For the past 12 months, Mozo’s experts have been sorting through a year’s worth of awards and analysis to identify the cream of the banking crop. When it came to the big players, Westpac was ahead of the pack and has been crowned Australia’s Best Major Bank for 2020.
This title is one of six categories in Australia’s Best Banking awards, which pinpoint the top-performing financial institutions analysed in the Mozo Experts Choice Awards.
Not every single product Westpac offers is market-leading. However, Mozo’s banking expert Peter Marshall explained winners will have at least one product in each category worthy of recommendation.
“What it means for the winners is that they’ve managed to stand out in what’s often a very crowded field. Some providers will do well in one or two areas, but these winning providers can offer value across almost all of their product range,” Marshall said.
The Major Bank category is pretty unique, as it exclusively assesses the Big 4: ANZ, NAB, Commonwealth Bank and Westpac. Generally, major bank customers are seeking out an assurance that absolutely all of their banking needs will be met, especially if they’re reliant on using a physical bank branch. When pitted against its three main rivals, Westpac outpaced the competition over the last year.
While it performed strongly across the board, Westpac’s credit card offerings were stand-outs. It took out two spots in the Premium Rewards Credit Card category with the ‘Altitude Black with American Express (Altitude Rewards)' and ‘Altitude Platinum with American Express (Altitude Rewards)’. The Qantas Frequent Flyer option on both cards also scored top titles in the Qantas Frequent Flyer Premium Credit Card category.
If you want to learn more about these award-winners and other Westpac products, check out the list below.
This savings account currently holds the highest bonus interest rate of the Big 4 banks, sitting at 1.05% p.a. As another bonus, there are no account keeping fees, but you will have to link to a Westpac Choice transaction account to open the Life account.
Westpac Altitude Black with American Express (Altitude Rewards)
The hot ticket on this premium credit card is the rewards flexibility. It offers Altitude points on each card which can be used for travel, retail rewards and shopping gift cards. Make sure you’re making the most out of these points to even out the high purchase rate on the card.
Westpac Term Deposit
If you want to lock away your cash for a set period so you don’t dip into your savings, consider the Westpac Term Deposit. You can choose a range of terms from as little as one month to five years, and there’s the option to pay out the amount to a different bank upon maturity.
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.