Customer owned banks and ING shine in Forbes’ 2021 World’s Best Banks list
Online bank ING and a host of customer owned banks, including Newcastle Permanent and Greater Bank, have placed at the top of the Australian charts in Forbes’ ‘World’s Best Banks’ list for 2021.
Announced last week, this is the third straight year that Forbes has released its rankings of the ‘best’ banking players worldwide, which includes banks in 28 different countries.
In order to determine the rankings Forbes partnered with research firm Statista which surveyed over 43,000 banking customers around the world, gauging sentiment on a number of factors including digital services, financial advice, trust and general satisfaction.
10 best banks in Australia 2021 - Forbes
1. ING
2. Newcastle Permanent
3. Greater Bank
4. Heritage Bank
5. Beyond Bank
6. HSBC
7. Bendigo Bank
8. BankSA
9. Suncorp
10. People’s Choice Credit Union
While ING took out top spot, it was Australia’s member owned banks which really stood out. Newcastle Permanent , Greater Bank, Heritage Bank (top in 2020) and Beyond Bank rounded out the top five, while People’s Choice Credit Union placed in tenth.
According to Customer Owned Banking Association (COBA) chief executive, Michael Lawrence, the strong performance of member owned institutions is testament to the point of difference they provide in the market.
“Instead of paying shareholders, our members reinvest profits back into benefits for customers through lower fees, better interest rates and time-saving innovation.”
“These businesses are employers of choice, attracting people who are naturally motivated to support customers, grow relationships, deliver more tailored services, and create a better customer experience.
“COVID-19 has also challenged consumers to rethink their priorities and seek organisations that can be trusted to do the right thing by them – not just when it’s convenient, but in a consistent approach.”
Meanwhile, of the big four banks, Commonwealth Bank ranked eleventh, NAB ranked sixteenth and ANZ placed eighteenth. Westpac didn't appear in the top 20, though Westpac subsidiaries BankSA (8th), Bank of Melbourne (13th) and St.George (17th) all did.
Forbes’ results also closely match those of the 2020 Mozo People’s Choice Awards, which are based on the opinions of Australians on a variety of financial and household service providers.
Bendigo Bank, Greater Bank, ING, Newcastle Permanent and People’s Choice Credit Union were all among the most awarded 2020 winners, while ING was also named Home Lender Bank of the Year in the recent 2021 Mozo Experts Choice Awards for Home Loans.
RELATED: Australia’s best bank accounts
If you’re interested in taking a deeper dive on the distinctions between Australia’s various types of banking players, make sure you check out our handy guide on banks, mutual banks and credit unions.
Compare bank accounts - last updated 19 March 2024
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Spend Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
0% p.a.
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
CompareCompareSpend Account
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
- 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
- Unlimited eftpos, debit, ATM, and banking app transactions using internet banking or the ubank iOS or Android app.
Read our Mozo Review to learn more about the ubank Spend Account
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Mozo experts choice awards won:
- Travel Debit Card - 2023
Everyday Options
$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
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
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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)+ no monthly fees. Winner of the Mozo Experts Choice Awards 2023 for Exceptional Everyday Account.^
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)+ no monthly fees. Winner of the Mozo Experts Choice Awards 2023 for Exceptional Everyday Account.^
- 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.
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2023 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2023 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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Mozo experts choice awards won:
- Travel Debit Card - 2023
Carbon Insights Account
$0.00
Apple Pay, PayID, Google Pay
0.01% p.a.
An online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareCarbon Insights Account
An online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, PayID, Google Pay
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $0.01: 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 Carbon Insights Account
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^See information about the Mozo Experts Choice Bank Account Awards
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