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
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Mozo experts choice awards won:
- Exceptional Everyday Account - 2025
- Travel Debit Card - 2025
Everyday Edge Account
$0.00
Apple Pay, Google Pay, PayID, Samsung Pay
0% p.a.
This bank account has no account keeping fees to pay. There are unlimited fee-free domestic transactions. Safe and secure digital banking. Fee-free card purchases and cash-out transactions in-store. Free access to thousands of ATMs nationwide. For customers 18 or over.
CompareCompareEveryday Edge Account
This bank account has no account keeping fees to pay. There are unlimited fee-free domestic transactions. Safe and secure digital banking. Fee-free card purchases and cash-out transactions in-store. Free access to thousands of ATMs nationwide. For customers 18 or over.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay, PayID, Samsung Pay
- interest rate
- 0% p.a.
- ATM networks
- -
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from counter deposit, phone, internet and EFTPOS. Free counter withdrawals.
Read reviews and learn more about Great Southern Bank bank accounts
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Orange Everyday
$0.00
Apple Pay, Google Pay, PayID, PayTo
0% p.a.
ING’s Orange Everyday bank account offers no monthly fees and 1% cashback on eligible utility bills up to $100 (T&Cs apply). Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^
CompareCompareOrange Everyday
ING’s Orange Everyday bank account offers no monthly fees and 1% cashback on eligible utility bills up to $100 (T&Cs apply). Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^
- 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 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 2025 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 2025 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
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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 bank accounts
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Mozo experts choice awards won:
- Exceptional Everyday Account - 2025
Spend Account
$0.00
Apple Pay, Google Pay, PayID, Samsung Pay, Garmin Pay
0% p.a.
This account works hand in hand with the USave account. No monthly fees on any of your spend accounts. No uBank international fees to pay. Get instant access to Apple Pay and Google Pay.
CompareCompareSpend Account
This account works hand in hand with the USave account. No monthly fees on any of your spend accounts. No uBank international fees to pay. Get instant access to Apple Pay and Google Pay.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay, PayID, Samsung 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 reviews and learn more about ubank bank accounts
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^See information about the Mozo Experts Choice Bank Account Awards
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