HOW WE CHOSE THE BEST
To bring you these awards, Rainmaker Information, publisher of Money, worked with the leading banking products comparison website InfoChoice, and Plan For Life, actuaries & researchers, with supplementary data provided by Rainmaker.
BANK OF THE YEAR
The winner had the highest overall score among bank institutions that competed across six individual categories. Only full-service banks with a national presence were eligible for this major award. The weightings were:
• Personal lender 20%
• Credit card issuer 20%
• Money minder 10%
• Investment lender 10%
• Business bank 10% WINNER: SUNCORP
CUSTOMER-OWNED INSTITUTION OF THE YEAR
The winner had the highest overall score among customer-owned institutions competing across six individual categories. To be eligible for this award, institutions needed to be listed as a member of the Customer-Owned Banking Association, comply with its code of conduct and identify as a bank. The weightings were: •
Home lender 30% • Personal lender 20% • Credit card issuer 20% • Money minder 10% • Investment lender 10% • Business bank 10% WINNER: GREATER BANK
NON-BANK LENDER OF THE YEAR
The winner was the non-bank lending institution judged by Rainmaker research to score highest across seven core dimensions: product range, business strength, ability to raise lending capital, innovation, corporate transparency, loan quality and customer depth. WINNER: LA TROBE FINANCIAL
BUSINESS BANK OF THE YEAR
The winner was the bank that had the highest average product rankings across the major business banking categories of business loans, business transaction and savings accounts for multiple balance amounts and business credit cards. Eligible products were ranked according to interest rates and charges available in April 2022. WINNER: SUNCORP
HOME LENDER OF THE YEAR
The winner was the major banking products lender offering the highest average product rankings across the major home lending categories of variable, basic home loan, fixed over three and five years and home equity. Lenders had to offer eligible products in at least three categories. Products were ranked according to annual average percentage rates (AAPR), interest rates and charges available in April 2022. WINNERS: HSBC (bank) ILLAWARRA CREDIT UNION (non-bank) POLICE BANK (customer-owned)
PERSONAL LENDER OF THE YEAR
The winner was the banking products lender that had the highest average product rankings across the major personal lending categories of unsecured personal loans fixed over three and five years, car loans and debt consolidation loans. Eligible products were ranked according to AAPRs available in April 2022. WINNERS: BANK OF MELBOURNE (bank) NOW FINANCE (non-bank) MOVE BANK (customer-owned)
MONEY MINDER OF THE YEAR
The winner was the banking products provider that had the highest average product rankings across the major personal lending categories of savings accounts for low, medium and high balances and term deposits over one, three and five years. Products were ranked according to interest rates and charges available in April 2022. WINNERS: AMP BANK (bank) NEWCASTLE PERMANENT BUILDING SOCIETY (non-bank) RACQ BANK (customer-owned) CREDIT CARD ISSUER OF THE YEAR
The winner was the credit card issuer offering the highest average product rankings across the major categories of low rates cards, premium cards, transactor cards, transfer balance cards and cards that offered rewards programs. WINNERS: ST.GEORGE BANK (bank) CREDIT UNION SA (non-bank) BANK FIRST (customer-owned)
INVESTMENT LENDER OF THE YEAR
The winner was the banking products lender offering the highest average product rankings across the major property investment lending categories of variable, fixed over three and five years and home equity. Lenders had to offer eligible products in at least two of the four categories. Products were ranked according to AAPRs, interest rates and charges available in April 2022. WINNERS: ING (bank) FREEDOM LEND (non-bank) POLICE BANK (customer-owned)
INSURER OF THE YEAR
This category took into consideration how competitive were the home and contents and car insurance premium rates and holistic factors, such as corporate strength, breadth of what they deliver and how they support customers, customer engagement and reliability in paying claims. WINNERS: BUDGET DIRECT
MARGIN LENDER OF THE YEAR
Lenders were awarded points for positive features, investment menu and gearing capacity (known as LVR) on that menu. The weightings are:
• Share investor 50%
• Managed fund investor 50% WINNER: LEVERAGED EQUITIES
DIRECT LIFE INSURANCE COVER OF THE YEAR
The Direct Life Insurance award is based on product excellence,
innovation and market performance. Research for all our insurance awards was conducted by Plan For Life, actuaries & researchers, using an independent, objective and transparent research process, based on actuarial disciplines. Key factors under review included:
• company financial position
• market performance (sales and market share)
• product features
• premium rates
• customer service. WINNER: NOBLE OAK LIFE
HEALTH & WELLNESS COVER OF THE YEAR
The Health & Wellness award is focused on programs offered by life insurance companies that are designed to impact beneficially on the health and wellness of customers. This includes activities aimed at maintaining and encouraging good physical and mental health, as well as providing support to return to the best of health. Research was based on actuarial disciplines covering 44 underlying key factors. WINNER: TAL LIFE
LONGEVITY COVER OF THE YEAR
The awards are open to providers of longevity cover, with products that are specifically designed to meet some part of retiree longevity risk. Longevity risk refers to the risk of outliving your savings. Product solutions may include annuities, guaranteed pensions, allocated pensions and other investment products. WINNER: CHALLENGER
INVESTMENT BOND PROVIDER OF THE YEAR
The Investment Bond Provider awards are determined on attributes including product excellence, innovation and market performance. It was a close call to choose a winner as all providers offer very competitive products. Key factors under review included:
• product features
• customer service
• adviser support
• financial position
• market performance (sales and market share) WINNER: GENERATION LIFE