Spoilt for choice? Australia’s best banking, super and insurance products ranked

A leading comparison site has narrowed down Australia’s best banking, super and insurance products for the 2019 Finder Awards and the results may leave some very surprised. The website reviewed products and services over a 12-month assessment period across a range of industries including banking, insurance and super.

When it comes to saving, we all want to squirrel away the most money we can with the least hassle and disruption to our daily lives. According to Finder, the top savings account for 2019 was Ubank’s Usaver thanks to its high interest rates and no annual fee.

“With a generous interest rate and no fees, UBank’s USaver Savings Account had the most competitive ongoing rate on the market for 12 months running,” the report read. Meanwhile, other finalists included ING Savings Maximiser and RAMS Saver Account.

Arab Bank Australia Fixed Term Deposit produced the best term deposit (six month), which had one of the highest interest rates on the market for three of the four quarters studied, followed by ME Bank and UBank. Meanwhile, ME’s Term Deposit came out on top for best term deposit (12 month) as it “delivered one of the highest scores for interest across all four quarters”.

If you’ve been abroad recently, or are planning to go, you’re probably aware that ATM fees can add up pretty quickly. If you don’t want to see your hard-earned cash fly out the window, according to Finder the top transaction account was ING’s Orange Everyday, which has no account keeping fees and no foreign transaction fees. “This account goes above and beyond by refunding locally charged ATM fees on both domestic and overseas ATMs,” the report read.

Other finalists included Macquarie Platinum Transaction and ME Everyday Transaction. Meanwhile, the best Australian share trading account goes to SelfWealth, which offers low brokerage fees and no hidden costs, and the best international share trading account is with Saxo Capital Markets, which has access to a wide range of international markets.

The top health insurance goes to Phoenix Health Fund’s gold-level hospital cover, thanks to its great value and range of treatments, followed by HCF Hospital Gold and St. Lukes Health Superior Gold. Meanwhile, the best silver health insurance was CUA Health Limited Standard Hospital $500 Excess (Silver Plus), with 31 clinical categories covering a wide range of hospital treatments, and the top bronze health insurance is with HBF Health Limited Bronze Hospital Plus $500 excess, which “offers a good starting point for those looking for an entry-level policy”.

Meanwhile, Budget Direct was voted best car insurance followed by Australia Post and Virgin Money. “Online Travel Insurance stands out for its competitively priced policy that still offers a considerable amount of cover,” the report read.

When it comes to super, it’s often hard to know where to start, but according to Finder, the best balanced super fund for 2019 was AustralianSuper, followed by Statewide Super and UniSuper. The top performing growth super fund was awarded to Sunsuper’s Lifecycle Balanced, with 80 per cent of its portfolio allocated to growth assets. Meanwhile, other top performers included Cbus and CareSuper.

Bessie Hassan, a money expert at Finder, said it’s important to shop around for the best policies. “In today’s hyper-competitive world it simply doesn’t pay to be loyal. When comparing your options online, look out for the gold Finder Awards logo,” she said. “Switching products is a great way to fast-track savings and alleviate financial stress.”

It comes as the comparison website found a total of 14.5 million Australians are living with money worries, with almost one in five (19 per cent) admitting they’re extremely worried about their financial situation and a further 55 per cent said they are somewhat stressed. According to Finder, money and rent top the list of money woes, with 35 per cent of respondents admitting housing was their top concern.

Meanwhile, energy bills (26 per cent), groceries (21 per cent), council rates (18 per cent) health insurance (17 per cent) and credit card bills (14 per cent) also make the list. “With one of the highest costs of living in the world, Aussies should be taking every opportunity to cut costs where they can – and this doesn’t have to mean compromising on quality or features,” Hassan concluded. 

IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.