Which banks and lenders are owned by the Big Four?

The Big Four aren't just competing with other banks. They own or invest in many other familiar financial institutions: Commonwealth Bank owns Unloan, an online lender, and Bankwest. The bank is also a major investor in Aussie Home Loans. Westpac owns St.George, Bank of Melbourne, BankSA and RAMS. NAB owns digital bank ubank, which itself merged with smaller digital lender 86 400. ANZ is unusual among the Big Four as it doesn't own many other financial brands in the banking and lending space.

Should I have all my cards, bank accounts and loans with the same bank?

Having all your financial products in one place makes managing your money very easy. Especially if your bank has a good online banking service or a well-designed app. Doing all your banking with one bank means you can transfer money between accounts almost instantly. This makes it easier to move cash from your savings account into your transaction account when you're running low. It makes it easier to manage your credit card and pay it off on time. For some, this convenience might even outweigh the benefits of getting a better deal on specific products.

Which bank accounts are great for students?

Several banks offer bank accounts specifically designed for students, providing features and benefits tailored to their needs. Most students have very basic requirements of a bank account: the ability to make purchases and track their spending on an app are key, along with low or no monthly fees or minimum balance requirements. When comparing different options, look for accounts that provide fee waivers, free ATM access and student discounts. Student savings accounts: These accounts are designed to help students start saving and often offer competitive interest rates. Look for accounts with no or minimal fees, no minimum balance requirements and easy accessibility. Some banks also provide additional perks for student accounts, such as discounts on shopping or entertainment, or special interest rates that only students can access. Check out some of the options for bank accounts designed for those under the age of 18 .

Do smaller banks have better home loan rates?

In recent years online lenders and smaller credit unions have had the lowest interest rates. There are times when the Big Four has offered comparable rates, and it's always worth comparing the big banks when looking for a home loan. It is also worth noting that you should consider home loan fees and rates, as they can end up making the rate less competitive with other banks that have lower home loan fees. It's worth pointing out that Unloan has some of the market's lowest rates and is owned by CommBank.

Is it safer to bank with one of the Big Four?

The size of a bank doesn't necessarily make it safer. But Australia's Big Four are highly profitable and well capitalised. These banks are regulated by the Australian Prudential Regulation Authority (APRA), which requires all banks to maintain a buffer of capital to meet sudden unexpected withdrawals from customers. The biggest banks are subject to stronger requirements than other banks. But for the ordinary consumer all Australian banks are relatively safe. If you bank with any authorised deposit-taking institution (ADI), which includes big banks, small banks and credit unions, money in your savings accounts is protected by the Financial Claims Scheme. This scheme protects up to $250,000 of your savings, per ADI, per account holder, if the institution collapses.

What are the best benefits of the Big Four banks?

While it's hard to measure a bank's convenience, it's undeniable that the Big Four banks have the most extensive network of ATMs and physical bank branches. Westpac for example has 997 bank branches across the country. Major bank call centres can operate for longer hours (typically 8am–8pm) and you may have access to customer service 24/7 for financial emergencies or if you're overseas. Smaller Australian banks and credit unions cannot offer a similar level of service. Smaller banks are often entirely online (like ING) or have branches in specific regions only. But these banks also have call centres and generally deal with a lower volume of calls. If you value in-person banking support then you may prefer banking with one of the Big Four. But this depends on where you live. As even the biggest banks shut down branches in smaller towns, you may find your only in-person option is a local credit union.