1 year on from the Royal Commission and Aussies still don’t trust the big 4
It’s been twelve months since the infamous Royal Commission into banking and a new report has revealed that the big 4 are still the least trusted banks. According to the study by J.D. Power, customer-owned banks, such as Heritage Bank and People’s Choice Credit Union are winning Aussies’ hearts with higher credibility and overall authenticity.
How the big 4 scored
After gathering survey results from nearly 5,000 Aussies, J.D. Power rated each bank or credit union on a 700 point authenticity scale. All big 4 banks scored below the 503 point study average.
- Commonwealth Bank of Australia 489/700
- NAB 479/700
- Westpac 476/700
- ANZ 474/700
At the other end of the scale, customer-owned bank Heritage Bank took out the top spot, scoring 605/700 for authenticity. Closely followed by People’s Choice Credit Union (576/700), Bendigo Bank (573/700) and CUA (557/700).
“I’m not surprised that these particular banks and credit unions scored highly for trust; not only did all four of them win a Mozo Experts Choice Award just a few short weeks ago for their savings or bank accounts, but they were all recognised in the 2019 Mozo People’s Choice Awards,” commented Mozo’s banking expert Peter Marshall.
The Mozo Experts Choice Awards for best value savings, bank accounts, term deposits and banking apps are conducted annually to determine which Aussie banking products offer the most competitive rates and the most useful features.
Here’s a summary of the award-winning products from these banks and credit unions:
- Kick Starter Savings Account category: Heritage Bank’s Online Saver - Introductory rate 2.50% p.a., available on balances up to $100,000.
- Small Business No Strings Savings Account category: People’s Choice Credit Union’s Business Online Account - 1.05% p.a. on balances over $5,000.
- SMSF accounts: CUA’s Self Managed Super Fund (SMSF) accounts - SMSF Accounts.
- Excellent Banking App: Bendigo Bank banking app.
Interested in reading more about the 2020 awards? Why not head over to our Mozo Experts Choice Awards page for a full list of winners and for more information on how our data experts determine the winners every year.
Compare bank accounts - last updated 29 June 2022
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Transaction Account
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID1.50% p.a.Earn 1.50% p.a. interest on all balances. No monthly account fees. Winner of a Mozo Experts Choice Australia's Best Bank 2022^.
CompareCompareTransaction Account
Earn 1.50% p.a. interest on all balances. No monthly account fees. Winner of a Mozo Experts Choice Australia's Best Bank 2022^.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay, PayID
- interest rate
- 1.50% p.a.
- ATM networks
- rediATM (other ATM network fees refunded)
- What kind of card?
- Debit Mastercard
- Interest rate
- Balances from $0: 1.50% p.a.
Balances from $250,000: 1.00% p.a.
Balances from $1,000,000: 0.85% p.a.
- Fee free transactions
- Unlimited free transactions from any Australian ATMs, EFTPOS, phone, internet, BPAY and direct debits
Read our Mozo Review to learn more about the Transaction Account
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Everyday Options
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID0.01% p.a.An easy, everyday banking account packed with flexible options to help you spend, budget & save better. You could get $25 plus Suncorp Bank will donate 25 meals to Oz Harvest. T&C’s Apply.
CompareCompareEveryday Options
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. You could get $25 plus Suncorp Bank will donate 25 meals to Oz Harvest. T&C’s Apply.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay, PayID
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Everyday Options
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Featured Product
Glide Account
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, Garmin0% p.a.Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, Garmin
- interest rate
- 0% p.a.
- ATM networks
- MyState
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free internet transactions.
Read our Mozo Review to learn more about the Glide Account
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Classic Banking Account
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID, Samsung Pay0.01% p.a.No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.
CompareCompareClassic Banking Account
No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay, PayID, Samsung Pay
- interest rate
- 0.01% p.a.
- ATM networks
- NAB
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, EFTPOS, counter withdrawals, counter deposits, phone, internet and Visa debit purchases
Read our Mozo Review to learn more about the Classic Banking Account
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Orange Everyday
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID0% p.a.Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees. Winner of the Mozo Experts Choice Awards 2022 for Exceptional Everyday Account.^
CompareCompareOrange Everyday
Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees. Winner of the Mozo Experts Choice Awards 2022 for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay, PayID
- interest rate
- 0% p.a.
- ATM networks
- None
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Access 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees for the first 5 fee incurring withdrawals (domestic and international) and unlimited rebates on international transactions. When you deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.
Read our Mozo Review to learn more about the Orange Everyday
^See information about the Mozo Experts Choice Bank Account Awards
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