Don’t like fees? Try NAB or ANZ

Almost sixty per cent of customers who switched to National Australia Bank in the last year, did so because of the bank's lower fees. More than a third of customers who switched to ANZ Bank gave fees as their reason for switching as well. Fees have become a central issue for Australia's banks since law firm Maurice Blackburn announced it would pursue a class action aimed at recouping some of the estimated $5 billion in penalty fees assessed by banks to customers over the past five years.

Half of the customers surveyed who switched to Commonwealth Bank did so for access to the bank's large ATM network. Nearly 30 per cent of customers who switched to Westpac made the move because of they held a mortgage with that bank, Datamonitor said.

Source: The Age