How Canstar rates banking products
In 2017, Canstar Research analysed and compared 127 transaction accounts and 181 credit cards from 43 institutions to recognise those that offer competitive transaction accounts and credit cards for a wide range of consumers with different spending behaviours.
In addition, we give further recognition to institutions that provide their consumers with a strong online banking platform and comprehensive coverage throughout Australia (ATM and Branch) by considering a coverage score.
To be eligible for Canstar’s Everyday Banking Award, institutions must offer:
- A Deposit Account rated in the Savings and Transaction Account Star Ratings
- A Credit Card rated in the Credit Cards Star Ratings
This year Canstar has announced two winners of our 2017 Everyday Banking Award:
Bank of the Year – Everyday Banking: NAB
NAB is one of the traditional ‘big four’ banks in Australia and was founded in 1858. As of 2017, it serves more than 2.7 million customers worldwide and employs more than 42,000 people.
As one of the big four, NAB offers a large suite of financial products and services, including home loans, insurance, superannuation, travel money and personal loans in addition to everyday banking products such as transaction accounts and credit cards.
Why NAB won
NAB has an extensive network of ATMs and branches as well as a feature-rich online banking platform. Two of the biggest reasons for its success again this year, were the performance of its transaction account as well as its range of credit cards.
NAB’s Classic Banking transaction account continues to perform well for consumers regardless of the number of transactions or the size of deposits they make. With most common transaction types free of charge, this account remains a good value proposition worth considering for even the most frequent transactor.
A key benefit to this account compared with competitor products is that there is no monthly account keeping fee, where many transaction accounts will require you to meet certain requirements to have this fee waived.
Compare high monthly fee transaction accounts below for NAB products with links to the providers’ website. Table results are sorted by our star ratings (highest – lowest) for high transactor profile (Average of 35 transaction per month) in NSW.
For rewards credit cards, NAB’s flybuys Rewards Card was their best performing card in our research for both a $2,000 monthly spend and a $5,000 monthly spend. With an annual fee of $95, this card allows consumers to earn 1 flybuys point per dollar spent, which can be used for all the redemptions available through the flybuys program.
If its Frequent Flyer points you are after, NAB’s Velocity Rewards Premium Card could be worth considering. With an $150 annual fee, you’ll be earning velocity points for your everyday spending, with 0.50 points per $1 on the Visa card and 1 point per $1 on the American Express Card.
In terms of lower cost credit cards, NAB’s Low Rate Card and Low Fee Card round out the NAB credit card suite.
Considering a low fee credit card? the below snapshot of product currently available on the market for NAB products with links directly to the provider’s website have been sorted by our star ratings (Highest- Lowest). Results are based on a $2,000 monthly expenditure.
Customer-Owned Institution of the Year: QBANK
QBANK has been operating since 1964 when it was founded as the QPCU by the Queensland Police Union of Employees. It was created to provide finance for individuals and families who serve the Queensland police, emergency services, ambulance officers, fire officers, nursing staff and public sector.
Why QBANK won
Like NAB, QBANK’s success was due to the strong performance of its transaction account and credit cards. Offering free standard transaction fees and no monthly account keeping fees when you deposit at least $1500 a month, consumers can easily find themselves free from banking fees when using QBANK’s everyday transaction account.
Compare high monthly fee transaction accounts below for QBank products with links to the providers’ website. Table results are sorted by our star ratings (highest – lowest) for high transactor profile (Average of 35 transaction per month) in NSW.
QBANK’s credit card products compete well with the bigger institutions, with their Bluey Credit Card giving consumers a $0 annual fee option with an interest rate of 13.24%. The Bluey Rewarder Credit Card, on the other hand, lets consumers earn $1 back for every $150 they spend on the card for an annual fee of $48,.
Considering a low fee credit card? the below snapshot of product currently available on the market for QBank products with links directly to the provider’s website have been sorted by our star ratings (Highest- Lowest). Results are based on a $2,000 monthly expenditure.
QBANK also performs well in the area of accessibility, with the bank part of the RediATM network – the largest in Australia. You can also access your accounts 24/7 via internet banking, app or SMS.