Forbes’ 2020 World’s Best Banks: Heritage Bank tops the Aussies

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American business magazine Forbes recently dropped its 2020 World’s Best Banks list, with a surprise Aussie company among the winners. 

Mutual bank Heritage Bank came out on top, beating 19 other Australian organisations mentioned in this year’s list. 

In its second year, the World’s Best Banks list surveys 40,000 people across 23 different countries to find out just how satisfied customers are with their current and previous banks. 

Each bank is rated on a number of different factors, including trust, fees, digital services and financial advice. 

Forbes partnered with market research firm Statista to curate the list.

So, why Heritage? 

Heritage Bank chief executive, Peter Lock says he is not surprised Forbes has placed Heritage as the top of the Aussie ladder. 

“Heritage offers a fantastic package for our members, with great products and rates, supported by amazing levels of genuine, personal service,” he says.

“We’re authentic in striving to give our customers the best experience we can. As a customer-opened bank, we’re genuine about putting the interests of our members first, not trying to maximise profits.” 

RELATED ARTICLE: Customer owned banks shine brightly in 2020 Mozo Experts Choice Home Loan Awards

Customer-owned banks out-shone other larger financial institutions this year, as they took up all of the top four Australian spots. After Heritage Bank, other winners were Bank Australia, Newcastle Permanent, and IMB Bank.

Plus, it’s worth noting that the big four didn’t make the top 10. NAB came in 13th place, CommBank came in 16th, ANZ in 18th and Westpac didn’t make the list at all.  

“Having customer-owned banks dominate the rankings is no coincidence,” Lock says.

“It’s not surprising that people have a more satisfying dealing with banks that are focussed on delivering for customers, not for shareholders.”

Want to introduce yourself to some personal loan products Heritage has to offer? Check out some killer options below!

Heritage Bank Personal Loans

Heritage Bank Low Rate Secured Personal Loan
  • Variable rates from 4.69% (7.16% comparison rate*)

  • Extra repayments allowed

  • Redraw facility

Not only does Heritage Bank’s Low Rate Secured Personal Loan come with competitive variable rates starting at a low 4.69% (7.16% comparison rate*) it also comes with flexible features to help you pay down the loan the way you want to. Choose from a weekly, fortnightly or monthly repayment schedule, plus you can make extra repayments and access a redraw facility if you want to. Loan terms range from 1 to ten years, and customers can borrow up to $100,000. Just be mindful of the $200 upfront application and ongoing $5 monthly service fee.

Heritage Bank Car Loan
  • Fixed rates from 5.99% (6.63% comparison rate*)

  • Extra repayments allowed

  • Redraw facility

If you have your eyes on a brand new set of wheels, the Heritage Bank Car Loan could be the choice for you. For customers purchasing a car up to 5 years old, they can borrow anywhere between $5,000 and $100,000 as well as receive a fixed rate from 5.99% (6.63% comparison rate*). This loan also has flexible repayment options. Borrowers can choose to make repayments on a weekly, fortnightly or monthly basis, plus can also make extra repayments towards the loan and redraws later on if they need to. Just remember, there is a $200 application fee and $5 monthly service charge attached to this product.

Heritage Bank Standard Personal Loan
  • Interest rates from 8.99% (9.62% comparison rate*)

  • Extra repayments allowed

  • Redraw facility

With the Standard Personal Loan offered by Heritage Bank, it’s all about options. Customers have the choice tof fixed rates: from 8.99% (9.62% comparison rate*), or variable rates: from 11.99% (12.61% comparison rate*). But it doesn’t stop there. Borrowers can also opt for a loan term between 1 and 5 years, borrow between $5,000 and $25,000, as well as choose to make weekly, fortnightly or monthly repayments. Plus, if you need even more flexibility, extra repayments and redraws are allowed. Bear in mind, there are some fees attached to this loan: a $200 application fee, $5 service fee and $20 late payment fee if you miss a repayment. 

^The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms below, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. ^Based on $10,000 over 3 years ^^Based on $30,000 over 5 years

^See information about the Mozo Experts Choice Personal loans Awards

How did the other Aussie banks go?

A total of 20 Australian banks made it onto Forbes’ 2020 World’s Best Banks list. Here’s a full rundown of this year’s Aussie winners: 

1. Heritage Bank 

2. Bank Australia 

3. Newcastle Permanent

4. IMB Bank 

5. ING 

6. Greater Bank 

7. HSBC 

8. Suncorp 

9. Bendigo Bank 

10. Macquarie 

11. CUA 

12. People’s Choice Credit Union 

13. NAB 

14. Bank of Melbourne 

15. ME 

16. CommBank 

17. St. George 

18. ANZ 

19. Bankwest 

20. Beyond Bank 

RELATED ARTICLE: Customer owned banks hit First Home Loan Deposit Scheme milestone

If you want to snag a great personal loan from one of Australia’s favourite banks, jump over to our personal loan comparison tool or take a look at the 2020 Mozo Experts Choice Awards for Australia's Best Banking.