This year, our panel of judges assessed 89 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 personal loans, a title in the Australia’s Best Banking contingent of Mozo awards recognises value offered across the bank’s product suite. This year marks the second year in a row that Qudos has been awarded this honour.
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. 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 right for you. Below, we’ve compiled a list of standout products, but for more information on its win, browse the Australia's Best Banking methodology report.
Fixed Rate Home Loan
- Fixed rates from 1.99% (2.59% comparison rate*)
- 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 1.99% (2.59% comparison rate*) available on 3-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.
- 0.60% p.a. interest rate
- Zero account keeping fees
- No minimum balance requirements
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 0.60% p.a. interest rate for balances up to $500,000. You’ll be able 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*)
If you’re after a secured car loan, this 2021 Mozo Experts Choice Personal Loans Award-winner from Qudos could be well worth a look. Variable rates start from 6.19% p.a. (6.40% p.a. comparison rate*), with loan terms going up to 7 years. 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.
^See information about the Mozo Experts Choice Bank Account Awards
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