Here at Mozo HQ we take banking comparison very seriously. Our team of Rate Chasers track and review over 2000 banking and insurance products from 189 financial services providers Australia-wide. We analyse interest rates, fees, rewards points and dive into product disclosure statements in search of sneaky fees and charges and we share all this information with you on our site so that you can get the best deal on your finances.
So to start the new year off with a bang (or bank), we took a look back at all the products that were launched or enhanced with new features last year to bring you our list of Banking VIPs (Very Innovative Products). These are the products that stood out among the crowd for their innovation, interest rate worthiness or cool features and are well worth considering adding to your wallet this year.
Check out who’s on the most innovative banking list for 2014.
Bank Account VIP
A true deserver of its VIP status is the Bankwest Rewards Transaction Account. Australia’s first rewards transaction account that rewards you when you spend as well as when you save. Yes, really. You’ll earn points every time you use your Debit MasterCard (5 points for every purchase) and you’ll also earn points on your account balance (1 point per $100). Points can be used to redeem shopping gift cards, flights, even electronic equipment.
Other top features of the Bankwest Rewards Transaction Account include no monthly account fee when at least $2000 is deposited each month, free atm withdrawals from any BankWest or CBA ATM. There are no overseas ATM fees but a 2.95% transaction fee is charged for any overseas transaction which includes purchases and ATM withdrawals.
Savings Account VIPs
With savings rate taking a big tumble last year on the back of RBA rate cuts it was the year of customer loyalty for high interest savings accounts. First ING DIRECT introduced a 0.75% loyalty bonus on its Savings Maximiser Account which kicks in after the welcome rate stops with deposits of $200 or more a month. And ME Bank began offering a 1.6% bonus rate for 12 months, taking its Online Savings Account to the top of the rate charts at 5.10%. Plus both accounts are fee free!
Rewards Credit Card VIPs
In 2012 we saw two new credit cards hit the rewards market that ticked the right boxes of a great rewards credit card.