Big Aussie banks don't rate well

Last updated 12:36 16/11/2012

Relevant offers

World

Blue wine from Spain may hit NZ Money to be made from driverless cars, says trend-spotter who saw smartphone success German supermarket Aldi rebrands to reveal 'tech, modernity and cool' The disparate global locations that make up New Zealand Facebook - and your news feed How bad can a tweet be for business? Hootsuite CEO Ryan Holmes should know An era ends for Starbucks and Howard Schultz Former Australian economist James Shugg jailed over UK drug-fuelled sex parties A $5.1 trillion deal? Painter says he's richer than Gates, Buffett and Bezos How your bad shopping choices affect my loved ones in Bangladesh Who's that hidden on your Toblerone?

None of the big four rank in the top 10 when it comes to Australia's preferred bank, new research shows.

Commonwealth Bank, Westpac, National Australia Bank and ANZ are all outranked by their smaller rivals, according to data compiled by consumer feedback website ProductReview.com.au. New Zealand’s biggest banks are Australian-owned.

ING Direct is number one, according to more than 3,500 reviews on the website.

It is followed by Heritage Bank, a customer-owned business, and ME Bank, which was established by super funds and unions. Other top-10 banks include Bendigo Bank, Bank of Cyprus and Macquarie Bank.

All four of the big banks received an average rating of 2.6 out of 5.0 on the ProductReview website, leaving them well down the list.

"Typically, people are trending away from the big providers as they look for better deals and personalised service," website spokesman Samuel Williamson said.

But, the latest industry statistics show the majors remain a dominant force in the banking industry, holding many times the funds of those at the top of ProductReview's latest rankings.

Commonwealth is the largest holder of deposits with more than A$344 billion (NZ$439b) on its books, and Westpac has issued the greatest volume of loans at A$405b, data from the Australian Prudential Regulation Authority shows. ING holds just A$29b in deposits and A$41b in loans.

Heritage and ME Bank are even smaller, with just A$5b and A$8b in both deposits and loans, respectively.

Ad Feedback

- AAP

Special offers

Featured Promotions

Sponsored Content