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: 

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.

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Last updated 14 July 2024 Important disclosures
  • Mozo Expert Choice Badge
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    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.^

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  • Everyday Global Account

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    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.^

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  • Everyday Options Account

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    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.

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  • Glide Account

    $0.00

    Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin

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    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.

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  • Spend Account

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    Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay

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^See information about the Mozo Experts Choice Bank Account Awards

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