Australia’s top mutual bank revealed

A non-major bank that entered the third-party channel last year has been crowned Australia’s best customer-owned institution.

Bank Australia has been named CANSTAR’s Customer Owned Bank of the Year for 2016, beating 58 other mutual banks, credit unions and building societies.

CANSTAR’s group manager of research Mitchell Watson said Bank Australia has consistently showed outstanding value for consumers across all product areas the comparison website considers for its star ratings, particularly in the home loan market.

“As well as products within the lending space, they also offer their customers value for money when it comes to savings and transaction accounts,” Mr Watson said.

“Recent rebranding has also seen Bank Australia revamp their online banking platform and mobile banking apps, making it more user-friendly, functional and flexible for all aspect of customers’ day-to-day online banking.”

Meanwhile, Heritage Bank was recognised for having the most satisfied customers of all the non-major banks, winning CANSTAR’s Challenger Bank award.

The regional bank received five-star ratings for overall satisfaction, digital banking and interest rates to claim top spot.

Heritage CEO Peter Lock said the non-major was delighted to win the award which reflected the bank’s determination to give customers a great banking experience every time.

“We’re passionate about helping people – that’s what makes us different,” Mr Lock said.

“We don’t see ourselves as just being in the financial services business. We’re in the business of helping people achieve their life goals and live the way they want.”

[Related: NAB voted best bank by consumers]

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