2017 Mozo Experts Choice Awards reveal the best place for Aussies’ savings

This year’s Mozo Experts Choice Deposit Awards have shown that when it comes to saving, there’s no one size fits all option - but there are great value savings and bank accounts out there for all kinds of Aussies.

Winners were chosen in a wide range of categories, including Everyday Banking, No Strings Saving, Term Deposits and Pocket Money Saver. Mozo’s Data Services Director, Andrew Duncanson, said the categories were chosen to reflect different types of savers and the accounts that might suit them best.

“So, if you’re the kind of person who deposits regularly and doesn’t make withdrawals, you might want to look at one of the Regular Saver accounts,” he said.

“On the other hand, if you’re not interested in meeting any special conditions and just want a good ongoing interest rate, a No Strings Savings winner might be the one for you.”

And with banks slashing rates on savings accounts in 2017, the term deposit category winners may be particularly interesting for serious savers.

Some of the big winners included Mozo’s 2016 Savings Bank of the Year, ME, which once again took out the top title in 2017 and RaboDirect, which swept up awards across categories including SMSF accounts, term deposits and savings accounts. CUA also scored 6 wins across multiple categories.

In most categories, awards were also given to the top product from a major bank, and Westpac swept up five gongs, while NAB trailed with three.

See the full list of winners here.

Mozo also recognised AMP’s new Bett3r Account, which is set up as three linked accounts, with an Innovation Award.

“It’s unique on the market at the moment,” Duncanson said. “There are budgeting apps and there are combined saving and spending account bundles, but this product is a combination of the two. It encourages Aussies to not only save, but also plan their finances and manage expenses effectively.”

Ready to rev your savings into gear? Start by checking out the 2017 Mozo Experts Choice Award winners. You can also head over to our savings account comparison, term deposit search tool or bank account finder to compare the rest of the options on the market.