Bank Awards

Reporter: David Eccleston

Kirsty Lamont is marketing director of MOZO - A lending comparison website which has spent the last twelve months tallying the results of 28 thousand Australians.

"The Mozo People's Choice Awards actually rank the banks across seven criteria so that's pricing, trust, customer service, features, convenience and whether we're likely to recommend our bank." Said Kristy

When it came to savings accounts and credit cards...the big four miss out. According to MOZO the best savings account is ING direct.

"ING always offer competitive rates and right now you can lock in 4.5 % as an introductory rate." Said Kirsty

Back in the vault and ME Bank was voted best valued credit card.

"The ME Bank MasterCard is a really great low rate product at 12.25%. That's well below the average credit card rate of 17%." Said Kristy

You might remember this ad.....

It worked- of the big four - NAB gets the gong for best bank. Peter Switzer from Switzer dot com explains why they're ahead of the power pack.

"one thing they did was they were fast cutters of interest rates after reserve bank cuts, that give great publicity - they also then started taking away fees which other banks were charging and i think they effectively tried to show this in TV ad." Said Peter Switzer

But the majors were missing in action for most of the awards. ME Bank took out best home loan, they also picked up the best credit card category.

"They have some fantastic interest rates at the moment you can lock in a fixed three year rate with ME 4.69 per cent." Said Kristy

Best mutual bank goes to Victoria's teachers mutual, best credit union - the Queensland credit union and best building society Wide Bay.... available to customers all over Australia.

"I think the banking sector is in pretty good shape right now- if you look at all the things like defaults they're really lows - the big problem for the banks is the household saving rates are historically very high so we're not going out there risking our bank balance by borrowing too much. But i think we're looking at about two or three good years ahead of us which will be good for the economy and be good for banks." Said Peter Switzer

The golden gong for best overall lender goes to ING DIRECT while ME BANK was runner up. Financial expert Peter Switzer believes rates will remain low for the next two years - meaning now is the time to strike for savvy buyers and investors.