Are you one of the 1.3 million Australians with this New Year's resolution?
No it’s not the number of Aussies promising to hit the gym on January 2, nor is it those among us who are planning to cut back on the number of Uber Eats orders they make.
According to new figures from Roy Morgan a huge swathe of the population are ready to shake up their financial life in 2019, with 1.3 million Aussies considering opening a new bank account, savings account, home loan, credit card, personal loan or term deposit in the next six months.
Over 50,000 Australians were interviewed over the 12 months to October 2018 by Roy Morgan, with the survey revealing one bank in particular as being the potential destination for over a quarter of those considering a new banking account.
RELATED: Is it time to shake up your savings account before summer starts?
Despite an abundance of negative publicity and falling customer satisfaction over the course of the Banking Royal Commission, 26.3% of those who indicated they were looking to open a new account in the next six months said they would likely to do so with the Commonwealth Bank.
CBA’s fellow major banks also fared well, with ANZ (14.5%), Westpac (11.7%) and NAB (9.7%) rounding out the top four most likely locations for Aussies to open an account in the near future.
ING proved to be the most popular bank for Aussies outside of the big four, with 6.6% of respondents looking for a new account likely to pick them.
And according to Mozo Director, Kirsty Lamont, summer could be the best time for Aussies to sit down and give their finances a thorough review.
“Finding the time during the year to reassess your current bank account, let alone your home loan and other accounts is a tough ask, but with holidays just around the corner, this could be the perfect opportunity to start the New Year afresh,” she said.
“There are plenty of reasons to take action, especially if you can put some money back in your pocket during 2019 by avoiding unnecessary fees and account costs.”
ING ranks top for trust
In spite of the fallout from the Banking Royal Commission, Roy Morgan stated that the popularity of the Commonwealth Bank and the other big four among potential new account holders may not be so surprising considering their share of the banking market.
But why does ING rate so highly? One reason might be trust and customer satisfaction.
According to marketing, data and analytics company J.D. Power’s 2018 Australia Retail Banking Satisfaction Study, ING is the highest ranking financial institution when it comes to customer satisfaction.
The bank received an overall satisfaction score of 864 (on a 1,000-point scale), ahead of Greater Bank (829) and Heritage Bank (818), following responses from 4,730 banking customers throughout October.
It also achieved the highest score in four of the six study factors J.D. Power put forward, including product offerings, account information, account activities and fees.
Source: J.D. Power Australia Retail Banking Satisfaction Study
RELATED: Roy Morgan: Bank satisfaction hits 7 year low, but there’s a catch
Ready to shake up your bank account this summer? Sit back and make things easy for yourself by checking out some of the great bank account offers below, or head over to Mozo’s handy comparison table to compare account fees, payment options and interest rates all in the one place.
Bank account offers 2018
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Mozo experts choice awards won:
- Exceptional Everyday Account - 2024
Orange Everyday
$0.00
Apple Pay, Google Pay, 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 Pay, 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 reviews and learn more about ING bank accounts
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Everyday Options Account
$0.00
Apple Pay, Google Pay, PayID
0.01% p.a.
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
CompareCompareEveryday Options Account
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
- 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 reviews and learn more about Suncorp bank accounts
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Glide Account
$0.00
Apple Pay, Google Pay, PayID, Samsung Pay, Garmin Pay
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 Pay, PayID, Samsung Pay, Garmin Pay
- 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 reviews and learn more about MyState Bank bank accounts
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Everyday Global Account
$0.00
Apple Pay, Google Pay
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 Pay
- 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 reviews and learn more about HSBC bank accounts
Your selected bank accounts
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^See information about the Mozo Experts Choice Bank Account Awards
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