Throughout Australia, there are many banks to choose from. Depending on a person’s budget, lifestyle, and expenses, some banks may be more applicable than others.
While all the banks on this list are reliable and trustworthy, some may suit a person’s budget and lifestyle better. That being said, it’s not necessary to only have one bank account; another bank may provide better investment opportunities, and another may be more affordable with transactions.
Read this list thoroughly to choose the right banks for your financial needs.
NAB (National Australian Bank)
NAB was formed by the merger of the National Bank of Australia and the Commercial Banking Company of Sydney, which happened in 1982. They provide banking products and services to individuals and businesses.
The bank plays a significant role in the country’s financial sector by providing critical financial services to the public.
Commonwealth Bank is a multinational bank that has a presence across New Zealand, Australia, the US, and the UK. The bank is one of the oldest banks in Australia being founded in 1911 in Sydney.
With the bank employing over 50 000 Australians, they are a great contributor to the workforce and economy of the Nation. They offer a diverse range of financial services, including retail, business, institutional banking, and wealth management, to over 16 million clients.
ANZ (Australia and New Zealand Banking Group)
ANZ Bank was founded in 1835 and stands as one of the largest banks in the Nation. It provides various financial services and products, including retail, high net worth, and small business, among many others. The bank has a Wealth Australia division comprised of the Insurance and Funds Management business units.
ANZ operates in 34 markets across the US, Europe, Australia, New Zealand, the Asia-Pacific region, and the Middle East and employs over 45 000 Australian citizens.
Westpac bank stood as the nation’s first bank and was established in 1817, firstly known as the Bank of New South Wales, and it became Westpac Banking Corporation in 1982 when BNSW merged with the Commercial Bank of Australia.
The bank has previously stated a total yearly income of US$8.1 billion and US$643 billion in assets.