| Commonwealth Bank | Westpac | NAB | Bank of Queensland | Bendigo Bank |
|---|---|---|---|---|
| Bankwest | RAMS | Ubank | Virgin Money | Adelaide Bank |
| Aussie (as a major shareholder) | St.George | MLC | Investec Bank | Delphi Bank |
| Colonial First State | BankSA | Bank of New Zealand | Home Building Society Ltd | Rural Bank |
| Bank of Melbourne | 86 400 | ME Bank | Up |
| Response | Male | Female |
|---|---|---|
| A competitive interest rate | 52.26% | 51.55% |
| A bank I know and trust | 43.42% | 43.97% |
| No restrictions on monthly withdrawals | 25.19% | 27.93% |
| A simple application process | 19.17% | 17.24% |
| The connected transaction account | 12.59% | 13.97% |
| A low deposit requirement | 10.9% | 11.03% |
| Extra features like round-ups or savings buckets | 3.76% | 4.14% |
| None of the above | 3.57% | 3.45% |
| Other | 1.88% | 2.76% |
For consumers looking for a better deal, it may be of concern that many of the alternative lenders are actually owned by the big three banks – Commonwealth Bank, Westpac and NAB. This matters, because the Australian government's Financial Claims Scheme (FCS), which guarantees the security of your money in banks up to $250,000 per institution, applies to a bank's subsidiaries as well. Without knowing which banks own what, your savings might not be as secure as you might think.
For example, let's say you had $250,000 in a savings account with ubank and another $250,000 in a savings account with NAB. Because ubank is owned by NAB, these two banks share the one banking licence. This means that the Australian government will only guarantee your deposit up to $250,000 with both ubank and NAB, not the full $500,000 you have deposited.
However, because ubank and Westpac are operating under different licences, if you had your $500,000 split between these two banks instead the full amount would be covered under the scheme.
There are some benefits to your bank being owned by a larger bank too. You usually get access to the larger banks ATM network all over the world, which is convenient and can also save you money in fees.
For example, St.George, BankSA, RAMS and Bank of Melbourne are all owned by Westpac. Westpac has the largest global ATM network with more 50,000 ATMs around the globe. If you're a customer of one of these smaller banks, you'll also get fee-free access to Westpac's huge ATM network.
When you choose a transaction account that has modernised features, you are keeping your money secure yet still in the palm of your hand.
When you choose a transaction account that has modernised features, you are keeping your money secure yet still in the palm of your hand.
PayID allows you to transfer money in real-time without entering your recipients BSB and account number. Read this guide to learn about the benefits of PayID and how to set it up.
Does your bank offer real-time payments using Osko and PayID? Find out below.
This handy step-by-step guide explains how to transfer money from one Australian bank account to another as quickly as possible.
Want to open a trust account to provide for your child or grandchild’s financial future? Here’s what you need to know.
What happens to a bank account after someone in Australia dies depends on what their will states. If the person didn't have a will, the money will often go to the next of kin. Here's how it works.
Debit card declined? Here are 9 of the most common reasons for your debit card declining and how to fix it.
Now is the best time to start looking at the new bank account offers and promotions available. There is fierce competition between banks for your business so you should take advantage of this opportunity and get yourself a deal.
When used wisely, a debit card provides you with great flexibility when it comes to handling your everyday financial needs.
When is bendigo bank going to stop blaming me , been hacked 6 times and has destroyed my crediability and trust with my painting business and returned me to my knees , lost mates, business wife , mum passed, my kids & mentally challengibg for myself 250k turnover to nothing!! Kind regards darren ps no bendigo its your problem not a police matter. I now have my lawyer on to it & ombudsman
Hi Darren, This sounds like such a tough situation. We note you are working through the issue with the bank, but we hope you are getting some support for yourself and your finances outside of this. You can call the National Debt Helpline on 1800 007 007; they have counsellors available for free, 9:30 am to 4:30 pm on weekdays. Best of luck!
Tire 1 regulations enforced by Reserve Bank overfinancial institutions ——-Does the Reserve Bank impose impose higher deposit percentage amounts on Bank of Queensland for it’s RB guarantee as compared to what it does for the larger 4 Aussie Banks?
Hi Michael,
Thanks for your question.
If you’re pertaining to the total amount of deposits the customers are required to have in their account which is guaranteed by the government, then no. The Australian Government has guaranteed deposits up to $250,000 and this applies to all Authorised Deposit-taking Institutions (ADIs) such as your bank, building society, or credit union, including the Bank of Queensland. You can read more about government guarantee on deposits on the ASIC website.
Otherwise, if you’re checking whether the Tier 1 capital that consists of the funding sources to which BOQ can most freely allocate losses, best to get in touch about this with the Australian Prudential Regulation Authority (APRA). I’m afraid we have limited information with regard to Tier 1 regulations on capital over financial institutions in Australia.
Hope this helps.
Cheers,
May
Who owns ING bank and is it covered under the ADI?
Hello,
Thank you for your comment.
ING uses the trading name of ING Bank (Australia) Limited, is wholly owned by ING Group. ING holds an Australian banking licence since 1994 and is regulated by the Australian Prudential Regulation Authority (APRA), like all banks. They are guaranteed by the Australian Government. I hope this helps.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
Who owns maquarie bank?
Hi Thomas,
Thank you for getting in touch with finder.
As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.
Macquarie is listed in Australia (ASX:MQG) and is regulated by Australian Prudential Regulation Authority, the Australian banking regulator, as the owner of Macquarie Bank Limited, an authorised deposit taker.
I hope this helps.
Have a great day!
Cheers,
Jeni
What guarantee do people have who have OVER $250,000?
Hi Steve,
Thank you for getting in touch with Finder.
The Australian Government Guarantee Scheme protect up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as banks, building societies or credit unions. This means that this money is guaranteed if the institution collapses.
This cap applies per person and per ADI. If you have separate accounts with different protected banks with less than $250,000 in them, you will be covered for both accounts. If you have more than $250,000 in a single account, you won’t be covered for the amount over $250,000. If you have $250,000 with two different “brands” but they’re operated under the same ADI, you’ll only get $250,000 in total.
I hope this helps.
Have a great day!
Cheers,
Jeni