Savings Account Awards 2020

Congratulations to the 2020 winners of Mozo Experts Choice Awards for Savings Accounts. We’ve compared hundreds of savings accounts for this year’s awards, so if you’re after the ideal account to begin your savings journey, start your search right here.

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What are the Mozo Experts Choice Awards?

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

For the 2020 savings account awards, we analysed 236 personal savings products issued by 77 Australian financial institutions.

“With the many RBA cash rate cuts of 2019, it’s more important than ever to shop around when choosing a savings account.” said Peter Marshall, Mozo Experts Choice Awards judge.  

“With competitive interest rates that still give bang for your savings buck, take a look at our Savings Account winners to see if they could be the one for you.”

For details on how we crunched the numbers and determined our winners see our 2020 Mozo Experts Choice Awards Bank Accounts & Savings methodology report.

Everyday & Savings Bank of the Year
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Up was the only financial institution to take out wins in the Exceptional Everyday Account, Regular Saver and Excellent Banking App award categories, telling the judges that it’s suite offered a leading solution to everyday banking and savings needs. While its services remain app-only and does not yet offer term deposits, we felt this new breed of bank deserved to be rewarded.

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Regular Saver
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This category recognised the best ongoing savings rates, either an unconditional base rate or an interest rate, where qualifying criteria must be met each month. 185 products from 79 banks and credit unions were considered.

Kick Start Savings
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This award is for savers looking to take advantage of market-leading introductory rates, calculated on the total returns for the first 12 months. 25 savings accounts from 24 providers were judged for this award.

No Strings Savings
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This award identifies the savings accounts with the best ongoing rates for savers, who do not have to meet any special conditions with their account.

Student Savings
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The top accounts specially for students aged 24 years and younger looking to stash their savings.

 

Pocket Money Saver
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Awarded to savings accounts exclusive to children with the leading rates, either unconditionally or with an ongoing bonus.

 

Best New Savings Account
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With plenty of new savings accounts coming onto the market in the last 12 months, our analysis identified the leading offer from all the newbies.

 

 

Frequently Asked Questions
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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 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.

 

Did you compare all savings accounts in the market for these awards?

We aim to include most savings account 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.

 

How do I choose the best savings account for me?

When you’re looking for a savings account, you’ll want to think carefully about your savings habits and final goal. By comparing the features in our winners list, you can see which provider better suits your savings account needs when making your decision in finding the one that’s best for you.

 

Who are the Mozo’s experts?

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.

 

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

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