Big banks top complaints list. Is now the time to switch?
16 Jul 2019
The Australian Financial Complaints Authority (AFCA) recently released its six month report, and it doesn’t paint a particularly flattering picture of the Aussie banking sector.
In just six months, the AFCA received 35,263 complaints from Australians regarding their banking, insurance, superannuation and investment services, with 21,370 (61%) directed at the banking sector alone. Of those complaints, 67% were specifically issued against the Big 4 banks.
If you’ve been keeping up with the news, this probably won't come as a surprise. The banking Royal Commission, which wrapped up earlier this year, subjected the big banks to a record level of scrutiny, uncovering the questionable practices which undergirded much of their daily operations.
And while the Big 4 have been taking steps to salvage their reputations in the months since, popular sentiment suggests they still have a long way to go.
So if you’re looking for a change, now is as good a time as ever to switch. Below, we’ve compiled a list of Mozo Experts Choice Award winners across a range of categories for you to consider.
Promoted
Tic:Toc Variable Home Loan
Low 3.07% p.a. variable rate (3.09% p.a. comparison rate*)
Free extra repayments and redraw facility
Offset account available for $10 per month
A speedy online application process, minimal fees, and an optional offset account headline the Tic:Toc Variable Home Loan’s impressive list of features. Owner occupiers paying principal and interest repayments will also be looking at a variable rate of 3.07% p.a. (3.09% p.a. comparison rate*), one of the lowest currently available. It’s products like this that earned Tic:Toc the title of Online Home Lender of the Year in this year’s Mozo Experts Choice Awards.
Promoted
Bank Australia Basic Home Loan Special
Competitive 3.51% special variable rate (3.52% comparison rate*)
Free extra repayments and redraw facility
No application or ongoing fees
Bank Australia puts its members front and centre, doesn’t invest in fossil fuels or other harmful industries, and was named Best Customer Owned Bank in the 2019 Mozo Experts Choice Awards. Owner occupiers taking out a Bank Australia Basic Home Loan will receive a competitive 3.51% p.a. variable rate (3.52% p.a. comparison rate*), the ability to make free extra repayments, as well as the option to take a repayment holiday.
Promoted
ING Savings Maximiser
2.30% p.a. bonus rate
No account fees
24/7 Australian-based customer service
Named Australia’s Best Bank in the 2019 Mozo Experts Choice Awards, ING has won the hearts of savers and mortgage owners alike. With its Savings Maximiser account, you’ll be treated to one of the more competitive savings rates on the market. As long as you link your Orange Everyday Account, deposit at least $1,000, and make at least five purchases on your card each month, you’ll receive a great 2.30% p.a. bonus rate.
Promoted
UBank USaver with Ultra Transaction Account
2019 Mozo Savings Bank of the Year
2.60% special interest rate
Innovative sweep technology
When it came time to award our Savings Bank of the Year, UBank was a clear standout. A favourite among Aussie savers, the UBank USaver with Ultra Transaction Account offers some of the highest interest rates currently on offer. What’s more, its innovative sweep feature will automatically move your funds between accounts, ensuring you have enough to cover your daily expenses while receiving maximum interest on your savings at the same time.
Promoted
CUA Low Rate Credit Card
Low 11.99% purchase rate
$0 annual fee in the first year ($49 after)
55 interest free days
There’s plenty to like about the CUA Low Rate Credit Card, starting with its low 11.99% purchase rate. Beyond that, you’ll be able to enjoy 55 interest free days and a 0% balance transfer offer for the first 13 months (after which it reverts to 21.74% p.a.). And to round out the list of features, the CUA Low Rate Credit Card lets you have up to 9 additional cardholders at no extra cost.
For a look at more great alternatives to the big banks, be sure to check out the Mozo Experts Choice Award winners for both home loans and savings accounts.
Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.
