Finance comparison site Mozo has gathered up its review data over 12 months to award “People’s Choice” gongs to the best financial institutions and products. Perhaps unsurprisingly, online accounts rate the highest, while the Big Four (Commonwealth, NAB, Westpac/St George and ANZ) don’t score so well.
Mozo says the data represents the summation of 23,000 bank ratings from site users. ING Direct was rated best bank, Victoria Teachers Credit Union was best credit union and the Greater was best building society. All of the big four ranked in the bottom ten “worst institutions” list (though Mozo hasn’t placed this directly on its site). The big issues with those banks were high fees, bad customer service and uncompetitive interest rates. Hit the link for the full list of winners, and tell us what matters to you when picking a financial institution in the comments.