Best Bank In Australia
Posted October 30th, 2009 and last modified October 17th, 2011
When good service pays. With numerous awards and solid recognition, there is no wonder why the Commonwealth Bank is at the top.
Choosing the best bank in Australia is a little like naming the better cola – Coke or Pepsi. There are certain features (or criteria) you might look for, such as flavour, colour, caffeine content, amount of fizz, sweetness, cost. Ultimately, though, the decision comes down to personal preference. Those criteria simply help you figure out what you like more.
Criteria for choosing the best bank:
- Awards.
When selecting a favourite soda pop, some people look for the one that’s garnered the most fame in recent days – the one that’s getting all the awards.
Each year, banks in Australia anxiously await the announcements of a number of banking awards. There are specific awards in numerous categories, such as Online Banking Offering of the Year, Mortgage Broker of the Year, CFO of the Year, and more. The two most coveted titles are Australian Banking and Finance’s Australian Financial Institution of the Year and Money Magazine’s Best Bank of the Year.
In 2010, both of those coveted awards, along with a great number of other prestigious commendations, were presented to the Commonwealth Bank. Here we offer you a comprehensive Overview of CommBank.
As reported by ninemsn, the banks taking second and third place, respectively, were National Bank of Australia and Westpac. Click for overviews of NAB and Westpac.
- Reviews.
Often, choosing your preferred carbonated, caffeinated beverage comes down to what the professional judges are saying, or what it seems the general public is leaning towards.
There is no shortage of people with opinions. So if you’re looking for a reliable opinion, check out reliable news, review, and rating sources.
The Canstar Blue consumer ratings reveal that NAB is the preferred major bank by Australian customers. (Interestingly, the highly awarded CommBank came in fourth for overall satisfaction, with Australian New Zealand Bank and Westpac beating them out.) We provide a detailed overview of ANZ here.
You can also watch for news reports from sources such as The Australian, Business Day, ABC, and MSN.
- Products and Services.
Sometimes it may not actually matter to you which can of cola, so much as the qualities of the beverage. Maybe one brand just seems flat, and you need fizzy.
Not all banks are created equal. While there are certain features that are consistent across the board, the variety in terms of options is vast.
Chequing accounts, savings accounts, investment accounts, loans, lines of credit, credit cards and more! Which of those services do you require? They may be somewhat different at each financial institution. For example, if all you need is a good chequing account, you may find that one bank charges a monthly fee of up to $40 while another is as low as $2 for the same number of transactions.
- Word of Mouth.
Imagine that one friend mentions the superiority of a particular cola. A couple days later, your cousin is holding a can bearing that brand name. The next week, your kid’s teacher hands some pop out in class for the kids to bring home – same brand. The more you see and hear about it, the more likely you are to think it’s good, try it, and decide that you like it, too.
So pay attention to what those around you are saying. Where do they bank and why? Would they recommend their financial institution?
- Loyalty.
Often, people will have determined their favourite soda pop in childhood – perhaps because it’s the one their parents preferred. Loyalty counts for a lot when it comes to naming your favourite, and people aren’t prone to switch colas unless they feel let down by the one they’re with. (Remember when Coke tried changing its magic formula in the 1980s?)
Has your family been dealing with the same bank since your great-grandparent’s generation? Or maybe one particular bank holds a number of your debts. Sometimes the best bank for you is the one you’re already at, the one who knows your name (or family name) and who will treat you as a long-time loyal customer.
If you listen to what the financial “big wigs” have to say, they’ll direct you to large financial institutions as the best. This can be good, because larger banks typically offer a broader range of services, and have a longer track record. However, some people feel like “just a number” when dealing with big brands.
If you listen to what friends and family have to say, they may direct you to a smaller bank as the best. At smaller institutions, a special rapport develops that you won’t find in the big banks. You’ll feel like family and be treated as such. The down side is, they may not have as much to offer as a bigger brand.
Everyone has an opinion about which bank is the best bank in Australia. Ultimately, when choosing the bank that’s right for you – listen to what others have to say, then go with your gut.
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Image source: epicharmus
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