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Australia's best bank revealed

by Staff Reporter8 minute read

More than 23,000 Australians have voted for Australia's best bank in the 2011 People’s Choice Awards.

The awards, which are hosted by financial comparison site Mozo, ask Australians to rate 201 financial providers on their service, savings and mortgage products.

ING DIRECT was voted Australia’s Best Bank for the second year running for its consistently competitive online savings, everyday banking and mortgage products. Australia’s favourite bank also picked up Best Bank Accounts and Most Trusted Bank.

Putting people before profits paid off for the Greater Building Society and ME Bank, who were voted Best Home Loan provider and Runner Up respectively.

Customers praised both institutions for choosing not to raise home loan rates above last November’s official cash rate increase, awarding home loan ratings of 9.4 and 8.8 out of 10 respectively.

National Australia Bank took out the top gong for Australia’s best big bank.

Rohan Gamble, managing director of mozo.com.au said competition had returned to the banking landscape with a bang in 2011, with banks marketing everything from break-ups to cold hard cash for switching.

“While these stunts certainly grabbed the headlines, customer satisfaction is driven by actions not marketing. The NAB’s axing of penalty fees, ING DIRECT’s consistently competitive interest rates and the Greater’s commitment to people before profits have made them the big winners in customer satisfaction,” he said.

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