Australia’s favourite banks revealed
Small, non-bank lenders with online facilities like ING DIRECT and Queenslanders Credit Union are the biggest winners in Mozo’s People’s Choice Banking Awards. Such banks received high marks for their service and trust.
Notably, the event revealed an overall decrease in banking customer satisfaction levels, from last year’s 7.85 to 7.82.
Mozo People’s Choice Banking Awards overall winners
|Best Bank||ING DIRECT||9.05|
|Best Big 4 Bank||NAB||7.96|
|Best Credit Union||Queenslanders Credit Union||8.99|
|Best Building Society||Greater Building Society||8.72|
|Best Mutual Bank||Hume Bank||9.30|
ING DIRECT won Best Bank for the sixth time in a row. Additionally, Greater Building Society took its third Best Building Society award, and NAB continued its five-year streak as the Best Big 4 Bank.
Mozo’s list named transaction and savings accounts as its favourite product for the year, garnering scores of 8.19 and 8.11, respectively. High interest charging credit cards (7.10) and personal loans (7.19), on the other hand, were the least loved.
“Interestingly, a family’s biggest debt burden, the home loan, had people feeling relatively happy (scoring 7.42) thanks to a low interest rate environment,” said Kirsty Lamont, Mozo director.
Mozo People’s Choice Banking Awards product category winners
|Best Savings Accounts||ING DIRECT||9.29|
|Best Bank Accounts||ING DIRECT||9.24|
|Best Home Loans||Queenslanders Credit Union||9.05|
|Best Credit Cards||Bendigo Bank||8.44|
|Best Personal Loans||Queenslanders Credit Union||8.85|
|Best Term Deposits||Bendigo Bank||7.89|
Through the event, Mozo observed that women aged 18 to 24 who earn less than $35,000 yearly are the happiest with their bank, with a score of 8.35. Those aged 45 to 54 and those earning more than $180k, however, gave their banks the lowest scores (7.5 and 7.12, respectively).
Lamont offered to explain the trend.
“Interestingly, we’re happiest at the start of our banking life-cycle and over time we become less satisfied the older we get and the more money we have.”
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