| 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.
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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.
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When used wisely, a debit card provides you with great flexibility when it comes to handling your everyday financial needs.
Hi,
I am living overseas and returning to Australia soon.
If I owe money to an overseas bank that has no connection with any of the Australian Banks, can the overseas bank freeze my Australian bank account in the event that I am unable to pay my debts to the overseas bank ??? I’m presuming that in order to do so they would first have to apply to an Australian court for permission to do so ??? I am I right in presuming that ???
Also, if an overseas bank approaches an Australian Bank about me, are the Australian Banks obliged to decline the request for information from an overseas bank ???
Thanks.
Hi Max,
Thanks for your question.
You will need to disclose all of your debts on your statement of affairs with the Australian bank. Many overseas creditors have provable claims and are entitled to participate in the voting process and, if the debt agreement proposal is accepted, you may be liable to pay back the debt.
Whether or not you are released from overseas debts at the end of your debt agreement will depend on the relevant laws in the country in which the contract was executed. This might mean, for example, that a creditor from overseas receives a portion from your debt agreement but you are still liable to pay the balance after your debt agreement.
For more information, please speak to the Australian Financial Security Authority.
Cheers,
Shirley
Has westpac anything to do with hsbc in terms of ownership?
Hi Hassan,
thanks for the great question!
HSBC owns a relatively small stake in Westpac (about 17% as of 2014).
I hope this helps,
Marc.
who own bank of queensland
Hi Robert,
Thanks for your question.
Bank of Queensland has not been acquired by any other financial institution and remains a publicly traded company listed on the ASX.
I hope this has helped.
Thanks,
Elizabeth
I’ve been told recently that ANZ own Bendigo Bank, but I haven’t found anything confirm it. I’d be grateful for your comment on this.
Hi Charles,
Thanks for your enquiry.
I can confirm that Bendigo bank is not owned by ANZ. Rather, Bendigo bank is owned by ‘Bendigo and Adelaide Bank’.
Thanks,
Belinda
Who owns bankmecu?
Hi Martin,
Thanks for your enquiry.
Bankmecu is an Australian customer owned responsible bank that’s owned by mecu Ltd 2012.
Thanks,
Belinda