Great value to be found in transactions

Great value to be found in transactions. CANSTAR announces Bank of the Year – Everyday Banking and Customer Owned Institution of the Year – Everyday Banking 

The way that we transact has changed fundamentally over the past few years as use of cards outstrip the more traditional cheques and cash. At its core though, the importance of great-value cost and service from our financial institutions remains the same. CANSTAR has crunched the numbers on 132 everyday banking accounts across 68 institutions to award its Bank of the Year – Everyday Banking and Customer Owned Institution of the Year – Everyday Banking Awards.

“While cash may be somewhat out of favour, Australians are making more transactions than ever before and a great-quality everyday banking account is a necessity,” said CANSTAR Group Manager, Research and Ratings, Mitchell Watson.

“CANSTAR’s Everyday Banking Award recognises institutions that offer outstanding value transaction accounts as well as credit cards, because a great many everyday transactions are made via credit. We also recognise institutions that provide their consumers with a strong online banking platform and offer comprehensive coverage throughout Australia (ATM and Branch).”

Bank of the Year – Everyday Banking: NAB

Nab Bank wins 2016 Bank of the Year - Everyday BankingNAB was the runner-up in this award in both 2014 and 2015 and this year has leapfrogged the competition to comprehensively claim the Award.

“NAB is constantly looking for opportunities to improve and enhance its everyday banking products, to give our customers a better experience,” said Michael Starkey, NAB Executive General Manager, Deposits & Transaction Services.

“We have made a number of changes to our product offering over the past year. Overall, we’ve focused on improving each customer’s end-to-end relationship with NAB – from the way we welcome customers, to their ongoing experience once their accounts are set up. Customers can now apply for accounts online, easily conduct their banking through our Internet Banking and Mobile Banking Apps, and receive their important documents via email.”

 

“NAB’s primary transaction account, NAB Classic Banking, has performed exceptionally well in the Savings and Transaction Accounts Star Ratings, receiving 5 stars for both the High Transactor and Low Transactor profiles,” said CANSTAR’s Mr Watson.

Complimenting their solid showing in deposit accounts, NAB’s credit cards have performed well with the NAB Velocity Rewards Premium Card a market leader.

“In addition to products, NAB offer wide ATM and branch coverage as well as an impressive online banking platform.”

According to NAB’s Michael Starkey, increased innovation and disruption both in the finance sector and elsewhere has set the bar high for what customers expect from their bank.

“Australians are fast adopters of technology,” he said. “NAB is constantly looking for innovative ways to improve our products and services.

 

“Last year, we established NAB Labs to develop new and innovative solutions, as well as to drive innovation across the broader organisation.”

 

Customer Owned Institution of the Year – Everyday Banking: Bank Australia

Bank Australia wins 2016 Customer owned institution of the year - everyday banking awardBank Australia is a terrific all-rounder and in addition to winning the Customer Owned Institution of the Year – Everyday Banking award is also CANSTAR’s overall Bank of the Year – Customer Owned Banking Award recipient in 2016.

“Bank Australia’s transaction account offers good value to spending-savvy Australians, and it is the market leader for credit cards amongst customer owned institutions, with a strong showing by its rewards card and its low fee/low rate card,” said Mr Watson.

 

CANSTAR congratulates NAB and Bank Australia on their outstanding achievements. The CANSTAR report can be found here and a listing of all accounts assessed and their ratings be found here.

 

For further information:

 

Justine Davies

Editor in Chief

Ph. (07) 3837 4151  |  0400 127 733

justine.davies@canstar.com.au

 

About CANSTAR
CANSTAR provides Australia’s interactive online research service in consumer and business finance. Founded in 1992, CANSTAR Pty Limited is Australia’s researcher of retail finance information for over 250 institutions such as Banks, Building Societies, Credit Unions, Finance Companies, Brokers, Mortgage Originators, Life Companies and finance related Internet Portals. CANSTAR customers use the extensive database for competitor analysis as well as a means of disseminating their product range. CANSTAR also distributes this information to print and electronic media for publication and to Agents, Accountants, Brokers and Internet Portals for use in advising their clients.
What are the CANSTAR star ratings?
 
CANSTAR researches, compares and rates the suite of banking and insurance products listed below. Results are freely available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. Please access the CANSTAR website at www.canstar.com.au if you would like to view the latest star ratings reports of interest.
Account based pensions
Managed investments
Agribusiness
Margin lending
Business banking
Online banking
Business life insurance
Online share trading
Car insurance
Package banking
Credit cards
Personal loans
Deposit accounts
Reward programs
Direct life insurance
Superannuation
First home buyer
Term deposits
Health insurance
Travel insurance
Home & Contents
Travel money card
Home loans
Youth banking
Life insurance
COMPLIANCE DISCLOSURE and LIABILITY DISCLAIMER
 
To the extent that the information in this report constitutes general advice, this advice has been prepared by CANSTAR Research Pty Ltd A.C.N. 114 422 909 AFSL and ACL 437917 (“CANSTAR”).  The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs.   Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs.  You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product.  CANSTAR provides information about credit products. It is not a credit provider and in giving you information it is not making any suggestion or recommendation to you about a particular credit product.  Please refer to Canstar’s FSG for more information.
The information in this report must not be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any purpose, in whole or in part, in any form or manner or by means whatsoever, by any person without CANSTAR’s prior written consent. All information obtained by CANSTAR from external sources is believed to be accurate and reliable. Under no circumstances shall CANSTAR have any liability to any person or entity due to error (negligence or otherwise) or other circumstances or contingency within or outside the control of CANSTAR or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication, or delivery of any such information. Copyright 2014 CANSTAR Research Pty Ltd A.C.N. 114 422 909
The word “CANSTAR”, the gold star in a circle logo (with or without surmounting stars), are trademarks or registered trademarks of CANSTAR Pty Ltd.   Reference to third party products, services or other information by trade name, trademark or otherwise does not constitute or imply endorsement, sponsorship or recommendation of CANSTAR by the respective trademark owner.

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