2025 Bank of the Year Awards

Canstar releases its
2025 Bank of the Year and Customer-Owned Bank of the Year Awards.

Released: 27 May, 2025

About this year’s awards

To determine the winners, banking products are assessed using Canstar’s sophisticated ratings methodologies, unique to Canstar, which assess the overall value proposition of products available to Australian consumers.

The title of Bank of the Year and Customer-Owned Bank of the Year is awarded to the banks that provide their customers with the strongest combination of banking products across home loans, deposit accounts, credit cards and personal loans as well as customer satisfaction.

About the winners

ING
Bank of the Year Award

ING is the winner of the Bank of the Year Award for the sixth year in a row. ING has a competitive selection of products across retail banking areas assessed in the Award as well as high scores in customer satisfaction. Offering some of the most competitive low-cost cards and transaction accounts in the market, ING has been a standout performer in these profiles. ING has consistently offered competitive home loan and personal loan interest rates over the last six months of Canstar research’s ratings period.

ING is part of the Dutch-based ING Group. The bank first launched in Australia more than 25 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.

Heritage Bank
Customer-Owned Bank of the Year Award

Heritage Bank has picked up the Customer-Owned Bank of the Year Award for the second year in a row. Heritage Bank has continued to offer outstanding value across its suite of banking products – including award-winning low-cost credit cards and car and personal loans. Heritage Bank has maintained its performance in personal and car loans as an award winner, reinforcing its position as a provider of outstanding value to consumers.

Starting in Toowoomba 1875, Heritage Bank is now one of Australia’s largest customer-owned banks: having merged with People’s Choice Credit Union in March 2023, it provides a range of banking products including transaction and savings accounts, term deposits, home loans, personal loans and business loans.

Does Canstar rate other products?

About Canstar

Canstar also has insights and information about financial products and services generally. You can find out about topics such as: interest rates, buy now pay later (BNPL), business products and tax. You may also be interested in discovering more about calculators and resources, such as our rate checker and free credit score tool, to help you with your financial decision-making.

About: Josh Sale, Group Manager, Research & Ratings

Bachelor of Commerce, Economics/Finance dual major, Griffith University. Master of Data Science, Strategy and Leadership, RMIT (ongoing studies)

Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products.

As one of Canstar’s company spokespeople, Joshua has participated in print, radio and broadcast interviews with the likes of the Australian Financial Review, news.com.au and Money magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends.

Joshua is known for his ability to simplify complex products and technical information, crunching the data into meaningful insights for consumers about finance. He has analysed several consumer markets across banking, insurance and wealth, and is keenly interested in various topics, ranging from how Australians interact with their superannuation funds, to the dynamic nature of the health insurance market, and collecting and redeeming credit card reward points.

Joshua believes that knowledge is the first step towards empowerment. Even while studying, he facilitated peer-assisted study sessions for economics, and represented his University’s Business School in an academic committee.

You can follow Josh on LinkedIn, and Canstar on X and Facebook.