Australians could save $180,000 by switching financial products: Money

Australians could save more than $180,000 by switching financial product providers, says Money Magazine

multiple denominations of australian currency

Australians could save more than $180,000 by switching to financial product providers that have been named winners of Money magazine’s best of the best awards for 2020.

More than 100 winners were named across financial services, including credit cards, term deposits, banking, loans, superannuation, insurance, investments and online broking, as well as personal and business services such as broadband, phone plans and cars.

“For most of us, the hardest part of starting a financial makeover is deciding where to begin,” says Money magazine editor-in-chief Michelle Baltazar.

“Starting with three household expenses that take up a big slice of your expenses, such as your home loan, insurance and credit card payments, can mean big savings.”

Money assessed 9000 products from 800 providers in the lead up to the awards.

The biggest haul this year went to AustralianSuper and Suncorp Bank, with each winning four best of the best awards.

Suncorp was recognised for its term deposits, loans and savings accounts. AustralianSuper won across various superannuation categories including the best super fund award.

For the first time, the best of the best awards named the best superannuation products for men and for women.

Some of the best of the best award winners include:

Best reward credit cards: Bank of Queensland (bank), Virgin Money (non-bank)
Virgin Money’s Velocity Flyer card has several introductory offers depending on whether you’re chasing extra Velocity frequent flyer points, want a discount on purchase rates or want a long balance transfer. Among the banks, Bank of Queensland’s Blue Visa card takes top position with a low annual fee of $60.

Best savings account: Greater Bank (bank), AMP (major bank), First Choice Credit Union (non-bank)
In this category, the total rate ranges from 1.55 per cent to 2.75 per cent at the top of the range, for a bank balance of $5000 or more. The savings account market is going through an interesting time, due to new legislation that has opened up competition to a level unseen in previous years.

Best balanced pension product: QSuper Income – QSuper Aggressive
The QSuper Income – QSuper Aggressive product reflects the nature of most balanced investment options – they’re taking on more risk, just not at the highest levels. What makes the winner a standout is its double-digit returns over one, three, five and 10 years, says Money.

Best income fund: PM Capital Enhanced Yield Fund
The fund aims to create long-term wealth through identifying and profiting from market anomalies. It aims to outperform the Reserve Bank cash rate – and has done this consistently, according to Money – providing investors with regular income with a low degree of volatility and minimal risk of capital loss.

Best value NBN broadband plans: Belong
Belong’s NBN Standard Plus – Unlimited took out the top gong this year. For $65 a month, you get unlimited data and a free modem with a 12-month contract and no sign-up costs. Add to the mix a free Belong mobile SIM card loaded with $80, no peak or off-peak limits, and it’s a winning formula, Money declared.

Cheapest car insurance: Budget Direct
Budget Direct is now a gold winner for winning this category two years in a row. It’s worth noting some of Budget Direct’s features, says Money, including the ability to tailor cover by restricting the policy to drivers of a certain age, including 21+, 25+, 30+, 40+ and 50+.

Do you use any of the financial products or services that received awards? Do these awards make you consider shifting?

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    To make a comment, please register or login
    10th Dec 2019
    Budget was not that much cheaper and after reading reviews I decided to go with Allianz. Was with RACV but getting too expensive.
    Even at $65 a month I still cannot afford NBN.
    And never heard of the Greater Bank who are they?
    Also I found it hard to support Australian owned companies who employ Australians, I try to take that into consideration as well.

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