In its latest wave, market research firm Glow surveyed more than 1,200 respondents in late September, and found Bendigo Bank and Greater Bank were tied for 'most trustworthy' banks, with a net trust score of +29.

These banks have also taken out top spot in previous surveys, with the trust index using a scale from -100 to +100.

This coincides with JD Power's latest 'Banking Industry Insight' survey, which found Heritage Bank was most 'authentic' with a score of 626, on a 700-point scale.

Mid-sized banks averaged a score of 537, and the big four banks averaged a score of 507, an improvement on 2018 (461), and 2019 (480).

Need somewhere to store cash and earn interest? The table below features introductory and ongoing savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money

Saver Account (<$250k)

  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Maximum Age - 24
  • $0 monthly account fee
  • Earn bonus interest

Goal Saver

  • Maximum Age - 24
  • $0 monthly account fee
  • Earn bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings

Bonus Saver Account (Amounts < $250k)

  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
For customers aged 14-35 years
For customers aged 14-35 years

Future Saver Account ( < $50k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Boost Saver

      Important Information and Comparison Rate Warning

      All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 11, 2023. View disclaimer.

      JD Power's survey of 5,584 retail bank customers found fee structure was a common bugbear.

      Around 7 in 10 big four customers found their bank's fee structure transparent, as opposed to 83% of midsized banking customers.

      However, it wasn't all rosy for challenger banks, with 'scandal' affecting the authenticity score of ME Bank (492), down 27 points compared to 2019, after its redraw controversy earlier in 2020.

      image021

      Source: JD Power's Banking Industry Insight survey

      The survey was commissioned in May and June - directly after the controversy, in which some customers saw upwards of $50,000 drained from their redraw account.

      JD Power's head of banking and payments intelligence Bronwyn Gill pointed to the importance of trust in banking.

      “In the past year, Australians have faced the worst ever bushfire season and a global pandemic,” she said.

      “Bank brand authenticity has been crucial, with customers looking for genuine support during their time of need. The Big 4 banks have made progress repairing customer trust; however, a sustained customer-first culture will be needed to avoid losing customers to midsize banks who offer their customers a more authentic experience that corresponds with higher satisfaction.”

      Glow's survey found the top ten most 'trustworthy' banks as follows:

      1. Bendigo Bank +29
      2. Greater Bank +29
      3. P&N Bank +28
      4. Bank of Sydney +27
      5. Heritage Bank +25
      6. ING +24
      7. RACQ Bank +24
      8. Up Bank +23
      9. CUA +21
      10. Beyond Bank +18

      In contrast, Bank of China came in last out of 31 banks, at -23, with the industry average at +16, an improvement of 2 points since the last survey.





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