Canstar’s 2022 Bank of the Year Award winners revealed

ING has won Canstar’s 2022 Bank of the Year Award, while Great Southern Bank has taken out the 2022 Customer-Owned Bank of the Year Award. Find out what the winners are offering and what helped them stand out.

If you’re looking to do your banking with one institution, Canstar’s Bank of the Year and Customer-Owned Bank of the Year Awards could help.

These awards recognise the banks that are providing outstanding value to their customers across their key banking products, including home loans, credit cards, personal loans and everyday bank accounts.

At a glance:

• Numbers crunched:
  • 21 banks assessed
  • 31 customer-owned banks assessed
  • 2 award-winning banks
• Winners list:
  • Bank of the Year – ING
  • Bank of the Year, Customer-Owned – Great Southern Bank.

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How did we decide the winners?

Canstar’s expert researchers considered the range of banking products on offer from each eligible bank and customer-owned institution. This included home loans, deposit accounts (transaction accounts, savings accounts and term deposits), credit cards and personal loans.

Products were analysed using our Star Ratings and Award methodologies, which assess the overall value customers can get based on a product’s price and features.

For the Bank of the Year Award, Canstar also took into account customer satisfaction. This involved scoring each institution based on how satisfied customers were with its customer service, ability to meet customer needs, value for money, communication, digital banking offerings, fees and charges, and interest rates.

You can read our methodology for more information on how the award winners were determined.

2022 Bank of the Year Award – ING

ING has been named Bank of the Year for the third year in a row. ING continues to provide a competitive suite of banking products, including the ING Savings Maximiser which currently offers one of the best interest rates on Canstar’s database for savers of all ages who meet savings conditions. Canstar’s researchers also highlighted ING’s low-cost credit cards. On the home loan front, ING consistently offered low variable rates over the six-month period considered. ING also scored highly when it came to customer satisfaction.

ING is part of the Dutch-based ING Group. The bank first launched in Australia over 20 years ago when it began offering Australia’s first high-interest and fee-free online savings account. Since then, ING has expanded its product offering to include home loans, transaction accounts, superannuation, credit cards, personal lending and insurance.

2022 Customer-Owned Bank of the Year Award – Great Southern Bank

Great Southern Bank has won Canstar’s Customer-Owned Bank of the Year Award for the first time. This year, Canstar’s researchers said Great Southern Bank performed strongly in its deposit offering, which includes transaction accounts, savings accounts and term deposits. Great Southern Bank also offered competitive variable rate home loans and competitive personal loans for the period considered, including its unsecured personal loan.

Great Southern Bank was previously known as Credit Union Australia (CUA). It was originally established in 1946 and has grown through a series of mergers with credit unions and community groups. Great Southern Bank now offers a wide range of products including everyday accounts, credit cards, home loans, personal loans and general insurance.

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Main image source: bbernard/Shutterstock.com.

About Canstar’s Research team

Canstar’s Research team provides the expertise that powers our Star Ratings and Awards, designed to help consumers make better-informed financial decisions. As Australia’s biggest financial comparison site, Canstar researches and rates products from more than 775 brands, across more than 30 finance categories. Our expert researchers analyse products we rate by comparing price and features, with the top products being recognised with a 5-Star Rating. Our Star Ratings are made available for consumers to view for free via Canstar’s comparison tables. Providers whose products perform strongly in our Star Ratings may be recognised with an Outstanding Value Award.

→ Discover Canstar’s latest Star Ratings and Award winners

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