Is your bank on the list? Experts reveal the best banks in Australia for 2025

Today, leading financial comparison site Mozo has revealed which banks are the best for Australian consumers, naming eight banks, credit unions and customer owned banks as Australia’s Best Banking winners in the Mozo Experts Choice Awards 2025.

“While we do recommend consumers shop around to get the best deal for specific financial products, many Australians still prefer the simplicity of banking with one provider,” says Peter Marshall, Mozo Experts Choice Awards Judge.

“For those who prefer to keep all their banking in one place, this winners list really matters, as these are the banks where your loyalty could actually pay off.”

The winners of Australia’s Best Banking Awards for 2025 name eight outstanding banks that consistently delivered strong value across key products including home loans, bank accounts, savings, term deposits, credit cards and personal loans.

How did Mozo find Australia’s Best Banks?

Unlike one-off category awards, the Australia’s Best Banking honours are designed to recognise institutions that have performed well across the board over the past year. To qualify, banks had to win at least two Mozo Experts Choice Awards in the past 12 months and offer a home loan product. 

Mozo’s expert judges then assessed the full performance of each provider across 47 different award categories, standardising more than 2,700 product rankings to identify which banks truly stood out for consistency, competitiveness and all-round value. Judges considered the number of Mozo Experts Choice Awards each bank received, as well as how each of their products ranked within award categories, even when they didn’t take out a win. They also assessed the current competitiveness of each bank’s product suite to ensure performance was still up to standard at the time of review. 

To ensure fairness, providers were also grouped by organisation type, into major bank, regional bank, customer-owned bank and credit union categories. This allowed for like-for-like comparisons, with each product ranking standardised to give a clear, numerical measure of value. 

“Each of these winners proved they can offer real value across a range of financial products, and didn’t just have one standout rate or bonus offer,” Marshall explains. “These winners have shown consistent performance and competitiveness across the year. If you don’t want to split your finances across different banks, these winners are the ones to look at first, as they can deliver strong products across the board.”

“Whether you're looking for a better rate on your mortgage, a high interest savings account, or just a bank that won’t hit you with sneaky fees, the 2025 Best Banking winners represent some of the best options available to Australians right now.”

Australia’s Best Banks for 2025

Australia’s Best Bank: ING

“ING topped the charts again this year thanks to its consistent performance across key categories,” says Marshall. “From high interest savings accounts to its packaged home loan and fee-free everyday banking, ING continues to offer strong value for Australians looking for a reliable all round bank.”

Highly Commended Banks: HSBC & Macquarie

“HSBC isn’t just an international brand, leading in key fixed home loan categories, and offering competitive products across a range of other categories. Macquarie is also one to watch as it is dominating in the savings and everyday banking space with a compelling offering of low rate home loans.”

Australia’s Best Customer Owned Bank: People’s Choice

“People’s Choice retained its title this year, with competitive products across savings, loans and everyday accounts, making a great example of how customer owned banks can deliver top tier value while staying focused on members,” says Marshall.

Australia’s Best Small Customer Owned Bank: MOVE Bank

“MOVE Bank has taken the title from last year’s winner, to mark its rise as one of the strongest small customer-owned banks in the country,” says Marshall. “MOVE Bank performed impressively across a range of products and is now a real competitor on value.”

Australia’s Best Regional Customer Owned Bank: RACQ Bank

“A new winner in 2025, RACQ Bank claimed the title for regional banking,” says Marshall. “While many know RACQ for roadside assistance, this title proves RACQ Bank is just as valuable in the financial space.” 

Australia’s Best Credit Union: Police Credit Union

“Police Credit Union won the title again this year as Australia’s Best Credit Union, and has truly gone from strength to strength,” says Marshall. “Not just for police, this credit union offers accessible, competitive, and consistently strong products.”

Australia’s Best Major Bank: Commonwealth Bank

“If you prefer the national branch network of a major bank, CommBank is once again the standout of the big four” explains Marshall. “CommBank performed the best out of the major banks for consumers looking for a ‘one-size-fits-all’ bank.”

---

Mozo Experts Choice Awards

The Mozo Experts Choice Awards were established in 2014 to help Australian consumers find the best value offers across a range of products and services. For Australia’s Best Banking Awards, Mozo’s experts analysed 2,739 product rankings across 47 Mozo Experts Choice Awards throughout the past 12 months. 

Details of how the individual product rankings were calculated are in the Methodology Reports for each product area, available on the Mozo Expert Choice Award pages. Mozo aims to include most banks in the Mozo Experts Choice Awards, and awards are given irrespective of a commercial relationship with Mozo.

About Mozo.com.au

Mozo compares more than 1,700 products from over 200 banking, insurance, energy, and broadband providers to help thousands of Australians make their money count for more.  Mozo has been recognised in Australia for simplifying the money maze by challenging traditional institutions and building award-winning comparison tools and calculators. 

As a leading financial comparison site in Australia, Mozo’s team of banking and finance experts regularly provides research and advice for major publications in Australia. Mozo is part of Future PLC, an international media group, and leading digital publisher of titles including TechRadar and Tom's Guide.