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.