Believe it or not Australians do have it good when it comes to banking.
It’s true, mortgage fees are less transparent than they’ve ever been, thanks to the proliferation of exit fees, break fees and account fees. It’s harder for consumers to determine the true cost of a mortgage.
It’s also true transaction account fees are higher than in the UK, New Zealand or Canada, and credit card fees just as bad when compared with our international peers. But back to the good news – Australia’s vast banking product universe contains great savings. It just a matter of knowing where to look.
In the June edition of Money we take the guesswork and legwork out of getting the best deal. Our annual Consumer Finance Awards celebrate the financial institutions that deliver exceptional value across a broad range of products. They may not necessarily have the cheapest products, but then cheap is not always good.
Here is a sneak peak at some of the winners:
The winner of the Bank of the Year: ANZ
The winner of the Building Society of the Year: Newcastle Permanent
The winner of the Credit Union of the Year: Credit Union Australia
The winner of the Non-Bank Lender of the Year: Royal Guardian
The winner of the Best Online Savings Account: Bank: Bankwest
The winner of the Product Innovator of the Year: Westpac
The winner of the Online Lender of the Year: One Direct