Australia’s best banks have been revealed with the top spot being taken out by a surprising contender.
Forbes published its annual World’s Best Banks report with Beyond Bank, headquartered in Adelaide, taking out the number one position in Australia.
Beyond Bank is an Australian customer-owned bank operating in South Australia, the ACT, Western Australia and New South Wales.
Surprisingly, none of the Big Four, Commonwealth Bank (CBA), ANZ, NAB or Westpac, got a spot in the top 10.
CBA was number 14, followed by NAB at number 16 and Westpac at 20 - with ANZ not even making the list.
In conjunction with Statista, Forbes rated the banks on general satisfaction as well as key metrics such as trust, fees, digital services and financial advice.
Here are Australia’s top 20:
Newcastle Permanent Building Society
Credit Union Australia (CUA)
People’s Choice Credit Union
Bank of Melbourne
Commonwealth Bank (CBA)
National Australia Bank (NAB)
The list was a significant change from last year, when the 2021 list found Australia's best bank wasn’t even Australian.
Last year, ING Group, which is based in Amsterdam, was the number one bank in Australia.
However, some things haven’t changed. The Big Four did not make the top 10 last year either, but they have moved positions since then.
In 2021, CommBank only just missed out, coming in at number 11. NAB was number 16, ANZ was in 18th position, while Westpac didn't make the list.