Canstar’s 2017 Savings Award Winners

Canstar Research analysed and compared 204 savings accounts across 73 institutions to determine the winners of 2017’s Savings Award for Bank of the Year and Customer-Owned Institution of the Year.

With the cash rate remaining historically low at 1.5% and the average base rate for online savers (1.35%) currently below the Reserve Bank’s June Quarter inflation figure of 1.9%, Australian consumers should be more vigilant than ever about comparing savings options to get the most bang for their buck.

Canstar’s Savings Award gives recognition to institutions providing a strong combination of at-call savings accounts, term deposits and customer-friendly savings tools. To determine the winners of the 2017 Bank of the Year and Customer-Owned Institution of the Year Savings Awards, Canstar examined a number of factors, including:

  • Interest rate
  • Fees
  • Accessibility of funds
  • Useful features including free transactions or fee rebates

After crunching the data, Canstar Research announced the following two institutions as winners of the 2017 Savings Award:

  • Bank of the Year – Savings Award: UBank
  • Customer-Owned Institution of the Year – Savings Award: CUA

Canstar’s Bank of the Year – Savings Award: UBank

Canstar’s Bank of the Year – Savings Award: UBank

UBank won the Bank of the Year – Savings Award for the third year running thanks to their suite of useful savings tools, competitive term deposits, and an at-call savings account with rates and features that could make it easier for you to save.

UBank’s USaver account has a base rate of 1.81%, and when bundled with the Ultra transaction account and a $200 monthly deposit (to either the savings or transaction account), you’ll be eligible for the bonus rate, taking the total interest rate to 2.87%.

This account also features a unique sweep facility that can help you earn maximum interest on your savings. This works by providing the option to automatically transfer funds to your linked transaction account when needed, such as when you withdraw money from an ATM – keeping your money earning interest for longer.

UBank also supports customers with a number of savings tools, including the ability to graph projected savings, set budgets and goals and categorise transactions.

You can view the UBank savings account options available in the table below.

Looking for a savings account that will help you save? Check out our table below which provides a snapshot of Ubank savings accounts that are available on the market, with links direct to the providers website. Please note that this table has been formulated based on a regular saver with the current savings of $1,000 in NSW, sorted by star ratings (highest first).

 

Compare Savings Accounts

Canstar’s Customer-Owned Institution of the Year – Savings Award: CUA

Canstar’s Customer-Owned Institution of the Year – Savings Award: CUAFor the third year in a row, CUA has been awarded the Customer-Owned Institution of the Year – Savings Award.

CUA’s savings accounts include the eSaver Reward Account, designed for those requiring more flexibility with their savings, and the eSaver Boost Account, for those looking to make regular contributions and are unlikely to make withdrawals each month. The eSaver Reward Account provides consumers with a total rate of 2.80% for balances up to $100,000, with the bonus rate portion awarded based on a $1,000 monthly deposit to a linked transaction account.

If you are motivated by savings incentives, the eSaver Boost Account will also provide 2.80% of interest if you make a monthly savings deposit of $250 without any withdrawals.

As the winner of the Customer-Owned Institution of the Year – Term Deposits Award, CUA also has a number of options available for consumers looking to lock away their cash for a fixed term.

You can check out CUA’s savings accounts options in the table below.

Looking for a savings account that will help you save? Check out our table below which provides a snapshot of CUA savings accounts that are available on the market, with links direct to the providers website. Please note that this table has been formulated based on a regular saver with the current savings of $1,000 in NSW, sorted by star ratings (highest first).

 

Compare Savings Accounts with Canstar

Share this article

Enjoyed reading this article?

Sign up to receive more news like this straight to your inbox

By subscribing you agree to the Canstar Privacy Policy.

Thanks for signing up!

Good things are coming your way.