NAB rated best big four bank: survey

National Australia Bank has been rated the best of the big four banks for customer satisfaction despite being beaten by some smaller rivals.

A survey by online comparison website Mozo found Australia's largest banks recorded improved customer satisfaction levels over the past 12 months, with the Commonwealth Bank moving up from fourth to second place followed by Westpac and ANZ.

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The survey also showed one in five customers of the big four banks plans to switch at least one banking product in the next six months.

After being voted Australia's worst mortgage lender in 2011, Commonwealth Bank customers were happier after its "CAN" branding campaign launch in May.

Mozo managing director Rohan Gamble said passing on interest rate cuts was one of the biggest issues associated with customer satisfaction.

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"The Commonwealth Bank has been the most generous of all the big banks in passing through recent RBA rate cuts and customers have rewarded the bank by giving it the highest home loans satisfaction rating of any of the big four," Mr Gamble said.

Customers are still waiting to see the response of the major banks after the Reserve Bank of Australia (RBA) cut the cash rate by a quarter of a percentage point to 3.25 per cent on Tuesday.

Mr Gamble added that customers were sending a message to the online banks that they needed to up their game again.

Overall winners of the Mozo people's choice awards were Victorian Teachers Mutual Bank winning the best bank award with a nine out of ten rating.

ING Direct won best direct bank with 8.6 out of ten while Community CPS won best credit union and Hume Building Society won the best building society award.

NAB recorded a score of seven out of ten, the survey based on 25,000 customers showed.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9297+0.001+0.11%
    AUDUSD=X
    0.5537+0.0002+0.04%
    AUDGBP=X
    0.6725+0.0004+0.07%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg