In a super-low official cash rate environment, every dollar of income counts, so choosing an institution that offers outstanding value for money across rates, fees and features is more important than ever. CANSTAR has crunched the numbers on 159 savings accounts to determine which bank and which customer-owned institution are offering outstanding value for Aussies.
“In a low interest rate environment, savers need to find that ideal combination of return, fees and other features that will represent outstanding value for money,” said CANSTAR Group Manager, Research and Ratings, Mitchell Watson.
“Our annual Savings Award is recognition for institutions that strive to provide that ideal combination for their customers and this year we are pleased to congratulate UBank and CUA, who both achieve back-to-back wins this year, proving that both institutions have a continual focus on what their customers want.”
Bank of the Year – Savings: UBank
UBank has won the Savings Account Award back to back and has been able take out this year’s award quite comprehensively with a solid offering across both pricing and account features.
“CANSTAR looks at term deposits, as well as at-call savings account for both customers that can take advantage of bonus offering via regular savings and customer who require more account flexibility, and UBank provides value across the board,” said Mr Watson.
Customer Owned Institution of the Year – Savings: CUA
CUA is also a winner of the Savings Account Award back to back, proving that Australia’s largest customer-owned financial institution knows what its members want.
“CUA has again performed strongly across the three savings account products assessed and once again is the market leader for their overall product offering. Impressive online savings tools have seen CUA easily hold the award again,” said Mr Watson.
CANSTAR congratulates UBank and CUA on their two-in-a-row achievements. The CANSTAR report can be found here and a listing of all accounts assessed and their ratings be found here.
For further information:
Editor in Chief
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CANSTAR provides Australia’s interactive online research service in consumer and business finance. Founded in 1992, CANSTAR Pty Limited is Australia’s researcher of retail finance information for over 250 institutions such as Banks, Building Societies, Credit Unions, Finance Companies, Brokers, Mortgage Originators, Life Companies and finance related Internet Portals. CANSTAR customers use the extensive database for competitor analysis as well as a means of disseminating their product range. CANSTAR also distributes this information to print and electronic media for publication and to Agents, Accountants, Brokers and Internet Portals for use in advising their clients.
What are the CANSTAR star ratings?
CANSTAR researches, compares and rates the suite of banking and insurance products listed below. Results are freely available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. Please access the CANSTAR website at www.canstar.com.au if you would like to view the latest star ratings reports of interest.
|Account based pensions||Managed investments|
|Business banking||Online banking|
|Business life insurance||Online share trading|
|Car insurance||Package banking|
|Credit cards||Personal loans|
|Deposit accounts||Reward programs|
|Direct life insurance||Superannuation|
|First home buyer||Term deposits|
|Health insurance||Travel insurance|
|Home & Contents||Travel money card|
|Home loans||Youth banking|
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To the extent that the information in this report constitutes general advice, this advice has been prepared by CANSTAR Research Pty Ltd A.C.N. 114 422 909 AFSL and ACL 437917 (“CANSTAR”). The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs. You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product. CANSTAR provides information about credit products. It is not a credit provider and in giving you information it is not making any suggestion or recommendation to you about a particular credit product. Please refer to Canstar’s FSG for more information.
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