List of Australian Banks

List of Australian Banks

The banking sector in Australia is extremely strong and robust and this is evident by the profits that all of the major banks have been making over recent years. You can also tell the country has a good banking sector by the number of players in the market, and there is a long list of Australian banks as well as overseas banks all vying for your business.

  1. Financial Sector In Australia        Add Comments
    The financial sector in Australia is based around the 4 big Australian banks which are NAB, Commonwealth Bank, ANZ and Westpac. They control over 80% of the financial market, however there are more Australian Banks than just the big 4 and all of them have their own specific advantages and disadvantages. So if you want to deposit your money in Australia and still have easy access to it, without excessive ATM bank fees that make sure that you compare all of the major banks and not just the big 4.
  2. The Big 4 Australian Banks        Add Comments

    The Big 4 Australian Banks

    Commonwealth Bank - It is one of the largest listed companies in Australia, operates all over the country and even includes other financial services like Colonial First State Investments and CommSec share trading. The Commonwealth Bank also purchased Bank West in 2008, which to this day still runs as a totally separate enterprise.

    National Australia Bank - It has branches a services centres right across Australia as well as many overseas countries. The NAB also has an online division called UBank as well as significant insurance and investment services through the MLC brand.

    Westpac - It has the largest number of branches and service centres throughout Australia because of its recent merger with the St George Bank in 2008. The Westpac Bank also bought the RAMS home lending service in 2008 which it still runs independently, as well as operating numerous financial services via its BT Financial Group.

    ANZ Bank - It is the smallest of the big 4 Australian Banks but is still a very significant player and has branches and agents all over Australia. ANZ has only recently started to get back into business banking after years of dealing with residential and personal banking. ANZ is also the largest bank in New Zealand and owns the online banking service provided by ING Australia.

  3. Other Australian Banks        Add Comments

    The Other Australian Banks

    Bendigo Bank - It operates Australia wide with many community bank branches and agencies including the Elders Rural Bank. The Bendigo bank also merged with the Adelaide Bank in 2007 to provide service to more people throughout the country.

    Bank of Queensland - It operates, as the name suggests, mostly out of Queensland, but also has some branches in New South Wales, Victoria and Western Australia.

    Suncorp Bank - It originally began as the largest insurance company in Australia, but merged with the Metway Bank in 1996. Today Suncorp Bank is aggressively re-branding itself as a large bank with services right across Australia, as well as being the main player in the insurance industry.

    Members Equity Bank - It is based mainly in Victoria and provides low fees, interest rates & benefits to its members because it is run by an industry super fund.

    Macquarie Bank - This is not really a retail bank for the general public as it is a global investment bank that provides managed investment funds for companies and retail clients.

  4. Online Only Savings Banks In Australia        Add Comments
    There are a number of banks that operate online only savings accounts in Australia. These banks generally offer higher interest rates because they have lower costs, but the drawback is that you will have to use the internet to transfer your money into another bank savings account in order to access your money. Some of these online only Australian banks include ING Direct, Rabobank and Virgin Money.
  5. International Banks Operating In Australia        Add Comments
    There are a number of international banks that have a limited number of branches and offices throughout Australia, including HSBC, Citibank, Bank of China, Credit Suisse, Deutsche Bank, etc. These foreign banks are very handy if you want access to your money in Australia, but you also spend quite a bit of time travelling around the world or living in that particular banks country of origin.

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