Smaller, online and non-bank lenders are country’s favourites reveals Mozo’s People’s Choice Awards

Wednesday 28 October 2015

Article by Mozo

Mozo’s People’s Choice Banking Awards reveal that Australia’s favourite banking providers are smaller, online and non-bank lenders.  

Smaller, online and non-bank lenders are country’s favourites reveals Mozo’s People’s Choice Awards

ING DIRECT won Best Bank for the sixth year in a row, Greater Building Society took home its third award for Best Building Society and NAB held its mantle for Best Big 4 for the fifth year running.

However, overall the awards also showed that our satisfaction with our banks has seen a slight dip from 7.85 last year down to 7.82 in 2015.

“Each year, Mozo recognises the banks we love and trust, giving us a report card of just how we feel about our bank,” said Mozo Director Kirsty Lamont.

Other findings from the results indicate that young women (aged 18-24) earning less than $35,000 a year are the happiest with their bank (8.35), while those aged 45-54 and those earning over $180k gave their bank the lowest scores (7.5 and 7.12).

“Interestingly, we’re happiest at the start of our banking life-cycle and over time we become less satisfied the older we get and the more money we have,” said Kirsty Lamont.

Across Australia, Queenslanders were the happiest state, rating their bank an average 7.87 out of ten, followed by South Australia (7.80), Tassie (7.75) and NSW (7.71). Victoria (7.64), the ACT (7.62), and NT (7.58) were the least happy with their bank.

Mozo People’s Choice Banking Awards overall winners

Category

Winner

Score

Best Bank

ING DIRECT

9.05

Best Big 4 Bank

NAB

7.96

Best Credit Union

Queenslanders Credit Union

8.99

Best Building Society

Greater Building Society

8.72

Best Mutual Bank

Hume Bank

9.30

When it comes to our favourite banking product, transaction and savings accounts top the charts (8.19 and 8.11), while high interest charging credit cards and personal loans were the least loved (7.10 and 7.19).

“Interestingly, a family’s biggest debt burden, the home loan, had people feeling relatively happy (scoring 7.42) thanks to a low interest rate environment,” said Lamont.

Mozo People’s Choice Banking Awards product category winners

Category

Winner

Score

Best Savings Accounts

ING DIRECT

9.29

Best Bank Accounts

ING DIRECT

9.24

Best Home Loans

Queenslanders Credit Union

9.05

Best Credit Cards

Bendigo Bank

8.44

Best Personal Loans

Queenslanders Credit Union

8.85

Best Term Deposits

Bendigo Bank

7.89

These results were based on reviews from almost 35,000 customers over the past 12 months. For more information on banking products, check out Mozo’s banking hub to compare the best savings accounts, home loans and credit cards.   

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