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.

Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$980
4 months
$0
$250,000
$0
$0
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
0.55% p.a.
Bonus rate of 4.95%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$1,000
$0
1.20% p.a.
Bonus rate of 4.20%
Conditions apply.
5.40% p.a.
$1,107
$0
$250,000
$1,000
$0
Featured
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$1,001
4 months
$0
$249,999
$0
$0
Featured
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
0.50% p.a.
Bonus rate of 4.85%
Conditions apply.
5.35% p.a.
$1,097
$1
$50,000
$500
$1
  • Maximum Age - 24
0.10% p.a.
Bonus rate of 5.00%
Conditions apply.
5.10% p.a.
$1,044
$0
$250,000
$200
$0
Featured 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
0.05% p.a.
Bonus rate of 4.95%
Conditions apply.
5.00% p.a.
$1,023
$1
$250,000
$20
$0
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
0.05% p.a.
Bonus rate of 5.45%
Conditions apply.
5.50% p.a.
$1,128
$0
$50,000
$1,000
$0
For customers aged 14-35 years
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
$1,097
$0
$250,000
$1,000
$0
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 . 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.





Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy