Australia's Best Bank Revealed

Monday 23 November 2009

Article by Mozo

After twelve months and over 20,000 reviews, we can finally reveal the best Australian banks. Have you backed a champion? Who will reign supreme?

NO ONE! IT’S A TIE!

RaboPlus and UBank are inseparable with an overall rating of 8.7!

But don’t take our work for it. Rose from NSW has this to say about one of the front runners:

I am very impressed with the rates offered on both Savings and Term Deposit accounts. RaboPlus’s Digipass device for logging on to the banking site is second to none. It gives me absolute confidence that all the levels of security must make RaboPlus the Number One bank for online accounts. Whenever I need help, I am able to phone and speak immediately with a real person NOT an annoying computer. They are always courteous and very helpful. My final word is that the “Big 4” banks could learn a lot from RaboPlus. (I also deal with three of them, so I know!)

For UBank – Rose from NSW

UBank have a very useful and valuable website – you can create goals and link them to your savings accounts. You track your progress of your goal with an easy to read and follow chart. Setting it up is very easy and multiple accounts can be set up with the click of a button. Each savings account can be linked to different savings goals. This bank makes savings really easy and fun. No complaints either. 10 out of 10 for UBank!

Picking up a very respectable silver was ING Direct (8.2 out of 10) and bronze went to CUA (8.1 out of 10).

So if you’re asking yourself what happened to the “Big 4” – those oldschool stalwarts of the banking fraternity – well, the news for them isn’t quite as good:

Customer Ratings for the Big 4

1. ANZ - 6.8
2. Westpac - 6.7
3. Commonwealth - 6.6
4. NAB - 6.3

So are you one of the millions of Aussie’s putting up with a bank that doesn’t really suit your needs? Check out how your bank rates HERE (//mozo.com.au/rate-and-review/best-banking-providers).

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