Often asked: What Is The Best Bank In Australia?

TOP-5 Best Banks of Australia

  1. Commonwealth Bank. This is the largest bank in terms of assets, deposits, market capitalization and a number of branches and ATMs, headquartered in Darling Harbour, Sydney, New South Wales.
  2. ANZ Banking Group.
  3. Westpac.
  4. National Australian Bank (NAB)
  5. Macquarie Group.

What is the best bank in Australia 2020?

The top 10 banks in Australia are:

  • National Australian Bank (NAB)
  • Westpac Bank.
  • Bank of Queensland.
  • Macquarie Bank.
  • Bendigo Bank.
  • AMP Bank Ltd.
  • Suncorp Bank.
  • Bankwest.

Which bank has most customers in Australia?

Of Australia’s big four banks, the Commonwealth Bank of Australia had the highest number of customers. As of June 30, 2020, Commonwealth Bank had approximately 17 million customers, three million more than Westpac Banking Corporation.

Why is Commonwealth bank the best?

Funding: CBA is 70% funded by customer deposits, which are typically more stable and less expensive. The balance is funded by capital and more expensive/more volatile wholesale debt. ANZ is only 52% funded by customer deposits, NAB is 57% and Westpac is 63%;

What banks do rich people use?

High-net-worth individuals often turn to same national banks that the rest of us use to meet our banking needs. Behemoths such as Bank of America, Chase and Wells Fargo are all popular choices for the ultra-wealthy.

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How do I choose a bank?

8 steps to choose a new bank

  1. Identify your ideal type of account.
  2. Look for banks that charge low or no fees.
  3. Consider the convenience of a bank branch.
  4. Take a look at credit unions.
  5. Find a bank that fits your lifestyle.
  6. Examine digital features.
  7. Understand the terms and conditions.
  8. Read reviews for banks you’re considering.

Can you have 2 bank accounts?

You can have as many bank accounts as you like, from banks that are willing to let you open one. While it may take a bit of extra legwork to keep track of multiple accounts, it does have its benefits too. There are plenty of other reasons you might want to open additional bank accounts.

How do I choose a bank in Australia?

Look after your money Look for accounts with no or low fees. Choose accounts with higher interest rates. Compare bank accounts and consider switching if you find a better one. Check your bank statements and contact your bank if you find something wrong.

What are the big 4 banks in Australia?

In order of total assets, these are:

  • National Australia Bank (NAB).
  • Commonwealth Bank (CBA) (owned by the Australian Government until 1996).
  • Australia and New Zealand Banking Group (ANZ).
  • Westpac (WBC).

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