Personal Finance

Which is the best bank in Australia?

There are the Big 4 and then a range of medium to small lending institutions and building societies. Picking the right bank or lending institution is a very important step in establishing a long term financial partner. The right bank should provide its customers with great products, customer service and flexibility. Location and branch/atm network can also play an important part.

As most offerings are subject to change and often do, looking for consistency in value of product offerings and great customer service is important. Looking for whom consistently provides the lowest interest rates for loans or the highest rates for savings accounts. Most banks at any given point in time will offer the same types of products and services; so, consistency in passing on rates and providing industry leading services is key.

Deciding on which is the best bank in Australia really come down to personal preference based on what is important for you. When choosing to switch banks or partner with a bank, the two best resources to aid in the decision making process are the internet and your social network.

The internet allows you to search for reviews of any specific lending institution and utilise comparison websites on features and products. Your social network can even be more powerful as you would be receiving firsthand information from a trusted source. A combination of the both is highly recommended.

Some of the more popular comparison sites for banking products include; Ratecity, Canstar and Infochoice.

Regardless of which bank you partner with, get the most out of them by demanding more. Your bank should value your business and deem you as a valuable partner. If they don’t, that is a big issue and switching banks should be a priority. As for which bank is the best in Australia, it really comes down to personal preference based on individual need.

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