6 products that could save you $12,000

6 products that could save you $12,000

If you’re looking for a new banking product, why not switch to one that has been voted the best by customers like you? The Mozo team has compiled the ultimate money saving wishlist from the providers that ranked first for overall customer satisfaction in the Mozo People’s Choice Awards.

It’s no wonder they got the thumbs up from customers, when a bit of number crunching by Mozo’s money gurus shows you could potentially save $12,677.30 by switching to their products.

Savings Accounts

While savings accounts saw an increase in popularity overall in the Mozo People’s Choice Awards, none could surpass the popularity of ING DIRECT’s savings accounts with a score of 9.17 out of ten. By switching to the popular Savings Maximiser you’ll be $396 richer over 3 years, compared to the average standard rate savings account.

People’s Choice Savings Accounts (score 9.17/10)

Average Savings Account (score 8.15/10)

ING DIRECT Savings Maximiser

Perks:

  • No account keeping fee

  • No minimum balance

Average Savings Account

Standard interest rate: 2.75%

Average standard interest rate: 1.51%

Earn $396 more over 3 years (on a savings balance of $10,000)

Debit Cards

The awards don’t stop there for ING DIRECT, who was also ranked the top provider by Aussies for its debit cards. You’ll potentially save yourself $84 over three years with the fee-free Orange Everyday account and also get some juicy offers including 2% cashback on “tap and go” purchases in Australia.

People’s Choice Debit Cards (score 9.21/10)

Average Debit Card (score 8.35/10)

ING DIRECT Orange Everyday

Perks:

  • 2% cashback on domestic contactless purchases

  • No fees for withdrawals at any ATM in Australia as long as you deposit $1,000 a month into the account.

Average debit card & bank account

Monthly fees $0

Monthly fees $2.33

Save $84 over three years

Home Loans

Home loan happiness saw a significant spike in the latest People’s Choice Awards, thanks largely to record low interest rates and juicy incentives with an average score of 7.45 out of ten (up from 6.78 in 2012). But Queenslanders Credit Union crushed the competition, scoring a staggering 9.35 out of ten. So if you’re signed up with a home loan with a poor interest rate, consider switching to Queenslanders (you don’t have to live in Queensland) because on a 500k home loan you could save $7,442 over 3 years.

People’s Choice Home Loans (score 9.35/10)

Average Home Loan (score 7.45/10)

Queenslanders Credit Union Fixed Rate Home Loan

Perks:

  • Take out a home loan with Queenslanders Credit Union before 31 December 2014 and go into the draw to win no interest on your home loan for a year.

Average variable rate home loan

Interest Rate: fixed at 4.99% for 3 year

Average standard variable rate: 5.49%

Fix your rate and lock in savings of $7,442 over three years (excluding fees) on a $500,000 home loan.

Credit Cards

It’s no surprise Community First’s credit cards claimed the top spot in the Mozo People’s Choice Awards with its McGrath Pink Visa offering the lowest standard purchase rate in the credit card market. Our calculations show you could put an extra $863.30 in your pocket by choosing the pink plastic over an average rate credit card on an outstanding balance of $3,000.

People’s Choice Credit Cards (score 9.35/10)

Average Credit Card (score 7.19/10)

Community First McGrath Pink Visa

Perks:

  • 4.74% intro rate is for purchases, balance transfers and cash advances.

  • Half of the $40 annual fee goes to the McGrath Foundation.

Average credit card

Interest rate: 4.74% for 9 months then 8.99%

Average Interest rate: 17.52%

Save $863.30 over three years (on an outstanding balance of $3,000)

Personal Loans

Do you need some extra cash but don’t want to be hit with massive interest rates? Look no further than the People’s Choice winner for personal loans, Queenslanders Credit Union. You could gain an extra $3,805 over 5 years on a $30,000 loan, by simply signing up with its Secured Personal Loan, over an average personal loan.

People’s Choice Personal Loans (score 9.17/10)

Average Personal Loan (score 7.28/10)

Queenslanders Credit Union Secured Personal Loan

Average Personal Loan

Secured variable rate 8.69%

Average Unsecured Fixed rate 12.94%

Save $3,805 over 5 years (on a $30,000 loan)

Term Deposits

While interest rates aren’t great for term deposit accounts at the moment, signing up for a longer period of time can deliver competitive returns, just take a look at this year’s winner for term deposits NAB. With its 5 year Term Deposit you’ll receive a 4.10% interest rate for 5 years, which could save you $87 more than with an average rate term deposit.

People’s Choice Term Deposits (score 8.09/10)

Average Term Deposit (score 7.76/10)

NAB 5 year Term Deposit

Average Term Deposit Interest Rate 4.03% (5 years)

Interest Rate 4.10%

Switch and earn $87 more over 5 years (on $25,000)

And there you have it, $12,677.30 in your pocket. See the complete list of winners in the Mozo People’s Choice Awards hub here.

6 products that could save you $12,000 was last modified: May 18, 2015 by Mozo

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3 Comments - Write a Comment

  1. Hi,

    How can you recommend the use of the ING Direct Savings Maximiser which will only get

    4% as long as you deposit $1,000

    Compared to UBank?

    4.17% as long as you deposit $200 the month before + all the added benefits of the features on a UBank USaver Ultra Account?

    Cheers,

    Reply
    1. Mozo

      Hi Heung,

      The list of products in the article, including the ING Direct Savings Maximiser, are products that were voted the best for overall satisfaction by everyday Aussies in the Mozo People’s Choice Awards.

      Reply
  2. All great products indeed but you should also mention in the context of transaction accounts and debits cards the Citibank Plus account, the ONLY transaction account in Australia that allows you to make overseas purchases and cash withdrawals at overseas ATMs without being slugged with a fee for the privilege. Currently, there is no other account in this country which offers that and that could mean quite a lot of savings to people who travel a lot:

    With credit cards, you should also mention the Platinum Zero Mastercard from Bankwest and the 28 Degrees Mastercard from GE Money. They are both currently the ONLY credit card products in Australia that have no annual fee and don’t charge any currency conversion fees on overseas purchases.

    Reply

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