Macquarie Bank has once again been crowned ‘Bank of the Year’ in the 20th annual Consumer Finance Awards, published by Money.
The annual awards, which included a survey component that had of 3,300 responses from Money readers, help Australians find the country’s leading banking and insurance providers.
Notable award winners this year include Commonwealth Bank, which won Business Bank of the Year, Credit Card Issuer of the Year and Investment Property Lender of the Year; Bank Australia, which took home Customer-Owned Institution of the Year and Bank of the Year – Customer Service; as well as Budget Direct, which was named Insurer of the Year.
La Trobe Financial, Leveraged Equities, Budget Direct, Challenger, ING and Generation Life all retained their titles from 2023, while Bank Australia, Great Southern Bank, UBank, NobleOak and MetLife all shifted up the rankings to take a top award in 2024.
Macquarie Bank added Money Minder of the Year and Home Lender of the Year to its list of accolades, including Bank of the Year.
The 2024 Consumer Finance Awards banking categories were based on a Money readership survey* conducted in March and April this year. Rainmaker Information analysts compiled the survey responses to determine the winners as well as second and third place-getters. The life insurance awards research was also conducted by Rainmaker Information in partnership with Plan For Life^.
"We were particularly impressed by the innovations on offer," says Michelle Baltazar, editor-in-chief of Money.
"Customers are shaping the financial landscape now more than ever with banks responding in kind. There are apps that hide savings to curb impulse spending, lightning fast turnarounds on home loan applications and a far greater offering of reduced fees."
Vanessa Walker, managing editor of Money, congratulated the winners. “It is great to see that the institutions that upped the ante for their customers received the top awards.”
“Banking and insurance should be competitive because that way the consumer wins.”
The full results of the Consumer Finance Awards are published in the July issue of Money magazine, which is on sale now.
| Award | Company Name |
| Bank of the Year | Macquarie Bank |
| Business Bank of the Year | Commonwealth Bank of Australia |
| Home Lender of the Year | Macquarie Bank |
| Bank of the Year – Customer Service | Bank Australia |
| Bank of the Year – Digital | Ubank |
| Bank of the Year – Product | Ubank |
| Bank of the Year – Retirees | Bendigo Bank |
| Bank of the Year – Savers | Great Southern Bank |
| Bank of the Year – Young People | ING Bank |
| Credit Card Issuer of the Year | Commonwealth Bank of Australia |
| Customer-Owned Institution of the Year | Bank Australia |
| Money Minder of the Year | Macquarie Bank |
| Non-Bank Lender of the Year | La Trobe Financial |
| General Insurer of the Year | Budget Direct |
| Direct Life Insurance Cover of the Year | NobleOak |
| Health and Wellness Cover of the Year | MetLife 360 Health |
| Investment Property Lender of the Year | Commonwealth Bank of Australia |
| Longevity Cover of the Year | Challenger |
| Investment Bond Provider of the Year | Generation Life |
| Margin Lender of the Year | Leveraged Equities |
*The Money readership survey on banking in March/April 2024 generated 3,300 responses. This provided more than 14,400 data points on consumers and their banking preferences across home loans, term deposits, transaction accounts and credit cards. Banking providers were rated by Money readers based on their product suite, customer service and digital experiences. Rainmaker Information analysed the survey results to determine the winners and finalists. For some award categories, Rainmaker Information used additional proprietary research.
^ Money, Rainmaker Information and Plan For Life are all part of the Market Intelligence (MI) division of ISS STOXX.
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