When it comes to banks many of us tend to stick with the one we know. At least that was the case until recently - the ongoing global pandemic has forced change upon us. As well as learning new skills and starting new jobs, Aussies have been switching banks too.
With interest rates in Australia stuck at an all time low, getting the best value savings, bank accounts and term deposits is critical, whether you’re wanting to maximise your interest rate, enjoy fee-free everyday banking or reach your savings goal faster.
After a year of sifting through awards and analysing data to find the crème de la crème of Australian banking providers, Westpac has been crowned Australia’s Best Major Bank for the second year running in the Mozo Experts Choice Best Banking Awards.The double-whammy win comes off the back of a long list of awards accrued across the last 12 months. The Best Major Bank title is one of just six categories in the Australia’s Best Banking awards, and recognises Westpac as the most competitive player among the big four banks. To determine the results for these awards, Mozo’s Expert Judges analysed 89 banks, mutual banks and credit unions to find those that stood out in banking product categories and Mozo awards. “Having taken out this award for two consecutive years shows Westpac is providing a great diversity of banking products while maintaining the security and service many Australians are looking for in a major bank,” Mozo Banking Expert and Awards Judge, Peter Marshall said.“While not every financial product Westpac offers is a leader in its field, we found offerings from this big bank to be more competitive in our awards and other assessments than the rest of the major banks.”Check out some of the products available at Westpac below for a sample of what’s on offer with this popular big bank.
Founded nearly 50 years ago, Illawarra Credit Union has learned a thing or two about keeping customers happy. And it's this customer-centred approach to banking that helped it win the title of Australia’s Best Credit Union in our 2021 Best Banking Awards.Our team of judges assessed 89 providers on the basis of value and quality. The winners were determined by the number of Mozo Experts Choice Awards they had won over the last 12 months and how their products compared against competitors.Illawarra Credit Union stood out mainly for its home loans, which were recognised in the offset, first home buyer, and packaged home loan categories in 2021. But it also impressed our judges with its personal loan and car loan offers.Since 1972, Illawarra Credit Union has provided a community-oriented banking alternative to the big banks. As a customer-owned credit union, it’s able to invest its profits into improving its products and services, rather than divvying it out to shareholders. We’ve collected an assortment of Illawarra Credit Union products below, but if you’re looking for more information on its win, be sure to read our 2021 Australia's Best Banking methodology report.
Since its founding in 2008, UBank has made a name for itself with its competitive rates and innovative approach to banking. And it continues to impress, earning the title of Australia’s best online bank in the 2021 Mozo Experts Choice Awards.This year, our team of judges assessed 89 different Australian financial institutions to determine which ones offered the best value across the broadest range of products. Among online banks, UBank was the clear standout.Not only was it recognised for its range of home loans, we were also wowed by its everyday banking products, including a savings account which consistently ranks among the best value offers on the market.