Rabobank Australia has been awarded SMSF savings bank of the year by financial products comparison website Mozo, beating out 44 Australian financial institutions.
In addition to picking up the title of the savings bank of the year award, the agribusiness bank also received several Mozo expert choice awards for its SMSF product range, which the comparison website highlighted as offering “exceptional value” for consumers.
Rabobank Australia’s high interest savings account stood out in the no strings savings category for the best unconditional ongoing rate for SMSF savings accounts, sharing the title with Australian Military Bank, HSBC and Macquarie Bank.
Additionally, its SMSF PremiumSaver account was recognised in the high interest savings category for the best ongoing savings rates for SMSFs, alongside products from Australian Military Bank, Bank First and Qudos Bank.
Rabobank head of online savings Julie Blanchard said the awards demonstrate the value provided by the bank’s SMSF offerings despite the growing competition in the financial product market.
“This forms part of the $3.5 trillion of the total superannuation assets in Australia. We already know that cash and term deposits allocations are an integral part of the SMSF portfolio,” Blanchard said.
“Our SMSF products are well designed to support SMSF members through growth in their cash balances, enabling liquidity and access to their cash to suit their lifestyles.
“Rabobank is focused on providing accounts that not only provide good returns, but also a good range of different savings products to meet our customers’ savings objectives,” she said, adding SMSFs were not required to open a transaction account with Rabobank and could keep transacting with their main bank.
The Mozo experts choice awards assess 67 products for SMSFs from 44 financial service providers, and are decided upon by a panel of six experts.
The awards are determined based on various criteria, such as interest rates, fee structures and additional customer value.
The awards are given to accounts that consistently offer higher saving returns, have exceptional features like no fees and additional benefits, cater to specific age groups and provide the best interest rates across different investment timeframes in term deposits.
A total of nine financial product providers received recognition by the judging panel in the SMSF sector, spanning four different categories.