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Money: Fed up Aussies breaking up with the 'big four' banks

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a woman in sunglasses sitting in a body of water: Rhiannon was with the Commonwealth Bank (aka, one of the big four) for 19 years, before she decided to do some research into getting a better deal. (Supplied)© Provided by Nine Digital Pty Ltd Rhiannon was with the Commonwealth Bank (aka, one of the big four) for 19 years, before she decided to do some research into getting a better deal. (Supplied)

Rhiannon Kelly was a kid of the 90s.

When she was in primary school, the Commonwealth Bank’s Dollarmites club was alive and well, and signing kids up to their first ever savings account.

After 19 years of loyalty, Ms Kelly has switched banks and can’t believe she didn’t move away from the ‘big four’ earlier.

It’s not an uncommon trend, a new survey of 2000 Australians reveals more than seven-million Aussies (39 percent) have lost confidence in their bank.

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The reason behind the uneasiness is in part due to the Royal Commission into banking currently unravelling the industry one scandal at a time, the research by finder.com.au reveals.

In fact, one in eight Australians admit they’ll be switching banks in the next 12-months due to the Royal Commission.

a man standing in front of a computer: 39% of Australians have lost confidence in their bank. In fact, one in eight, will be switching banks in the next 12-months. (GETTY)© Provided by Nine Digital Pty Ltd 39% of Australians have lost confidence in their bank. In fact, one in eight, will be switching banks in the next 12-months. (GETTY)

For Ms Kelly, the Commission wasn’t the reason for her jumping ship from CommBank, but it did help make the decision easier.

“Over the last five to 10 years there’s been a lot of negativity growing towards the ‘big four’ for their money grabbing,” she said.

“The Commission didn’t make my decision, but it was part of a gaining momentum.”

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Ms Kelly said she realised after a bit of research, that she was staying put purely because she felt “safe with a big name.”

Having always grown up near a Commonwealth Bank branch, it seemed to be the obvious option.

a group of people that are standing in the street: Commonwealth Bank branches are everywhere. But Rhiannon found, it was the smaller banks with less© Provided by Nine Digital Pty Ltd Commonwealth Bank branches are everywhere. But Rhiannon found, it was the smaller banks with less

Until she did some digging.

“There are a lot of offers out there that aren’t the big four,” she said.

“Things like sign up bonuses, rewards over time for customer loyalty. I couldn’t get that at my bank, and it was one of the bigger ones.”

For the big four, Ms Kelly couldn’t see the same perks.

She realised she was hesitant moving to a smaller bank would make the process somewhat harder and less convenient.

“For a lot of the smaller guys, they don’t have a physical presence, so it makes you ask: does that mean they aren’t safe.”

Well, given the Commission’s findings, a physical well-known presence doesn’t necessarily make a bank more reliable.

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Ms Kelly said many people of her generation are doing the same as her, “growing up in an internet age it’s much easier to go online and compare things and find a better deal.”

a woman looking at the camera: Rhiannon has swapped to a smaller bank..and hasn't looked back since leaving her bigger bank. (Supplied)© Provided by Nine Digital Pty Ltd Rhiannon has swapped to a smaller bank..and hasn't looked back since leaving her bigger bank. (Supplied)

After six-months with her new – slightly smaller - bank, ING, she hasn’t had an issue, and is pleased with her decision to get more bang for her buck.

According to finder.com.au, one in five are considering banking with an institution outside of the big four, and 17-percent of Aussies are planning on asking their current bank for a better deal.

The banking Royal Commission continues.

a close up of a computer: Public hearings have been running since March, and are causing unease in the community about the ‘big four’ banks© Provided by Nine Digital Pty Ltd Public hearings have been running since March, and are causing unease in the community about the ‘big four’ banks

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