Are you one of the 1.3 million Australians with this New Year's resolution?
Tom Watson | 05 Dec 2018
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.
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
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.
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