Top 10 Banks in Australia

Choosing the right bank can be a daunting task, especially with numerous options available. Many Australians grapple with the question: what is the top bank in Australia? This uncertainty can lead to hesitation and dissatisfaction, especially if you end up with services that don’t meet your expectations or financial goals.

It’s crucial to find a bank that not only provides excellent service but also aligns with your financial needs, whether it’s for savings, investments, loans, or everyday transactions. But with so many banks claiming to be the best bank in Australia, how do you sift through the marketing noise to find real value?

This comprehensive guide to the top 10 banks in Australia cuts through the clutter. We’ve analysed a range of factors, including customer service, product offerings, digital banking experiences, and overall reliability. Whether you’re looking for robust business banking capabilities or user-friendly personal banking, our list provides a detailed comparison to help you make an informed decision on which bank could best serve your needs.

Commonwealth Bank of Australia (CBA)

Commonwealth Bank is a multinational bank with presence across New Zealand, Fiji, Asia, the US, and the UK. Founded in 1911, the bank is headquartered in Sydney. The bank employs around 51,800 staff and operates more than 11,000 branches.

It is the largest of the banks in Australia and offers a diversified range of financial products and services. It currently provides retail, business, institutional banking, and wealth management products and services to its 16.6 million customers.

Australia and New Zealand Banking Group (ANZ)

Founded in 1835, ANZ Bank is one of the largest Australian banks and provides various banking and financial products and services to retail, high net worth, small business, corporate, commercial, and institutional customers. The bank’s Wealth Australia division is comprised of the Insurance and Funds Management business units, which offer insurance, investment, and superannuation solutions. The bank operates in 34 markets across the US, Europe, Australia, New Zealand, the Asia-Pacific region, and the Middle East.

National Australian Bank (NAB)

Number three on the list of the top 10 banks in Australia is NAB, formed by the merger of the National Bank of Australasia and the Commercial Banking Company of Sydney in 1982. The bank provides banking products and services to individuals and businesses.

Headquartered in Docklands, NAB operates through 820 banking centers and is present in New Zealand, the US, Asia, and Europe.

Westpac Bank

Westpac Bank was Australia’s first bank, established in 1817 as the Bank of New South Wales. In 1982, it became Westpac Banking Corporation when BNSW merged with the Commercial Bank of Australia. It provides banking products and financial services through five divisions: Consumer Bank, Business Bank, BT Financial Group, Westpac Institutional Bank, and Westpac New Zealand. The bank employs around 32,620 staff. Headquartered in Sydney, Westpac serves 13 million customers.

Bank of Queensland

Founded in 1874, Bank of Queensland is one of the oldest banks in Australia. Headquartered in Queensland, it offers retail banking services. The bank employs 48,556 individuals and operates 200 branches across Australia.

Macquarie Bank

Headquartered in Sydney, Macquarie Bank is the largest Investment bank in Australia. Founded in 1969, the bank provides services in asset management and finance, banking, advisory, risk, and capital solutions across debt, equity, and commodities markets. Headquartered in Sydney, Macquarie Bank employs 13,597 staff.

Bendigo Bank

Bendigo Bank was formed by the merger of Bendigo Bank and Adelaide Bank in November 2007. The bank is one of the largest retail banks in Australia, with approximately 7,200 employees. Headquartered in Bendigo, it operates in Adelaide and South Australia, and maintains regional offices in Docklands, Melbourne, and Ipswich, Queensland.

AMP Bank Ltd

AMP Bank was founded in 1988 and provides retail banking services. Headquartered in Sydney, the bank employs around 6,000 staff. AMP Bank provides a wide range of services, including deposits, residential mortgages, self-managed superannuation fund products, practice finance loans, as well as transaction banking services. The bank is one of the leading independent wealth management companies in Australia and New Zealand.

Suncorp Bank

Suncorp Bank provides general insurance, banking, life insurance, and wealth management services in Australia and New Zealand. Founded in 1902, the bank is based in Brisbane. Suncorp Bank employs around 13,500 individuals and serves nine million customers in Australia and New Zealand.

Bankwest

Just recently making it onto the list of top 10 banks in Australia is Bankwest, which was founded in 1895 as a rural lender to support the State’s farming industries. In 1945, Agricultural Bank became a full-fledged trading bank. After its incorporation in 1990, it changed its name to Bankwest in 1994. Based in Perth, the bank also maintains offices in Adelaide, Brisbane, Canberra, Melbourne, and Sydney.

(source corporatefinanceinstitute.com)