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
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Mozo experts choice awards won:
- Exceptional Everyday Account - 2024
Orange Everyday
$0.00
Apple Pay, Google Wallet, PayID, PayTo
0% p.a.
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareOrange Everyday
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, PayTo
- 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). 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 ING Orange Everyday
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Everyday Global Account
$0.00
Apple Pay, Google Wallet
0% p.a.
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet
- interest rate
- 0% p.a.
- ATM networks
- HSBC
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, BPAY and direct debits
Read our Mozo Review to learn more about the HSBC Everyday Global Account
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Everyday Options Account
$0.00
Apple Pay, Google Wallet, PayID
0.01% p.a.
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareEveryday Options Account
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, 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 Suncorp Everyday Options Account
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Glide Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
0% 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 Wallet, 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 MyState Bank Glide Account
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^See information about the Mozo Experts Choice Bank Account Awards
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