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"
With the help of research from Rainmaker Information*, InfoChoice, WhistleOut and WhichCar, Money assessed 9000 products from 800 providers.
The biggest haul this year went to AustralianSuper and Suncorp Bank, 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.
With the ever-changing nature of financial services, Money added categories to the 2020 Best of the Best Awards, including Best Value Super Fund for Young People and also differentiating the cheapest insurance in superannuation awards across categories for men and women.
"Young people have different superannuation needs than older Australians, and women often have different superannuation needs than men," says Money magazine managing editor Darren Snyder.
"It was a common sense decision to show young Australians that there are funds out there looking after their best interests, which is what our awards reveal across every category."
For the first time the Best of the Best awards named the best superannuation products for men and for women.
The full list of winners are revealed in Money's Best of the Best December-January Issue is on-sale from November 28, 2019.
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% to 2.75% at the top of the range, for a bank balance of $5000 or more. The savings account market is going through an interesting time, thanks to new legislation that has opened up competition to a level unseen in previous years.
Cheapest flexible home loan: Move Bank (bank), AMP (major bank), Reduce Home Loans (non-bank)
Reduce Home Loans is a clear winner here, with a variable rate of 2.69% on a loan that offers all the bells and whistles. You'll need a deposit of at least 20% and the term can be up to 30 years. While 100% offset is available, it adds 0.05% to the rate.
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.
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 – 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. $65 a month gets you 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.
Cheapest car insurance: Budget Direct
Budget Direct is now a gold winner for cheapest car insurance two years in a row. It's worth noting some of Budget Direct's features, including the ability to tailor your cover by restricting the policy to drivers of a certain age, including 21+, 25+, 30+, 40+ and 50+.
* Rainmaker Information and Money magazine are both a part of the Rainmaker Group of companies.
