For the third year in a row, Qudos Bank has been awarded Best Large Mutual Bank by financial comparison hub, Mozo.com.au1.
In a careful consideration of 90 banking providers for the annual Australia’s Best Banking awards2, Qudos Bank took out the overall prize for comparable large mutual banks. These are customer-owned institutions with over $4 billion in residential deposits, where Qudos Bank stands out from the crowd.
What is a mutual bank?
A mutual bank is a bank that offers the same types of products and services as a traditional bank like transaction accounts, savings accounts, home loans and credit cards. The point of difference is that the customers are the shareholders3.
When profits are gained at a mutual bank, these are used to benefit the customers, rather than be paid out to shareholders. From this, it means better rates and fees, socially responsible lending, and customer service4.
Qudos Bank is a mutual bank, making it customer-owned, which is why it’s possible that they’ve been able to offer competitive products and services to their customers.
The benefits of joining a mutual bank
With the difference of ownership structure, there are plenty of benefits that come with joining a mutual bank like Qudos Bank.
- Access to competitive rates and services: Being a customer with Qudos Bank means getting offered the best rates when it comes to their products. Customers also receive outstanding customer service with every touchpoint.
- Profits reinvested back to the community: Qudos Bank is very community-focused and regularly donate to organisations around Australia, particularly to those who look after the environmental landscape.
- Customers having a say: Customers can participate in the governance of the bank and its future direction. They also have a say on how the bank is managed and the people behind the board.
A standout banking performance
Over the past 12 months, these 90 providers have been compared and grouped with similar providers to separate the best from the rest. Mozo considered 3,141 product rankings in 43 awards categories to determine overall winners.
Mozo Experts Choice Awards panellist and judge, Peter Marshall, said the bank’s versatility and dedication to its customers made them a clear pick. “Offering a wide range of products with competitive prices, Qudos Bank stand out for their consistency across the market” says Marshall.
Qudos Bank puts its customers first
As a customer-owned bank, Qudos Bank is proud to put its customers first and have been doing so since 1959. It was created by customers, operates for customers, and maintain its community-focus as it grows. Qudos Bank is also committed to ethical banking practices and does not invest in fossil fuels, factory farming or live exports.
Providing an easy banking experience with a feel-good approach is important to the people at Qudos Bank.
Qudos Bank also picked up awards through the year for Best No Strings Savings Account (for the QSaver account), as well as Best Fixed Rate Home Loan (the Fixed Rate Home Loan) and Best Split Home Loan (the Fixed Rate Home Loan again and the No Frills Home Loan).
View Qudos Bank’s awards and 10 promises that provide them with the confidence to deliver the best online banking experience to their customers.
References:
- https://mozo.com.au/
- https://mozo.com.au/expertschoice/australias-best-banking
- https://www.canstar.com.au/mutual-banking/banks-vs-mutual/
- https://www.canstar.com.au/mutual-banking/banks-vs-mutual/
Published June 2022
