Australia’s Best Banking Awards 2020

Q: What’s the Judging Criteria for the awards?

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 for 2020.

Q: Who are the Mozo experts?

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.

Congratulations to Australia’s Best Banking Award winners for 2020. These awards highlight the banks, mutuals and credit unions that over the past 12 months have consistently delivered the best value products and services to their customers, outshining their competitors and impressing the Mozo Experts Choice Awards judging panel. If you’re looking to find a banking provider worthy of your money, the Mozo Experts Choice Australia’s Best Banking winners list below is the perfect place to start.

What are the Mozo Experts Choice Awards?

Now in their seventh 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 2020 awards, 94 Authorised financial institutions went head to head for the coveted Australia’s best banking titles.

“If you’re looking for a single banking institution for all your banking needs, these awards help you to shortlist from the best of the best,” said Peter Marshall, Mozo’s product data manager and Mozo Experts Choice Awards judge.

“We looked at the range of consumer products offered by each to identify the providers that gave the best value across the broadest range of products, and our expert panel are delighted to announce this year’s Australia’s best banking winners.”

For details on how we crunched the numbers and determined the winners, see the 2020 Mozo Experts Choice Awards Australia’s Best Banking methodology report.

Australia’s Best Bank
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For the second year in a row, ING earned its place as Australia's Best Bank and it’s not hard to see why. During the last year, ING received multiple awards across key banking products from bank accounts through to Home Loans. ING has also spent a number of years expanding its product range with the addition of credit cards and personal loans, while retaining its simple and straightforward approach to good value banking.

Australia's Best Large Mutual Bank
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Qudos Bank’s all round competitiveness pushed them ahead of their competitors in 2020 to take out Australia’s Best Large Mutual Bank crown. In addition to its competitive home loans which were named among Australia’s best value loans in the market by Mozo’s money experts, Qudos Bank’s savings and personal loans also ranked highly for delivering value for money.

Australia's Best Small Mutual Bank
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Proving that size doesn’t matter when it comes to best value banking, Move is to be congratulated on its Australia’s Best Small Mutual Bank title for 2020! Move Bank has punched above its weight in the past 12 months, winning Mozo Expert Choice Awards for its credit card, deposit accounts, and personal loans. It also came close to nabbing a home loan award too.

Australia’s Best Large Credit Union
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For the third year in a row, CUA has taken out the Australia’s Best Large Credit Union crown. CUA’s success lies in the empowerment of its members and focus on community. As Australia’s largest credit union, CUA performed well across a range of Mozo Experts Choice Awards categories throughout the year from savings to home loans.

Australia’s Best Small Credit Union
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Credit Union SA’s commitment to great value banking helped it take out this year’s title as Australia’s Best Small Credit Union. Having taken out Mozo Experts Choice Awards throughout the year for its credit cards, home loans and personal loans, Credit Union SA has clearly demonstrated that they take the fight to the bigger players across most key product categories.

Australia’s Best Major Bank
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For Australians that prefer to stick with one of the big four banks, Westpac has been named Australia’s Best Major Bank by Mozo’s money experts. We applied our analysis to the four majors and found that Westpac had an edge over the others when viewed across all the main product categories.

Frequently Asked Questions

What’s the Judging Criteria for the awards?
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Did you compare all providers in the market for these awards?
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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 2020 Australia’s Best Banking Awards, Mozo assessed 94 Authorised deposit taking institutions, of which 68 had won at least one banking Mozo Experts Choice Award in the period July 2019 to May 2020. All of them were considered for these awards.

Australia’s Best Banking Awards 2020