| 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.
Explore how the typical Australian uses their debit card in our detailed guide to debit card statistics.
Westpac, NAB, CommBank and ANZ plus many more Australian banks offer Google Pay. See the full list of supported banks in this guide.
Check if your bank offers Apple Pay in Australia and learn how to set up and use the digital wallet for contactless payments.
Does your bank offer real-time payments using Osko and PayID? Find out below.
What are virtual debit cards, how do they work and what benefits do they offer? Find out here.
Find out which bank accounts let you withdraw from ATMs for free.
Don’t pay unnecessary bank fees, compare financial institutions and learn about the pros and cons of a fee-free bank account.
A travel debit card is just a regular Australian debit card with less international fees an charges, making it a great option to use overseas. See a range of debit cards suited for travel in this guide.
The best bank account will help you manage your everyday spending with low fees and easy access to your money. Check out our Top Picks curated by experts.
Opening a joint bank account is a big step for any couple. Find out more about what to look for in an account and how to avoid the common pitfalls.
is the Bendigo & Adelaide Bank government guarnateed
Hi Eileen,
Thanks for your enquiry.
I can confirm that the Bendigo and Adelaide Bank is covered by the Australian government guarantee for up to $250 000 per person, per institution.
Thanks,
Belinda
A westpac bank customer is transferring money into my st.george acct today. When will i be able to access that money
Hi Dee,
Thanks for your question.
If the payment was made before 6pm (Sydney time) on a business day, your account will be credited the next business day. If it was paid after 6pm (Sydney time) on a business day, it will be credited the day after the next business day. If it was paid on a weekend or a NSW public holiday, it will be credited the day after the next business day.
I hope this has helped.
Thanks,
Elizabeth
A tricky one. What was the share price close on the day of listing St George shares on 2/7/1992?
Hi Ron,
Thanks for your question.
This data may be available on delisted.com.au, though you need to a subscription fee for this service.
You may want to get in touch with them directly to enquire if they’re willing to give you this data for free as it is a one-off.
All the best,
Shirley
who owns ME Bank
wanting to know where to put some money and wanting to secure who are the backing behind me bank and if it is safe
Hi Lorraine,
Thanks for your question.
ME Bank is owned by 30 industry super funds including HESTA, HOSTPLUS, AustralianSuper and Cbus.
Deposits held at ME Bank are covered by the Government Guarantee. This insures $250,000 per person, per institution.
Cheers,
Shirley
Hi Shirley,
Are there any Banks, Credit Unions or Financial Institutions in Australia that have not been invested in by the other (American) Banks? Just changed Banks from Bank SA to Bendigo, because I thought that was an Australian (Community Bank), owned and run, only to discover they’ve been bought out too. Ultimately, I don’t want anything to do with American or British Banks or is it a financial impossibility with all small fish consumed by the bigger fish?
Thanks in advance and have a good day!
Hi Michael,
Thanks for your question.
In most cases, it is the bigger fish consuming the smaller fishes, however, you may have a better chance of finding a credit union that has not been invested by banks from other countries.
These include unions such as Community First, CUA, Easy Street, Greater Building Society, and IMB. You can find even smaller ones from our A to Z list of home loans.
I hope this helps (and hope you have a great day too),
Shirley