Today, leading financial comparison site Mozo has revealed which banks are the best for Australian consumers, crowning them Australia’s Best Banking winners in the Mozo Experts Choice Awards 2024.

“Since 2016, Mozo has been at the forefront of identifying which banks offer Australian consumers the best value, service and product offerings,” says Peter Marshall, Mozo Experts Choice Awards Judge.

“This year six banks have been recognised as Australia’s best, as our experts recognise that different bank types cater to different customer preferences.”

“Mozo’s segmented awards approach reflects this diversity in banking needs, so whether you live in Sydney, Adelaide or Broome, in a city or in a country town, prefer digital banking or still love cash, customers can find the best bank for them.”

Determining Australia’s best banks involved the meticulous analysis and evaluation of a wide array of products, including home loans, personal loans, savings accounts, term deposits, and credit cards. Mozo experts assessed 85 Authorised Deposit-taking Institutions (ADIs), 55 of which had won at least two banking Mozo Experts Choice Awardsin the past twelve months.

This year People First Bank and Regional Australia Bank are honoured as first-time recipients of Australia’s Best Banks awards, while ING, Commonwealth Bank, Police Credit Union, and Easy Street keep their best titles from 2023.

“Mozo experts evaluate the competitiveness and reliability of banks and their offerings to determine Mozo Experts Choice Awards winners across various product categories throughout the year,” Marshall explains. 

“To decide which banks deserve the title of ‘best’, Mozo identifies the top performers in the past twelve months, analysing multi-award winners in key product categories including home loans, bank accounts and credit cards ”

“Australia’s Best Banking Awards recognise the banks that have excelled in delivering value and service to consumers over the past twelve months, however they are about more than just past performance.” 

“Mozo thoroughly evaluates current banking rates and product offerings to ensure that these multi-award winners continue to deliver high standards of excellence, remain leaders in the market, and truly deserve Mozo’s recognition.”

The Best Banks in Australia in 2024

Australia’s Best Bank: ING

“Consistent performance and broad appeal make ING a standout choice for many Australians,” says Marshall. “ING’s comprehensive suite of products, including their Packaged Home Loan, Exceptional Everyday Account, and High-Interest Savings account, showcase their ability to provide exceptional value across multiple categories.” 

Australia’s Best Customer Owned Bank: People First Bank 

"Heritage and People’s Choice were both leaders in their own right, and their merger has created a powerhouse in customer-owned banking," explains Marshall. "Their top-notch home loans and competitive savings, credit card, and personal loan products set a new standard in the industry."

Australia’s Best Small Customer Owned Bank: Easy Street

"Easy Street has demonstrated exceptional performance with a suite of highly competitive home loans, savings accounts, and credit cards," says Marshall. "Their ability to excel in multiple categories with five Mozo awards is truly impressive."

Australia’s Best Regional Customer Owned Bank: Regional Australia Bank

“With a strong presence in regional New South Wales and an extensive range of products, Regional Australia Bank has shown exceptional service and value to its customers," says Marshall. "Four award wins underscores their commitment to excellence and value for money across key financial products."

Australia’s Best Credit Union: Police Credit Union

“Police Credit Union was awarded Australia's Best Credit Union for its outstanding offerings in home and personal loans. Securing six awards over the past year is a testament to their quality and innovation," says Marshall. "Based in South Australia, they have won Home Loan, Car Loan and Personal Loan awards, highlighting their dedication to providing superior loan products for Australians.”

Australia’s Best Major Bank: Commonwealth Bank

“For those who prefer to bank with one of the 'Big 4' Commonwealth Bank has been named Australia's Best Major Bank. Winning seven Mozo awards across various banking categories shows their prowess in delivering top-tier banking services," says Marshall. " For Australian banking customers who prefer to bank with one of the Big 4, Commbank stands out as a top performer.