A huge congrats to Australia’s Best Banking Award winners for 2021. These awards highlight the banks, mutual banks and credit unions that have consistently delivered the best value products and services to their customers over the past 12 months. Winners in each category really stood out from their competitors and impressed the Mozo Experts Choice Awards judging panel across a range of banking products. If you’re looking for a top value-for-money banking provider, the Mozo Experts Choice Australia’s Best Banking Award winners list below could be the ideal place to begin your research journey.
Now in their eight year, the Mozo Experts Choice Awards are a place where we highlight the products and providers in the market that we believe offer great value to Australians.
For the 2021 awards, 89 Authorised Deposit-taking Institutions (ADIs) went head-to-head for the coveted Australia’s Best Banking titles.
“If you’re on the hunt for a great bank for all your financial needs, then our awards could help you choose from the top contenders in their field,” said Peter Marshall, Mozo’s Research Manager and Awards judge.
“This year, we analysed a range of consumer products to identify those providers that offered the best value across the widest range of products. Our expert panel is excited to announce this year’s Australia’s Best Banking winners.”
For details on how we crunched the numbers and determined the winners, see the 2021 Mozo Experts Choice Awards Australia’s Best Banking methodology report.
Time and time again, ING has continued to offer Australians a leading range of competitively priced home and personal loans, credit cards and deposits, earning its place as Australia's Best Bank for the third year in a row. This is demonstrated by the massive seven awards the bank took out in personal banking over the last 12 months.
While UBank doesn't offer the widest range of banking products, it focuses squarely on core home loan and deposit options and does an outstanding job as a digital player. Almost all UBank's products took out Mozo Experts Choice Awards over the last year, with this savvy provider hauling home five awards during the assessment period. As a result of their highly competitive offerings, we awarded them Australia’s Best Online Bank.
Qudos Bank won Mozo Experts Choice Awards in credit cards, personal loans and deposit categories over the last 12 months, showcasing its wide range of competitive products. Even considering categories where they didn’t make it into the winner’s circle for individual products, their versatility pushed them ahead of competitors to be chosen as Australia’s Best Large Mutual Bank in 2021.
MOVE Bank extended last year's good form by taking out Australia's Best Small Mutual Bank for the second year in a row. Although relatively small, over the last year they have received awards in every major banking product category including credit cards, home loans , deposits and personal loans. This is a step up from the previous round of awards, where MOVE just missed out on a home loan award, and shows consistent improvement across their offerings.
Illawarra Credit Union impressed the experts massively this year, punching well above its weight in mortgages, credit cards and personal loans. In total, they were awarded seven times over the last year, and consistently ranked high in most other categories where they missed out on awards. While they focus on their customer base in the Illawarra region of the south coast of New South Wales, their achievements deserve national recognition.
Sometimes people just want to go with a large institution, a bank that does absolutely everything or that has a local branch, and that often means one of the Big 4. We applied our analysis to the four major banks and found that Westpac had an edge over the others when viewed across all the main product categories, and therefore awarded it as this year’s Best Major Bank.
Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to Australian consumers.
See our methodology report for more detailed information on how we performed product comparisons and determined the final winners for the Australia’s Best Banking awards in 2021.
We aim to include most banking providers in the market in the Mozo Experts Choice Awards. However, not all banks and credit unions in the market will be included in our review. Any provider we review must be available at the time of our analysis and any offers included must be available to the general public on the provider’s website.
For the 2021 Australia’s Best Banking Awards, Mozo assessed 89 Authorised Deposit-taking Institutions (ADIs), of which 63 had won at least one banking Mozo Experts Choice Award in the period July 2020 to May 2021. All of them were considered for these awards.
The Mozo Experts Choice Awards are overseen by AJ Duncanson and Peter Marshall. AJ is Mozo’s Data Director. He is a data scientist and actuary, and has worked in financial services and product comparison for over 30 years. Peter has been in the industry even longer, and as Research Manager he leads Mozo’s team of analysts that perform all the analysis behind the Mozo Experts Choice Awards.
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