Qudos Bank wins Australia’s Best Customer Owned Bank Award for the fourth year in a row

Qudos Best Bank MECA sticker

Over the years, customer-owned banks have become an increasingly popular alternative to the big banks. For the fourth year in a row, Qudos Bank has proven to be one of the best choices around, winning the title of Australia’s Best Customer Owned Bank in the 2023 Mozo Experts Choice Awards.

This year, our Mozo Expert judging panel assessed 85 banking providers to determine which offered the greatest value across the widest range of products. Awards were given to those that performed the best throughout the Mozo Experts Choice Awards over the last 12 months.

Over the past year, Qudos has racked up several Mozo Experts Choice Awards for its term deposits and home loans. However, a win in the Mozo Experts Choice Australia’s Best Banking Awards recognises the value offered across the bank’s product suite.

About Qudos Bank

Qudos Bank first began in 1959 as Qantas Credit Union and has since become one of the more visible faces in the customer-owned banking space, serving over 100,000 members.

As a customer-owned bank, Qudos can put its members at the forefront. According to Qudos, this means profits are returned to customers through 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, or 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.

Read our methodology report for more information on Qudos’ Mozo Experts Choice Australia's Best Banking Awards win.

Qudos Bank product picks

Below, we’ve compiled a list of some of Qudos Bank’s standout banking and loan products, two of which won awards and another that we thought was worth highlighting.

Qudos Bank No Frills Home Loan
  • Variable interest rates starting at 5.59% p.a. (5.59% p.a. comparison rate*)
  • No application or ongoing service fees
  • Free extra repayments
  • 2023 Mozo Experts Choice Award-winner
Find out more

The Qudos Bank No Frills Home Loan offers competitive variable interest rates starting at 5.59% p.a. (5.59% p.a. comparison rate*) for owner occupiers (P&I) with an LVR below 70%. The loan has no ongoing or upfront service fees, plus it comes with top-notch features like a flexible repayment schedule,the ability to make extra repayments, a redraw facility and a split account option. While there are no upfront application fees, be aware that there is a $275 discharge fee. Best of all, this loan received a 2023 Mozo Experts Choice Home Loan in the Low Cost Home Loan category.

Qudos Bank Bonus Saver
  • Up to 4.55% p.a. interest rate (if no withdrawals in the month)
  • Zero account keeping fees
  • No minimum balance requirements
Find out more

With the Qudos Bank Bonus Saver, customers could score an interest rate of up to 4.55% p.a on balances from $0 if no withdrawals are made within the month. If withdrawals are made, however, you’ll instead receive the standard base interest rate of 0.05% p.a. In addition, the account comes with no account keeping or other fees, plus interest is paid on a monthly basis. With this account, you’ll also have the convenience of being able to transfer and manage your funds both online and over the phone at no extra charge. Funds are also guaranteed by the Financial Claims Scheme, which protects deposits of up to $250,000 per customer.

Qudos Bank Term Deposit
  • Solid 4.65% interest rate for 12-month terms (minimum deposits apply)
  • Automatic rollover
  • 2023 Mozo Experts Choice Award-winner
Find out more

The Qudos Bank Term Deposit hits the ground running with a competitive 4.65% p.a. interest rate on a 12-month term (minimum deposit $5,000). Keep in mind that there are different interest rate tiers depending on how long you’re willing to lock your money away for. Terms range from just 3 months to 3 years, with a minimum deposit amount of $2,000 and a maximum of $1,000,000. This account also has an automatic rollover feature should you not wish to touch your money once the term ends. Funds are guaranteed by the Financial Claims Scheme, which protects deposits of up to $250,000 per customer. On top of all this, this product won a 2023 Mozo Experts Choice Term Deposit Award

You can check out the full winner's list and learn more about the Mozo Experts Choice Best Banking Awards here. You can read the full methodology report here.

* 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. You can change the loan amount and term in the input boxes at the top of this table. 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.

*** Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Bank Account Awards

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