Mozo Experts Choice Awards reveal best bank and savings accounts of 2018
This year, the Experts analysed 510 deposit products from 78 Australian financial institutions, including the big banks, credit unions, online banks and mutual banks. But only the top 10% in each category took home a coveted Experts Choice Award.
Along with award categories for Exceptional Everyday Accounts, Kick Start Savings, Regular Savings and No String Savings, the Experts also handed out awards for more niche categories, including Pensioner Savings Accounts, Student Savings Accounts and kids accounts.
“The Awards are about helping people find the best fit for their money, so having these different categories helps break it down. When it comes to saving, a pensioner has different needs to a young professional, who has different needs to a child opening their first ever account,” explained Mozo Data Manager Peter Marshall.
UBank was named the Savings Bank of the Year, while Westpac took out the title of Best Major Bank for Deposits and RaboDirect took out the gong for SMSF Savings Bank of the Year.
“UBank’s spot as Savings Bank of the Year was determined not only by the amount of awards it took out across categories, but the fact that it won awards in key categories including Term Deposit and Regular Saver, and also ranked highly for other important factors, like offering a fee-free bank account,” said Marshall.
Other top winners included AMP and Bankwest, which scored 4 wins apiece. AMP savings accounts delivered wins across multiple categories, while Bankwest cleaned up in the Exceptional Everyday Accounts category and also took home the Everyday Banking Innovation award for its Halo wearable payment technology.
“We found that while there haven’t been so many leaps forward in bank accounts themselves in the past twelve months, ‘wearable’ payment devices have been pushing forward,” Marshall said of the thinking behind the Innovation Award.
“The Bankwest Halo ring won because it’s unique, useful and takes that all important step toward combining this new payment technology with something fashionable for users.”
With Reserve Bank interest rates stalled at 1.50% since August 2016 and savings interest rates at rock bottom to match, Marshall said it’s more important than ever for Australians to be aware of where their rainy day fund is stashed.
“It pays to be proactive about your savings - don’t just tuck them away and think your job is done. Compare your options and find an account with a good rate, and if you can meet conditions to get a bonus rate, it's well worth it to get the extra interest,” he said.
So head over to our bank account comparison to find a place for your day-to-day funds, and our savings account comparison to find a great place to stash your emergency fund. Or if you’d like to start by browsing accounts with the Experts seal of approval, check out the full list of Mozo Experts Choice Deposit Award winners.