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We use our everyday banking products on a day-to-day basis, so it’s important that they are up to scratch. To help you manage your money, Canstar has assessed dozens of institutions to name its Everyday Banking Award Winners.
Canstar’s Everyday Banking Award recognises the bank and customer-owned institution that provide the strongest combination of transaction accounts and credit cards to Australian consumers.
Providers were assessed based on the price and features of their everyday banking products.
Canstar also considered a variety of different consumers, including those with different spending levels and transaction behaviours.
After assessing 13 banks and 21 customer-owned institutions, Canstar has named two Award winners.
2021 Everyday Banking Award Winners
HSBC and Qudos Bank continued their strong performance, with both taking out Canstar’s Everyday Banking Award for the second year in a row.
Bank of the Year – HSBC
HSBC continued to stand out in the transaction space with its Everyday Global Account. The transaction account offers 2% cashback on all eligible tap and go purchases under $100, as well as no monthly account fees or transaction fees. HSBC also won Canstar’s Outstanding Value – Transaction Account Award earlier this year.
HSBC also performed well in credit cards with its Premier World Mastercard using the HSBC Rewards Plus Program. It comes with no annual fee, the ability to earn 1 HSBC Rewards Point for every $1 spent on eligible domestic purchases and 1.5 HSBC Rewards Points on eligible international purchases, as well as complimentary insurance benefits.
Customer-Owned Bank of the Year – Qudos Bank
Canstar’s researchers were particularly impressed by the features on offer from Qudos Bank’s transaction account. Its General Savings Account offers customers the ability to earn interest (currently on balances over $50,000), as well as a live online chat feature and a suite of budgeting tools that can be accessed via the Qudos Bank app. It also comes with no account-keeping fees.
Qudos Bank also offers a high-performing frequent flyer rewards credit card. Qudos Bank’s Visa Platinum Credit Card allows customers to earn 1 Qantas Point for the first $2,500 worth of eligible purchases each month, reverting to 0.5 Qantas Points per dollar after this. The card does charge an annual fee. However, Canstar’s researchers said this may be offset by the benefits on offer for consumers spending a higher amount.
For more information about how the Award was determined, read the Everyday Banking Award methodology.
Cover image source: JLco Julia Amaral/Shutterstock.com
This content was reviewed by Sub Editor Jacqueline Belesky and Finance and Lifestyle Editor Shay Waraker as part of our fact-checking process.
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