Kudos to Qudos! We’ve assessed the best of the best in the world of banking in the Mozo Experts Choice Awards, and Qudos Bank has come out on top as Australia’s Best Large Mutual Bank in 2020.
From its humble beginnings serving a few hundred airline employees as the Qantas Staff Co-operative Credit Union Limited, Qudos Bank has grown into one of the largest mutual banks in Australia with more than 96,000 members across the country. Since 1959, Qudos has remained a 100% customer-owned institution.
Mozo’s banking expert, Peter Marshall said the bank has retained this community-minded spirit as it’s grown into a larger institution.
“You would still be able to expect to go to somewhere like Qudos and get a more personalised level of service than you would expect from one of the major banks,” he said.
When looking at its gold-star attributes over the last year, Qudos stood particularly tall in home loan offerings. It won in the Packaged Home Loan, Fixed Rate Home Loan, Split Home Loan and Investor Home Loan in the Mozo Experts Choice Home Loan Awards.
But to earn its prestigious title in Australia’s Best Banking 2020 awards, Qudos had to provide consistency and exceptional value across the range of products. Marshall said these awards are all about standing out as a place where customers would be confident consolidating most or all of their banking needs.
“That might not mean every single product they offer is market leading, but there will be at least one of every product type we’re happy to recommend as worthy of peoples’ consideration,” Marshall said.
“Qudos ranked well across several categories. Their savings accounts ranked highly, as did their home loans, even the ones which didn’t win awards. And some of their personal loan products did quite well too.”
It’s all about flexibility and savvy savings moves with this affordable variable home loan. Owner-occupiers with a bundle of savings can reduce interest costs with a free offset account, and can pay down the loan faster with free unlimited extra repayments. And with current variable interest rates from 2.99% p.a. (2.99% p.a. comparison rate) you’ll be setting off on a solid low-cost repayment journey.
This product won awards for both its owner-occupier and investor options, with three-year fixed rates currently sitting at a competitive 2.49% p.a. (2.94% p.a. comparison rate) and 2.79% p.a. (3.24% p.a. comparison rate) respectively. With low fees, flexible repayment schedules and up to $10,000 of free extra repayments each year, it’s easy to see why it deserves double snaps.
Your nest egg will be extra snug here. The Qudos Bank Term Deposit currently offers some of the highest rates in the Mozo database, with its 3 to 12 month terms snaring an impressive 1.65%. You will need to stash at least $5,000 to get this top rate.
With interest rates from 10.74% p.a. (11.79% p.a. comparison rate), this unsecured variable loan sits pretty comfortably within mid-range personal loan rates. But with the flexibility to pay monthly, fortnightly or weekly - plus free extra repayments and no late fees or exit fees - it becomes a competitive option. You’ll need to budget for a $150 application fee, though.
If you’re after a solid place to grow your savings, check out the Qudos Bank Bonus Saver. You’ll score a tidy 1.40% monthly bonus interest rate so long as you don’t make any withdrawals (the rate will revert to a mere 0.05% if you do). Since the minimum deposit to open the account is only $1, it’s a great place to commit to saving if you haven’t built up a huge fund just yet.
For further information about the Mozo 2020 Australia’s Best Banking Awards, including a full list of winners and a copy of the methodology report, check out our dedicated awards landing page.
*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.
^The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.