Customer Owned Institution of the Year 2018
05 June 2018
The Customer Owned Institution of the Year considers mutual banks, credit unions and building societies that provide everyday banking products to consumers. After comparing over 50 institutions, Canstar has named the 2018 Bank of the Year – Customer Owned.
Canstar researched and rated 54 customer-owned institutions across Australia, awarding points to institutions that provided a strong combination of everyday banking products used by customers including home loans, credit cards, personal loans, savings accounts and transaction accounts.
Points were also awarded for excelling in a range of institutional factors such as accessibility to ATMs and branches, online banking and the range of financial products offered to customers.
Bank of the Year – Customer Owned: Bank Australia
This is the second year in a row Bank Australia has taken out the award for Bank of the Year – Customer Owned.
Canstar Research noted Bank Australia’s improved performance in deposits –of which the two main areas considered were savings accounts and transaction accounts – where the bank received high scores across key profiles.
Bank Australia’s rewards credit card offering solidified its place as a winner of this award. Canstar Research found Bank Australia’s direct Qantas Frequent Flyer rewards points earn rate offering was strong in the customer-owned banking space, allowing customers to earn 0.75 Qantas Frequent Flyer points per dollar spent with its rewards credit card.
The table below displays a snapshot of Bank Australia’s home loan products on Canstar’s database. This table is sorted by ‘Star Rating’, and products displayed are based on a $600,000 loan amount in NSW.
How Canstar decides the Bank of the Year – Customer Owned Award
The award for Bank of the Year – Customer Owned is awarded to the institution that cumulatively obtains the highest score across all areas considered in Canstar’s research, including lending, deposits and institutional factors.
For more information about the specifics of our research and ratings and how the scores are weighted to determine the overall performance of customer-owned institutions, read the methodology report.
