I’ve recently been considering the idea of “getting out” of CBA, and after the Govt’s proposed tax on the “Big 5” (ANZ, CBA, NAB, Westpac and Macquarie), not to mention their response to that proposal (ie “We’ll make the customers pay rather than reduce profits”), and an article I just read about how back in 08-09 the Govt backed the Big 5, helping to bolster their profits… I’m ready to make the change!
I have half my super with “Colonial” (ie CBA), along with my debit Mastercard and “savings” (ie overdraft). The Super is easy - I’ll move it to join the other “half”… But as for the actual banking side of things… my first thoughts are all in fact owned by the Big 5:
Bank of Melbourne - owned by Westpac
Bank of Queensland - Independent
Bank SA - owned by Westpac
Bank West - owned by CBA
St George - owned by Westpac
Ideally I need someone with a branch here in Geelong… which rules out my former banking and insurance buddy, Suncorp (who at least are not linked to the Big 5). That pretty much just leaves:
Bank of Queensland (BOQ)
Bendigo and Adelaide Bank
Anyone have any feedback on either of them? Or other suggestions? Anyone else looking at leaving too?