RACQ Bank CEO Michelle Bagnall said she was proud the bank achieved this award less than six months after launching.
“As a mutual bank we exist wholly and solely for the benefit of our members and the local community,” Ms Bagnall said.
“For our products to be recognised as being within the top 10 percent in the nation is great reinforcement we’re on track, but we certainly won’t stop there.
“This award proves we’re not only a top product, but we’re also great value.
“The banking industry has received a lot of bad press recently so it’s time to put the focus back on our actions and show members that we’re here for them.
“As a customer-owned bank we have an obligation to our customers and members to meet their expectations and this is something we strive to do each and every day”.
Ms Bagnall said RACQ Bank’s competitive rate was just one the major draw cards.
“Members have trusted us to look after them on the roadside and with their insurance for many years and they can expect the same trust and service when it comes to banking.”
Canstar, Australia’s biggest financial comparison site, rate products by comparing price and features and only the top 10 percent receive a five-star rating.