Best Bank Accounts 2018

Congratulations to the winners in the Experts Choice Awards Bank Accounts category for 2018. Whether it’s an exceptional everyday account you’re after, an app to help you manage your money or you’re after the latest wearable payment tech, this is the place to start your search.

Experts choice awards hero 2018

What are the Mozo Experts Choice Awards?

Now in their fifth year, the Mozo Experts Choice Awards provide a platform to highlight banking products in the marketplace we believe offer great value to Australians.

For the 2018 bank accounts awards, 118 savings accounts from 72 financial institutions were compared by our money experts. The best everyday bank account for you will depend on your spending habits and financial needs so there are several categories of awards to help you narrow down your search.

Also included in 2018 were awards for banking innovation and money management app.

For details on how we crunched the numbers and determined the award winners see our methodology report.

Savings Bank of the Year: UBank

UBank

With the best performing product range across savings, term deposit and bank account categories , UBank took out the Savings Bank of the Year title by Mozo’s money experts for 2018.

Exceptional Everyday Account

To find Australia’s best everyday transaction accounts of 2018, we compared 118 bank accounts in our database from 72 providers. The award winning accounts below were judged to be the most exceptional by Mozo’s experts for offering customer value and include no account, EFTPOS or ATMS fees as long as you pay a regular monthly salary into the account and have additional customer value such as reward points, 0% foreign exchange margin, platinum benefits or higher interest.

Bankwest
Bankwest

Hero Transaction Account

$6.00$0 monthly account fee if you deposit min. $2,000 per month

2.95%

Google Pay, Payment Ring

Deposit $4000 per month to be eligible for Platinum Debit MasterCard with exclusive benefits.

ING
ING

Orange Everyday

$0.00

0%

Apple Pay, Google Pay

n/a

Bankwest
Bankwest

Qantas Transaction Account

$6.00$0 monthly account fee if you deposit min. $2,000 per month

2.95%

Google Pay, Payment Ring

n/a

Bankwest
Bankwest

Rewards Transaction Account

$6.00$0 monthly account fee if you deposit min. $2,000 per month

2.95%

Google Pay, Payment Ring

Access to Bankwest More Rewards, earning 1 point per $100 on your account balance every day, 5 points per eligible purchase at Australian based retailers and 10 points on overseas shopping online and abroad. Deposit $4000 per month to be eligible for Platinum Debit MasterCard with exclusive benefits.

Citi
Citi

Plus Transaction Account

$0.00

0%

Samsung Pay

n/a

Macquarie
Macquarie

Platinum Transaction Account

$0.00

0%

Apple Pay, Google Pay

ATM fees rebated for non-network ATMs in Australia. When $4,000 deposited in a month get 90 day theft and damage protection, Platinum Concierge services.

Macquarie
Macquarie

Transaction Account

$0.00

0%

Apple Pay, Google Pay

ATM fees rebated for non-network ATMs in Australia.

Pensioner Savings

Here’s the list of pensioner accounts that made the Experts Choice cut for 2018. To find Australia’s best pension accounts that deliver the best value when you take into account fees and interest, we compared 47 pensioner accounts from 47 providers.

Goldfields Money
Goldfields Money

Retire-Style

$0.00

$0.00

$0.00

Balances from $0: 0.01% p.a.
Balances from $2,000: 1.75% p.a.
Balances from $48,000: 3.25% p.a.

Heritage Bank
Heritage Bank

Pension Plus

$0.00

$0.00

$0.00

Balances from $0: 0.00% p.a.
Balances from $1: 1.00% p.a.
Balances from $2,000: 1.25% p.a.
Balances from $50,200: 2.15% p.a.

RACQ Bank
RACQ Bank

Advantage Plus Account

$0.00

$0.00

$0.00

Balances from $0: 0.00% p.a.
Balances from $2,000: 1.50% p.a.
Balances from $46,601: 2.50% p.a.

Banking Innovation: Bankwest Halo

Key features

  • Australia’s first payment ring

  • Water resistant up to 50m

  • No app or charging required

The Bankwest Halo is the latest wearable payment tech. The payment ring works exactly like a contactless debit card but is customised specifically for the user. Instead of holding a card up to the payment terminal you make a fist and wait til you hear the beep. If the transaction is over $100 you’ll have to enter your PIN. You can even use it overseas wherever contactless payments are accepted. There is a device fee of $39 but unlike other wearables currently on the market you don’t need to charge it or download an app. And because the ring is water resistant you can wear it in the shower or even at the beach. Halo is available with most BankWest transaction accounts and has the same security as a standard Bankwest debit card.

Money Management App: Get pocketbook

Key features

  • It’s free

  • Smart notifications keep you in the loop

  • Manage your bills in the one place

Get pocketbook is a free downloadable moneymanagement app that helps you to track where your money is going. It works across all devices and syncs to your Australian bank accounts, helping you categorise your spending and manage your budget more effectively. It has smart notifications that will alert you when there a changes like new fees or charges on your accounts or if you are going over your budget. It is a read only service so no money can be moved in or out of your accounts via Pocketbook. It uses the same SSL security as the banks and also has world class firewall protection in place.

Judging Criteria

Every day Mozo keeps track of thousands of products in banking, energy and insurance.

The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers and in some awards categories, business customers. Providers don’t pay to be in the running and we don’t play favourites. Our Judges base their decision on hard-nosed calculations of value, using Mozo’s extensive product database and research capacity.

Experts Choice Awards are awarded to the top 10% of products that meet the selection criteria in each awards category.

FAQs

How many everyday bank accounts were compared for the Experts Choice Awards?

118 everyday bank accounts from 72 financial institutions we compared for the 2018 Mozo Experts Choice Awards.

Did you compare pensioner accounts from the major banks?

Yes, we compared 47 pensioner accounts from 47 providers for the 2018 Experts Choice Awards, including pensioner accounts offered by ANZ, Commonwealth Bank, NAB and Westpac.

Who are Mozo’s product experts?

Mozo has been researching and comparing financial products since 2008, and thousands of Australians use our comparison services each month. Our research team is headed by our Data Services Director and our Product Data Manager who have over 50 years of financial services experience and 23 years in online financial comparison.

Where can I find more information about the criteria for the bank account awards?

Our awards methodology report is available for you to read, which includes information on the criteria for each award category in the Deposits award.

What criteria did you use to judge the money management app award?

To be eligible for this award the product must offer a phone app, connect to Australian Bank Accounts and extract transaction data from them, help you categorise your transactions and provider tools to help you manage your budget and be available for person use.

See the full methodology report for more information.

I work for a financial provider, how do we promote our award win?

Please get in touch with us to discuss by emailing or phoning our advertising sales team on 02 9037 4368.