Comparison rate is the total of what you pay (fees, charges, interest) expressed as a percentage for the purpose of comparing products.
In a nutshell it is now a legal requirement to display it and it is the only figure you should be looking at in 99% of cases
Mostly fluffing... It's just that you walk into any CBA and you get served very quickly, loan apps are processed much faster etc.
it's nothing that you "need" however it's their business model and their shares are worth 11ty billion so it's unlikely to change in the near future.
Personally I don't care for "service" and am happy to go with a bank that takes longer but is cheaper.
Exactly... which is why most banks don't offer it, or if they do it's a 1 or 2 year deal only.
Just be sure to check the exit fee situation if they offer 12 months only as you may want to move once the welcome mat is pulled out from under you.