Now in their seventh year, the Mozo Experts Choice Awards are a place where we highlight the products out in the market, that we believe offer great value to Australians.
For the 2020 bank account awards, we analysed 188 personal transaction products issued by 75 Australian financial institutions.
“With a myriad of everyday bank accounts, your options seem almost endless when trying to find the one that’s right for you.” said Peter Marshall, Mozo Experts Choice Awards judge.
“Accessing your money when you want and where you want is important when it comes to choosing a transaction account. You’ll find accounts with no account keeping fees, fee-free withdrawals and more, so why not let our winners help you down the right track?”
For details on how we crunched the numbers and determined our winners see our 2020 Mozo Experts Choice Awards Bank Accounts & Savings methodology report.
Up was the only financial institution to take out wins in the Exceptional Everyday Account, Regular Saver and Excellent Banking App award categories, indicating to the judges that it’s suite offered a leading solution to everyday banking and savings needs. Even though its services remain app-only and they do not offer term deposits as yet, we felt this new breed of bank deserved special recognition.
This award recognises everyday transaction and bank accounts that not only offer largely fee-free banking, but provide extra value, such as fee-free banking for overseas transactions or rewards points. 144 products from 80 providers were considered in the selection of this award.
With plenty of new banking competition in the last 12 months, we awarded what we determined to be the leading new transaction product. Xinja’s bank account not only offers a fee-free service domestically, but also no overseas ATM or transaction charges.
Designed specifically for students aged up to 24 years old, we looked at 47 transaction accounts from 37 financial institutions and determined these accounts as front-runners that offer lower international transaction fees than their peers.
After researching and identifying all pensioner accounts that offer fee-free day-to-day banking, we used rates below and above the deeming threshold to choose these leading pensioner accounts. 54 accounts from our database were considered in this award.
Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers.
See our methodology report for more detailed information on how we performed product comparisons and determined the final winners for the Bank Accounts & Savings awards.
We aim to include most bank account & savings providers in the market in the Mozo Experts Choice Awards. However, not every financial institution product on the market will be included in our review. Any product we review must be available in the market at the time of our analysis.
There’s a reason why there are so many different categories of Mozo Experts Choice Awards in Bank and Savings Accounts. When you’re looking for a bank account you’ll want to think carefully about how you’ll use the account, how much you’ll be depositing and where you need to spend your money. By comparing the features in our winners list, you can see which bank better suits your personal banking needs when making your decision in finding the one that’s best for you.
The Mozo Experts Choice Awards analysis is overseen by AJ Duncanson, Mozo’s Data Services Director. AJ is a data scientist and actuary, and has worked in financial services and product comparison for almost three decades. Together with our Product Data Manager, Peter Marshall, the team has over 50 years of financial services experience.
Please get in touch with us to discuss by emailing or phoning our account management team on 02 9037 4368.