ING crowned Australia’s Best Bank for second straight year

12 Jun 2020

They’ve done it again! For a second year in a row, online bank ING has taken out the title of Australia’s Best Bank in the Mozo Experts Choice Australia’s Best Banking Awards for 2020.

For the past five years, Mozo’s expert judges have conferred Australia’s Best Banking titles to the financial institutions that shine the brightest when it comes to providing excellent value products to their customers.

This year, 94 different Australian financial institutions were assessed as part of the awards judging process, but just like 2019, it was ING that emerged victorious in the Best Bank category.

“To be named an Australia’s Best Award winner is an impressive accomplishment by itself, but to do so two years in a row is special,” said Mozo Banking Expert and Awards Judge, Peter Marshall.

“Winners really need to stand out in what’s often a very crowded field. And while that doesn’t mean that every single product on offer is a market leader, there will be at least one of every product type that we’re happy to recommend as worthy of peoples consideration.”

Part of the Australia’s Best Banking judging process includes weighing up each institution's success over the past 12 months in the Mozo Experts Choice Awards, so it’s perhaps no surprise that ING have been one of the standout performers.

So, whether you’re in the market for a new bank account or you’re ready to refinance your home loan, here are some award-winning products you’ll want to take a look at from Australia’s Best Bank, ING.

ING Term Deposit

2020 Mozo Experts Choice Award - Best Term Deposit^
Competitive 1-year rate of 1.40%
Interest can be paid to another bank

ING’s award-winning Term Deposit offers savers a number of competitive rates for terms between 3 months and 2 years, with the current highest being 1.40% for 1 and 2 year terms. While the minimum $10,000 deposit requirement might not appeal to everyone, savers with a balance of at least that amount, up to $10 million, may find the ING Term Deposit an appealing option. This is especially if they’re looking for a safe place to stash their cash over the short term.

ING Orange Everyday

2020 Mozo Experts Choice Award - Exceptional Everyday Account^
No ATM withdrawal fees in Australia or abroad
0% foreign exchange commission

The Orange Everyday account is a serial Mozo Experts Choice Award winner, and given its host of handy features that’s not surprising. For starters, customers who deposit $1,000+ each month and make 5 debit card purchases can use ATMs in Australia and overseas fee-free! Plus there are no overseas purchase fees and 0% foreign exchange commission, making the Orange Everyday account handy for overseas travel and purchases.

ING Fixed Rate Loan

2020 Mozo Experts Choice Award - Best Fixed Home Loan^
Seriously low fixed rates
Borrow with a deposit as low as 5%

Offering fixed rates as low as 2.09% (3.77% comparison rate*) for a 2-year term, borrowers looking to lock in a rate for a limited time may find it hard to beat ING’s Fixed Rate Loan offer. ING also gives customers the option of making extra repayments for free (capped at $10k p.a.), plus there are no ongoing service fees to worry about. The loan could even be suited for first time buyers as there is the potential to borrow with a deposit of just 5%.

ING Orange Advantage

2020 Mozo Experts Choice Award - Best Packaged Home Loan^
100% offset account
Innovative round up tool

Like the idea of the bells and whistles of a packaged home loan? ING’s Orange Advantage Package loan may be worth considering, as it comes with competitive variable rates starting from 2.83% (3.17% comparison rate*), plus it features an offset account and free extra repayments. Borrowers can even chip away at their balance using ING’s handy round up tool which directs round ups from everyday purchases towards the loan. Just bear in mind the $299 yearly service fee.

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home loans Awards

^For more information about our 2020 Mozo Experts Choice Awards, check out our relevant home loans, term deposits and bank accounts awards pages. There you’ll be able to see the full list of winners, as well as a copy of the awards methodology report which outlines the judging process.