Best Banks in Australia 2023 – Top 10 List Updated

Best Banks in Australia 2023

Australia’s financial system is both large and diverse, with a unique blend of traditional banking services and innovative financial products. The banking industry in Australia is not limited to just savings and loans but extends to include other services such as business banking, financial market trading, stockbroking, insurance, and funds management.

In fact, Australian banks have established a reputation for their comprehensive range of financial products and services offered to both retail and institutional clients.

Australia’s banking industry comprises of 53 banks, of which 14 are government-owned. These government-owned banks play a significant role in supporting the country’s financial infrastructure and ensuring the stability of the financial system. The remaining banks in Australia are owned by private entities and include domestic banks, foreign banks, and regional banks.

These banks are spread throughout the country, offering their services to customers in both urban and rural areas.

Overall, the banking sector in Australia is known for its high levels of competition, innovation, and customer service. With a strong focus on technology and digital banking, Australian banks are continually looking for ways to improve their services and make banking more accessible to all customers.

Top 10 Banks in Australia 2023

Here is the list of the top 10 banks in Australia as of 2023:

S.No.	Banks	Location
1	Commonwealth Bank	Sydney, New South Wales
2	ANZ Banking Group	Melbourne
3	Westpac	Sydney
4	National Australian Bank (NAB)	Melbourne, Victoria
5	Macquarie Group	Sydney
6	Bendigo and Adelaide Bank	Bendigo, Victoria
7	Suncorp Bank	Brisbane
8	Bank of Queensland	Brisbane
9	ING Bank (Australia) Limited	Sydney
10	HSBC Bank Australia	Sydney

TRENDING

1. Commonwealth Bank (Sydney, New South Wales)

The Commonwealth Bank, with its headquarters in Darling Harbour, Sydney, New South Wales, is the largest bank in Australia by assets, deposits, market capitalization, number of branches, and ATMs. It employs a workforce of 49,000 people who provide a wide range of financial services such as taking deposits, insurance, and investment banking to more than 16 million retail, business, and institutional customers.

The Commonwealth Bank has a rich history, having been established in 1911 by the Australian government to provide banking services to the public. Over the years, the bank has grown to become a leading financial institution in Australia and has expanded its operations globally. It has also received numerous awards for its financial products and services, including the 2019 Mozo Experts Choice Awards for Best Major Bank and Best Bank Account.

2. ANZ Banking Group (Melbourne)

ANZ Banking Group, the second-largest bank in Australia by assets, is headquartered in Melbourne and has over 1,000 branches managed by 39,000 employees. This bank has expanded its operations globally to over 30 markets across Asia, Europe, and North America.

ANZ Banking Group offers a comprehensive range of banking and financial services to its customers, including personal banking, business banking, corporate banking, investment banking, and wealth management. The bank’s international operations are focused on providing banking and financial services to institutional clients, particularly in Asia.

ANZ Banking Group has also been involved in various philanthropic initiatives, including the ANZ Community Foundation, which supports charitable organizations across Australia and New Zealand. The bank has also been committed to sustainability and has set targets to reduce its carbon emissions and invest in renewable energy sources.

3. Westpac (Sydney)

Founded in 1817 as the Bank of New South Wales, Westpac’s headquarters is in Sydney, and it offers a wide range of financial products and services to individuals, businesses, and corporate customers through its five divisions. These divisions include Consumer Bank, Business Bank, BT Financial Group, Westpac Institutional Bank, and Westpac New Zealand. Westpac has a workforce of approximately 32,620 employees, serving over 13 million customers across the globe.

Westpac’s history is rich and intertwined with Australia’s economic development. The bank has grown over the years, acquiring other financial institutions such as the Commercial Bank of Australia, which led to the name change in 1982. Despite some controversies in recent years, including interest manipulation and misconduct, Westpac remains a trusted financial partner for many Australians.

The bank’s success can be attributed to its commitment to offering top-quality financial products and services that cater to the needs of its clients. Westpac provides various services, including mobile and online banking, foreign exchange, wire transfers, personal loans, mortgages, insurance, investments, private banking, retirement, and wealth planning.

Westpac has an extensive presence in Australia, New Zealand, and other Oceanic countries, with over 35,000 employees serving more than 10 million clients. Overall, the bank’s reputation and stability make it a top choice for many customers, businesses, and investors alike.

4. National Australian Bank (NAB)

National Australian Bank (NAB) is one of the largest banks in Australia, having been established in 1982. With a strong focus on customer service, NAB offers a broad range of financial products and services, including savings accounts, credit cards, personal loans, mortgages, business loans, insurance, investments, private banking, retirement and wealth planning, asset management, travel and overseas banking, foreign exchange, and wire transfers.

NAB has a significant presence in the Australian market, with a total of 34,400 employees serving its customers. The bank has its headquarters in Melbourne, Victoria.

NAB’s strength lies in its ability to cater to a diverse range of customers, including wholesale and retail clients of varying sizes. This approach allows NAB to offer tailored solutions to meet the specific needs of its customers. Additionally, NAB has a strong focus on innovation, leveraging technology to enhance its services and provide a superior customer experience.

NAB’s reputation as a customer-focused bank with a diverse range of products and services has helped it to become a leader in the Australian financial industry.

5. Macquarie Group (Sydney)

Founded in 1969 as an investment bank, Macquarie Group is a leading Australian financial services provider that offers a wide range of services, including asset management, banking and financial services, commodities and global markets, and Macquarie capital. Its services also include taking deposits, providing loans of various types, private banking, advisory services, and internet banking.

The bank’s headquarters are in Sydney, and it employs over 15,000 people. Macquarie Group is recognized globally as the world’s leading infrastructure asset management company. It is also a top adviser in mergers and acquisitions within Australia. Apart from asset management, Macquarie Group provides personal and business clients with a variety of services, including market access, wealth management, asset financing, leasing, renewables research and development, and specialist advisory.

With its diversified offerings, Macquarie Group has established a strong presence in the financial services industry, both in Australia and globally. The bank’s focus on infrastructure investment and asset management has made it a leading player in these sectors.

6. Bendigo and Adelaide Bank (Bendigo, Victoria)

Bendigo and Adelaide Bank, headquartered in Bendigo, Victoria, is the sixth-largest bank in Australia. This bank offers a range of products and services, including personal and commercial insurance, business banking, investment, and loan products.

Bendigo and Adelaide Bank has a widespread presence, with over 400 branches, including 25 additional branches it acquired after merging with Adelaide Bank. With more than 7,000 employees, Bendigo and Adelaide Bank caters to over 1.9 million customers. This bank has positioned itself as a leading provider of home loans in Australia.

7. Suncorp Bank (Brisbane)

Suncorp Bank is a major Australian financial institution that provides a wide range of banking and insurance services, including home and motor insurance, life insurance, and superannuation. The bank was originally established in 1902 as an agricultural bank and later merged with Metway Bank to become what is now known as Suncorp Bank.

Suncorp Bank operates an extensive network of 423 branches, with 157 branches added to its portfolio through the acquisition of Promina. The bank employs over 13,000 workers across Australia and New Zealand and offers its services through 389 retail and business banking branches.

8. Bank of Queensland (Brisbane)

Founded in 1863, the Bank of Queensland is the eighth-largest bank in Australia with 252 branches and 3,055 ATMs. With over 2,098 employees, the Bank of Queensland offers a broad range of financial services through its five divisions. These divisions are Retail Banking, BOQ Specialist, BOQ Finance, St Andrew’s Insurance, Virgin Money Australia, and Me Bank as of July 2021.

The Retail Banking division offers a wide range of personal banking products and services such as home loans, credit cards, savings and transaction accounts, and insurance. BOQ Specialist focuses on providing tailored financial solutions to medical, dental, and accounting professionals, while BOQ Finance provides asset finance solutions for businesses.

St Andrew’s Insurance, on the other hand, offers various types of insurance products such as car, home, travel, and life insurance. Virgin Money Australia, acquired by Bank of Queensland in 2013, offers a range of financial products, including savings and transaction accounts, credit cards, and insurance. In 2021, Bank of Queensland also acquired ME Bank, which offers home loans, credit cards, savings accounts, and other personal banking services.

Bank of Queensland is a well-established financial institution in Australia, offering a broad range of financial services through its various divisions. Its solid financial performance, high customer satisfaction ratings, and significant market presence are testaments to the bank’s quality service and reputation in the Australian banking industry.

9. ING Bank (Australia) Limited (Sydney)

ING Bank (Australia) is a subsidiary of a multinational Dutch bank that provides a wide range of banking services, including personal banking, insurance, loans, and other financial services. Established in 1999, the bank operates as a foreign subsidiary company.

Despite not having physical branches, ING Bank (Australia) has grown to become the largest lender after the Big Four banks. The bank has several branches and arms through which it operates, providing services such as savings, mortgage, insurance, wholesale banking, lending, and other conventional banking functions. Although it started small, ING Bank (Australia) is now considered one of the top mortgage service providers in the country.

Furthermore, the bank has over 30,000 active retirement accounts, making it a substantial retirement account portfolio provider. It has earned a reputation for delivering excellent customer service, with high customer satisfaction and recommendation ratings. As a result, many customers are willing to recommend ING Bank (Australia) to others, contributing to a steady rise in customers.

ING Bank (Australia) is a reputable financial institution that has gained the trust of customers due to its quality services, high customer satisfaction ratings, and robust financial portfolios. It is a significant player in the Australian banking industry, offering a wide range of banking services to its customers.

10. HSBC Bank Australia (Sydney)

HSBC Bank Australia is a financial institution that ranks as the 10th largest bank in Australia. The bank offers a wide range of banking and financial services to its clients. These services include retail banking, private banking, trade banking, financial banking, and treasury banking.

Apart from these services, HSBC Bank Australia also provides cash management, securities custody, and asset management services. These financial services are accessible to clients both online and through its network of 45 branches and offices.

In 2007, The Hongkong and Shanghai Banking Corporation Limited, a foreign-owned bank, was incorporated as HSBC Bank Australia. HSBC Bank Australia has its headquarters in Sydney and primarily serves institutional, corporate, and commercial sectors. The bank has thousands of ATM outlets and provides internet banking services. Its clients can conduct foreign transactions easily in any of the countries where HSBC has a presence.

The bank started as Hongkong Finance in 1964 before acquiring a banking license in 1986. Since then, it has become a reliable financial institution that provides quality financial services to its clients.

Best Bank in Australia

The Commonwealth Bank of Australia (CBA) is a multinational bank that operates in various countries including New Zealand, Asia, the United States, and the United Kingdom. It offers a wide range of financial services such as retail, business, and institutional banking, insurance, investment, funds management, and broking services. The bank is the largest listed company on the Australian Securities Exchange with several brands under its umbrella, including Bankwest, Colonial First State Investments, ASB Bank (New Zealand), Commonwealth Securities (CommSec), and Commonwealth Insurance (CommInsure).

The bank was founded in 1911 by the Australian Government, and it was fully privatised in 1996. The Commonwealth Bank is one of the four largest banks in Australia, along with National Australia Bank (NAB), ANZ, and Westpac. It was listed on the Australian Stock Exchange in September 1991.

Previously, the Commonwealth Bank had its headquarters in two buildings, the Commonwealth Trading Bank Building and the State Savings Bank Building, both located in Martin Place, Sydney. The former was refurbished in 2012 for commercial and retail purposes, while the latter was sold to Macquarie Bank in 2012.

The bank’s current headquarters are located in Tower 1, 201 Sussex Street, Sydney, and two new nine-story buildings were constructed on the site of the former Sega World Sydney in Darling Harbour, on the western side of Sydney’s city centre.

Small Business Banking in Australia

Small businesses are the backbone of the Australian economy, and there are many banks in Australia that cater specifically to their needs. Small business banking in Australia involves a range of services and products designed to help small business owners manage their finances and grow their businesses.

Here are some of the key features and services of small business banking in Australia:

Business loans: Small business owners can apply for loans from banks to finance their businesses. These loans can be used for a variety of purposes, such as buying inventory, purchasing equipment, or expanding the business.

Business credit cards: Business credit cards allow small business owners to manage their expenses and track their spending. Many banks offer credit cards with rewards programs that can help businesses save money.

Merchant services: Merchant services allow businesses to accept payments from customers using credit and debit cards. Many banks offer merchant services that are designed specifically for small businesses.

Business savings accounts: Business savings accounts are a way for small businesses to earn interest on their savings. Many banks offer business savings accounts with competitive interest rates and no fees.

Online banking: Online banking allows small business owners to manage their accounts and transactions from anywhere with an internet connection. Many banks offer online banking services that are designed specifically for small businesses, with features such as invoicing and payroll management.

Small business banking in Australia is a competitive industry, and there are many banks that offer services and products to meet the needs of small business owners. When choosing a bank for small business banking, it’s important to consider factors such as fees, interest rates, and customer service.

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