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:
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.
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.
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?
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.
- You are making a balance transfer – The reason that issuing bank will be of concern to those trying to perform a balance transfer is that many offers of that type will not let you transfer the balance of a credit card to a new credit card,if it is also issued by the same bank.
In other words if you want to take out credit card offers involving balance transfers you are going to need to make sure the cards are issued by two separate banks.
- You want a universally accepted card – Credit card offers that are issued by Visa and MasterCard are generally accepted at most places around the world. There are very few locations that will not accept credit card types provided by either of these two companies, making them globally useful.
Some other card providers such as American Express are not so widely accepted, so if global recognition is your primary focus then this type of card may not be a great idea.
- You want to stay with your own bank – Many people like to keep all financial dealings with their own banks. It can be a little easier to keep tabs on your home loan, insurance, and credit cards when they are all based at the same bank.
- You are interested in a particular offer – It may be that you have spotted some credit card offers that you like the look of that are associated solely with one bank.
Importance of Choosing a Good Credit Card Issuing Bank
You need to consider the credit card interest rate,the card annual fee, the reward program, and other charges and benefits that come with the card. What you also must consider is your own personal financial situation, as this greatly impacts the type of credit card offers you should be looking at.
here is one point that many people do not really think about when considering credit card options, and that is the bank that issues the credit card.
Why Is The Issuing Bank Important To Me?
The very obvious reason to look into the standing of the issuing bank is that you want to be sure you are dealing with a reputable firm. The other reasons you need to look at the issuing bank are:
Even in this case you should discount other credit card types because if you look around you may find an offer that equals or even exceeds the offer you original looked at.
In reality there are a number of reasons you may want to check out your credit card issuing bank, however most of them are going to be influenced by your own personal financial wants and desires.
The main thing is to ensure that you are with a bank that is fairly well known, and has a good business reputation.
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.