Overall consumer satisfaction for personal banking high, but high-value customers less satisfied
Australia’s banking customers report high overall satisfaction levels, reflecting a positive trend as the low interest rate environment continues. According to Roy Morgan Research, even while the satisfaction level of personal banking customers dipped marginally by 0.1% point to 82.8% in April from March, it’s just a little under the 20-year high of 82.9%.
Interestingly, the highest value customers reported the lowest level of satisfaction at 79.3%. Although this group comprises only 20% of the population, it actually represents 62.7% of the total value of personal financial services in the market.
The Commonwealth Bank remained the leader amongst the Big 4 in overall satisfaction with 82.2%, even though the competition was quite stiff. Westpac claimed the top spot in terms of MFI (main financial institution) with 83.6%, followed by CBA at 83.5%, NAB at 83.0% and finally ANZ at 82.0%.
Despite the good performance by the Big 4, the other banks still have a huge lead, with the mutual banks increasing satisfaction by 3.3% points to 92.2%.
"Banks have made good progress for well over a decade in raising overall customer satisfaction to record levels, from less than 60% in 2001 to over 80% currently. The challenge now is to improve the satisfaction and advocacy levels among the segments with the greatest potential.,” said Norman Morris, industry communications director for Roy Morgan Research.
Bank account comparisons on Mozo - last updated February 27, 2021
Glide Account
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, Garmin0% p.a.Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees or ATM fees.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees or ATM fees.
- 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 our Mozo Review to learn more about the Glide Account
Everyday Global Account
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID0% 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.$100 Bonus for new HSBC customers and earn 2% cashback on tap and pay under $100 (T&Cs apply)
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.$100 Bonus for new HSBC customers and earn 2% cashback on tap and pay under $100 (T&Cs apply)
- ATM networks
- HSBC
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $9,000: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, Bank@Post, BPAY and direct debits
Read our Mozo Review to learn more about the Everyday Global Account
Everyday Options
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID0.01% p.a.An easy, everyday banking account packed with flexible options to help you spend, budget and save better. Create up to 9 sub accounts.
CompareCompareEveryday Options
An easy, everyday banking account packed with flexible options to help you spend, budget and save better. Create up to 9 sub accounts.
- ATM networks
- Suncorp, RediATM
- 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, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Everyday Options
& Transaction Account
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID, Samsung Pay0% p.a.An everyday transaction account where you can enjoy fee-free transactions and a range of convenient payment options, including Apple Pay, Google Pay, or Samsung Pay. Open your account online and instantly access your card details securely to transact online or add to your Digital Wallet to make purchases instore.
CompareCompare& Transaction Account
An everyday transaction account where you can enjoy fee-free transactions and a range of convenient payment options, including Apple Pay, Google Pay, or Samsung Pay. Open your account online and instantly access your card details securely to transact online or add to your Digital Wallet to make purchases instore.
- ATM networks
- None
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from EFTPOS, network ATMs, counter withdrawals, phone, internet, BPAY and visa transactions.
Read our Mozo Review to learn more about the & Transaction Account
Classic Banking Account
with Standard Visa Debit Card
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID, Samsung Pay0.01% p.a.No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.
CompareCompareClassic Banking Account
No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.
- ATM networks
- NAB
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, EFTPOS, counter withdrawals, counter deposits, phone, internet and Visa debit purchases
Read our Mozo Review to learn more about the Classic Banking Account
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