Changing accounts and banks is time-consuming, but it’s worth it if you can save money on fees or earn more interest.

Canstar Cannex recently conducted a national survey of bank customer satisfaction and the winner (see below) is… ANZ. Customers report it handles complaints well, has friendly staff and a good branch service.

This doesn’t mean you should jump ship, but it may pay to evaluate the service you get from your bank. After all, it’s your money!

The main complaints
Surprise, surprise. Canstar Cannex’s survey found the number one thing customers hate are fees – ATM fees, transaction charges on accounts, etc. But the survey also showed that customers have a lack of understanding of fees and charges, so find out what fees are associated with your accounts.

Another big pain was that banks take too long to reduce interest rates on loans after a Reserve Bank cut, but seem to pass on rate hikes straight away. Next on the list came poor service and bad advice. Don’t take the word of a teller or bank adviser as gospel. Use common sense and do your research.

How to change banks
There are lots of banks out there, all offering different types of accounts, and it’s hard to know where to start if you want to change.

First, work out exactly what you want. After an everyday transaction account? Look for something with no account-keeping fees and no fees for using EFTPOS or your own ATMs, and accept that you’ll probably have a lower interest rate. Want a savings account? Go for one that rewards you with bonus interest and has a decent rate. You’ll get the lowest fees and highest interest from an online saver account, which you link to your transaction account.

Banks also call their products different names. Therefore, walk into various banks, collect some brochures, speak to customer service officers, check out their websites or phone their information lines. 

Do your sums
It’s easier to compare accounts from banks if you know the answers to these questions:

• How much interest does each account offer?
• What sort of account-keeping fees and bank charges do you have to pay?
• How many free transactions can you make per month on the account?
• If you’re caught short of cash, how much will it cost you to use another bank’s ATM?
• What do you have to do to earn bonus interest on the account?
• Does the account have a chequebook option?

 
Again, do your research. Find out which bank offers the services, the type of account and the system of fees and charges you want, and which best suits you and your situation. 

And the winners are...

Most satisfied bank customers: ANZ – customers were most happy with their branch service, complaint handling and friendliness.

Best internet banking: Citibank

Friendliest bank: Bendigo Bank

Best branch service: Bendigo Bank