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Small Business Banking Awards 2020

Congratulations to the 2020 winners of Mozo Experts Choice Awards for Small Business Banking. If you’re looking for the perfect everyday account, savings account or term deposit for your small business, then look no further than the winners we’ve crowned below.

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 small business banking awards, we analysed 159 small business banking and savings products issued by 50 Australian financial institutions.

“Small business banking needs vary immensely when it comes to cash-flow and savings” said Peter Marshall, Mozo Experts Choice Awards judge.  

“Whether you’re after an everyday account, savings account or term deposit account for your small business, shop around to ensure you’re getting the best deal.”

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

Small Business Savings Bank of the Year
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For the second year in a row, we’ve awarded AMP both Small Business Bank of the Year and SMSF Bank of the Year. It’s products took out 6 wins across Small Business and SMSF categories, that’s more than double any other financial institution making it clear, to us, the leader in the small business and SMSF offerings.

Small Business Exceptional Everyday Account
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This award looks at standout transaction accounts, specifically for businesses offering both no monthly fees and unlimited free electronic transactions.

Small Business Kick Start Savings
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The best account for Australian small businesses looking to take advantage of market leading introductory rates, calculated on the total returns for the first 12 months of account ownership.

Small Business No Strings Savings
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Leading small business savings accounts, where no conditions are required to receive the rate, and introductory offers are also excluded.

Small Business Regular Saver
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This category identified the best ongoing savings rates, whether an unconditional base rate or rates where qualifying criteria must be met each month in order to get the best rate.

Small Business Term Deposit
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This category identified the financial institutions that consistently offer small business customers competitive interest rates across short, medium, and long term investment options.

Frequently Asked Questions
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What’s the Judging Criteria for the awards?

Around 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 small business accounts in the market for these awards?

We aim to include most small business 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.

 

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.