If you’re on the hunt for a banking product, whether it be a home loan or savings account, one of the most important things to check is how everyday customers just like you rate the provider.
That’s where the Mozo People’s Choice Awards 2015 come in, showcasing the top providers down under as voted by almost 35,000 customers over the past 12 months.
So who scored top marks across savings accounts, bank accounts, credit cards, home loans and personal loans? See the winners list below:
Best Savings Accounts – ING DIRECT (score 9.29 out of 10)
Average savings account score – 8.11 out of 10
With the average savings account rate currently sitting at a low 2.30%, it’s no surprise ING DIRECT who offers one of the highest special rates in the market of 3.50%* with its Savings Maximiser took out the top spot for savings account customer satisfaction.
Scan the table below to see the earning difference between the average savings account interest rate and ING DIRECT’s Savings Maximiser:
|Starting balance||Interest earned over a year with a 2.30% rate||Interest earned over a year with a 3.50% rate||Difference|
Best Bank Accounts – ING DIRECT (9.24 out of 10)
Average bank account score – 8.19 out of 10
ING DIRECT wasn’t just a favourite when it comes to its savings accounts, as its bank accounts also got the thumbs up from everyday Australians. With ING DIRECT’s popular Orange Everyday you’ll enjoy no account keeping fees and be rewarded with 2% cash back every time you make “tap and go” purchases under $100 at the checkout. Plus as long as you deposit $1,000 into the account each month (AKA your salary) you’ll be able to withdraw cash from any ATM in Australia for free. What’s not to love?
Here’s a look at the cash back you’ll receive based on varying monthly “tap and go” spends:
|Monthly spend on “tap and go” purchases||2% cash back earned in a month||2% cash back earned over a year|
Best Credit Cards – Bendigo Bank (8.44 out of 10)
Average credit card score – 7.10 out of 10
While credit cards were the least favourite banking product in the 2015 People’s Choice Awards, Bendigo Bank was able to stand out from the pack with a high score of 8.44. Its lowest ongoing interest rate is 12.24%, available with the Basic Black. Alternatively, there’s also a low introductory rate of 7.89% for the first 6 months (then 15.49%) with the Bendigo Bank RSPCA Rescue and as the name suggests a portion of profits from the Rescue card go to the RSPCA every year.
Best Home Loans – Queenslanders Credit Union (9.05 out of 10)
Average home loan score – 7.42 out of 10
A home loan is generally the biggest financial burden faced by most families but thanks to the low rate environment over 2015 the average customer satisfaction level sits at a relatively high 7.42, with the most satisfied customers found with Queenslanders Credit Union.
Let’s take QCU’s lowest rate loan the Ultimate Home Loan Special with a 4.13% (for loans over $500,000) and 4.18% (loans between $250,000-$499,999) and compare it against the average variable rate in the market of 4.67% to see the potential savings made by switching to this well loved home loan provider:
|Home loan balance||Interest charged over 25 years with an average rate home loan||Interest charged over 25 years with QCU Ultimate Home Loan Special||Difference in interest over 25 years|
Best Personal Loans – Queenslanders Credit Union (8.85 out of 10)
Average personal loan score – 7.19 out of 10
Queenslanders Credit Union seems to have a knack for delivering great value loans, as it also took out the top spot for its personal loans. QCU’s lowest rate is available with its Secured Personal Loan with a 8.69% variable interest rate, which will save you big bucks in interest when you compare this to the average rate for an unsecured personal loan in our database that sits at a high 12.58%.
To see the full list of winners check out our People’s Choice Awards hub here or if you want to have your say and rate your provider on everything from its features to price head on over to our rate and review section.
* Must have a linked Orange Everyday and deposit at least $1,000 each month into the Savings Maximiser