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Commonwealth Bank tops Cannex listings

25 September 2006

The Commonwealth Bank has topped the Cannex list of five star deposit products for the major Australian Banks, with seven of its deposit products being rated on the top tier.

The result is a dramatic improvement on the last survey in February when just three Commonwealth Bank products were given a five star rating.

According to the Group Executive Retail Banking Services Michael Cameron, the ratings are proof positive that the Commonwealth Bank is changing.

"We’ve worked very hard in the past 12 months to identify what our customers wanted, and then to deliver it," he said.

"Being recognised like this by Cannex means that we are offering high quality, value for money products at a fair price for our customers."

"Cannex is an independent and objective umpire so it’s very pleasing that they have noticed the significant changes we have made."

He said it was particularly pleasing the two of the accounts to be given five stars were the Streamline e-Access account and Streamline Unlimited Account.

"These accounts have resulted in a significant reduction in fees for our customers and it’s very pleasing that so soon after being introduced they have already attained five star status," Mr Cameron said.

The Cannex report reviewed more than 700 deposit and transaction accounts from more than 180 institutions on a national basis.

The Cannex top five star rating is defined as providing "superior value" based on rate, fees and features. The seven Commonwealth Bank deposit and transaction products which were given this award are:

  • Streamline e-Access
  • Streamline Unlimited
  • Netbank Saver
  • Direct Investment Account
  • Cash Investment Account
  • AwardSaver Account
  • Youthsaver Account

No other major bank has as many deposit products with 5 star ratings.

 

-ENDS-

 

For more information, contact:

Bryan Fitzgerald
General Manager, Media and Issues Management
Marketing and Communications.
Commonwealth Bank of Australia.
Phone: (02) 9378 2663 / Mobile: 0414 789 649

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