Westpac wins award for Australia’s Best Major Bank for second year running
After a year of sifting through awards and analysing data to find the crème de la crème of Australian banking providers, Westpac has been crowned Australia’s Best Major Bank for the second year running in the Mozo Experts Choice Best Banking Awards.
The double-whammy win comes off the back of a long list of awards accrued across the last 12 months. The Best Major Bank title is one of just six categories in the Australia’s Best Banking awards, and recognises Westpac as the most competitive player among the big four banks.
To determine the results for these awards, Mozo’s Expert Judges analysed 89 banks, mutual banks and credit unions to find those that stood out in banking product categories and Mozo awards.
“Having taken out this award for two consecutive years shows Westpac is providing a great diversity of banking products while maintaining the security and service many Australians are looking for in a major bank,” Mozo Banking Expert and Awards Judge, Peter Marshall said.
“While not every financial product Westpac offers is a leader in its field, we found offerings from this big bank to be more competitive in our awards and other assessments than the rest of the major banks.”
Check out some of the products available at Westpac below for a sample of what’s on offer with this popular big bank.
Westpac's popular banking products
Westpac Low Rate Credit Card
- 0% balance transfer rate for the first 28 months (1% fee applies) and then 21.49% p.a.
- $0 annual fee for the first year (then $59)
- Tap & Go for purchases under $100
Westpac's Low Rate credit card ethos is all about great value. This back-to-basics credit card has the potential to be a budget-friendly option for those looking for a no-frills card to see them through their purchases. There is no annual fee in the first year, thereafter it’s a reasonably low annual fee of $59, it has a low 13.74% p.a. ongoing purchase interest rate, and up to 55 interest-free days to pay down your balance. And you’ll be able to spend with ease with Tap & Go for purchases under $100.
Westpac Home & Contents Insurance*
- New-for-old replacement cover
- Underinsurance protection (up to 10% sum insured)
- Multiple discounts available
There are three levels of cover to choose from – Essential, Quality and Premier – Westpac’s Home and Contents Insurance provides policy variations. All levels insure the structure of your home and your belongings (with new-for-old replacements) for storms, fires and theft, and you’ll find varying amounts of cover for items such as jewellery, sporting equipment and artworks. And if you want to cut down your premium, there’s a 10% discount for combining your building and contents cover, and a no claims bonus up to 15%. Be sure to read your product disclosure statement (PDS) carefully for limits on specific items and policy exclusions.
Westpac Life (18-29 years old)
- Massive 3.00% p.a. bonus interest rate (when conditions are met)
- Unlimited online transfers between Westpac accounts
- No account-keeping fees (when conditions are met)
Westpac Life is perfect for proactive young Aussies looking to boost their savings. While it’s only available to people aged 18-29 on balances up to $30,000, the 3.00% interest rate is the highest ongoing bonus rate in Mozo’s database. To score it you’ll need to meet a few conditions, including growing your balance (beyond the accrued interest) and making at least 5 transactions via a linked Westpac Choice debit card. If you do this each month you can knock out the $5 account keeping fee which comes with the Choice account, leaving you with minimal costs to keep this account running and earning significant interest.
Westpac Flexi First Option Home Loan
- Discounted 2.29% p.a. (2.27% comparison rate*) variable interest rate for 2 years
- No ongoing service fees
- Free extra repayments and redraws available
If you're an owner occupier looking for a home loan with one of the big four banks, it's hard to look past some of the features available with the Flexi First Option Home Loan from Westpac. First up there's the discounted 2.29% (2.27% comparison rate*) variable rate for the first 2 years (then 2.69% with 2.62% comparison rate thereafter), which will save you 0.50% p.a on the standard offer. There are no upfront or ongoing services fees, plus a number of useful features like free extra repayments and a redraw facility if you need to dip back into those funds. Just remember there's a $350 discharge fee whenever you conclude the loan.
Want to learn more about Australia’s best banks? Discover details about our awards and judging process in our Australia's Best Banking methodology report for 2021.
*Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
** 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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