ANZ passes the wooden spoon to Westpac

After spending a year as the big bank with the lowest retail customer satisfaction rating, ANZ has improved its position and now ranks ahead of Westpac in the latest Roy Morgan Research survey.

Commonwealth Bank has the top rating among the big banks, with 80.5 per cent of its retail bank customers saying they are satisfied with the bank. National Australia Bank has a rating of 79.3 per cent, ANZ has 77.6 per cent and Westpac has 76.7 per cent.

ANZ suffered a fall from grace after it took a stand on the need for lenders to set mortgage rates after factoring in all funding costs and not just movements in the cash rate. It has regained much of the lost ground.

Westpac's rating has fallen over the past couple of months but, without any obvious reason.

Overall, Victoria Teachers Mutual Bank and bankmecu lead the Roy Morgan survey, each with a rating of 95.6 per cent. They are followed by Teachers Mutual Bank, which has a rating of 94.3 per cent, Greater Building Society (92.4 per cent), ME Bank (91.8 per cent) and CUA (91 per cent).