Best Australian banks | 10 Best International banks in Australia

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Welcome to this post about the top 10 Best Australian banks, Popular online and most valuable International banks in Australia via Afrokonnect.

A bank is a financial institution which is licensed by the government to give loans and accept deposits. They also perform other functions such as:

  • Wealth management
  • Safe deposit boxes
  • Currency exchange
  • Bills payment

Banks in most countries are regulated by the central bank; They act as a safe haven for people to store your cash.

Types of banks in Australia

1. Retail banks:

They are small commercial banks that offer personal banking services to the public. They offer savings account, checking accounts and retirement accounts.

2. Commercial banks:

Commercial banks are privately owned banks which are created to perform financial services for the public, special financing and loans for businesses/individuals.

They focus more on serving corporate, nonprofit and government clients.

3. Community development banks:

These are privately owned banks which focus on social responsibility which makes them receive support from the federal government.

Most times they are created to help the illiterate communities with financial services and also provide them the access to deposit accounts and credit.

4. Investment banks:

These banks don’t give loans, instead, they focus more on investing of either their money or that of a client.

5. Shadow banks:

These consist of financial groups which aren’t bound by the same rules that other banks comply with.

Money market funds and hedge funds are two kinds of shadow banks.

Top 10 Best Australian Banks in 2024

We have 53 banks in Australia and 14 of them are owned by the government, so in this article we will be mentioning the top 10 types of banks we have:

1. Commonwealth Bank Australia 

Founded in:

1911

Headquarters:

Sydney


The bank is a multinational bank with presence in New Zealand, Fiji, Asia, the US and UK.

The bank has more than 51,800 staff in over 11,000 branches across the globe, It is the largest bank in Australia and provides a lot of services ranging from retail business, institutional banking, and wealth management products and services to its over 16.6 million customers.

As at 2016, the bank total assets were at $740 billion and its total income for that year was $19.52 billion. This numbers have risen in recent times and we expect the bank to keep expanding and exploring.

2. Australia and New Zealand Banking Group (ANZ)

Founded in:

1835

Headquarters:

Melbourne


This bank is one of the biggest and oldest in Australia; it provides a lot of services to retail, high net worth, commercial, corporate, institutional and small businesses.

ANZ has a division called the bank’s wealth Australia division which comprises of the insurance and fund management business units and they offer insurance, investment and superannuation solutions to customers.

The bank has branches spread across over 34 countries including in the US, Part of Europe, Middle East and of course in Australia.

As at 2016, the bank total assets was estimated at $726 billion and its total income for that year was $4,106 million.

Best Australian banks | Popular International banks in Australia

3. National Australian Bank (NAB)

Founded in:

1982

Headquarters:

Docklands, Australia 


National Australian bank also known as NAB was formed by a coalition of the National Bank of Australia and the Commercial Banking Company of Sydney in 1982.

The company has its presence in over 20 countries and it boasts of 820 banking centers. NAB has over 35,063 staff and it offers services to over 8 million customers worldwide.

It recorded a total assets worth $617 billion and its total income was valued at peak $5.1 billion.

4. Westpac Bank – Best Australian banks

Founded in:

1817

Headquarters:

Sydney


Being the first bank in Australia, Westpac bank was initially known as Bank of New South Wales.

In 1982, the bank became Westpac corporation when the Commercial bank of Australia merged with the Bank of New South Wales. The bank offers a lot of financial services through 5 divisions namely:

  • Consumer Bank
  • Business Bank
  • BT Financial Group
  • Westpac Institutionalized Bank
  • Westpac New Zealand

The bank has over 32,620 staff and provides financial services to over 13 million customers in several countries. Westpac total assets was estimated at $643 billion and its total income for that year was $8.1 billion.

Best Australian banks | Popular International banks in Australia

5. Bank of Queensland, Australia

Founded in:

1874

Headquarters:

Queensland


Bank of Queensland is one of the oldest banks in the whole of Australia, it offers a lot of financial services but it is most popular for offering retail banking services to its customers.

The bank has 48,556 individuals working as official staffs and it has over 200 branches in Australia actively attending to their millions of customers.

Bank of Queensland recorded a total assets estimated at $40.1 billion and its total income peaked at $394 million which makes it one of the top Australian banks presently.

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6. Macquarie Bank, Australia 

Founded in:

1969

Headquarters:

Sydney


Being a commercial bank isn’t what made Macquarie bank to rank so high in this article;

No, Macquarie bank is the largest investment bank in Australia and the only one on this list.

It provides a lot of services which includes: asset management and finance, banking, advisory, risk, and capital solutions across equity, commodities markets and debt to millions of its customers. The bank has 13,587 individuals as its staff.

It’s total assets were estimated at $145 billion and it’s total income amounted to $8.3 billion.

7. Bendigo Bank – Best Australian banks

Founded in:

2007

Headquarters:

Bendigo


Bendigo bank was formed by the coalition of Adelaide bank and Bendigo bank in 2007. This bank has its popularity due to it being the largest retail banks in the whole of Australia and is also the newest bank on this list based on the day it was created.

The bank has over 7,200 employees and is based mainly in Adelaide and South Australia but it still maintains regional offices at Docklands, Melbourne, and Ipswich, Queensland.

Bendigo recorded a total assets worth $327.3 billion and total income of $1.23 billion.

Best Australian banks | Popular International banks in Australia

8. AMP Bank LTD

Founded in:

1988

Headquarters:

Sydney


This bank is also very popular because of its ability to provide retail banking services to over 5 million retail customers and 400 institutional clients.

Also, the bank provides a wide range of financial services which includes:

  • Deposits
  • Residential mortgages
  • Self-managed superannuation fund products
  • Practice finance loans
  • Transaction banking services

The bank proudly boasts of being the leading independent wealth management company in Australia and New Zealand. It operates in Australia, New Zealand, Asia, the middle East, Europe and North America.

Total assets of the bank was estimated at $5,984 million and its total income was $4,923 million.

9. Suncorp Bank – Best Australian banks

Founded in:

1902

Headquarters:

Brisbane


Suncorp bank is known for providing a lot of financial services which includes: General insurance, banking services, life insurance and wealth management services to all its customers.

The bank has its presence only in Australia and New Zealand, with over 13,500 individuals serving as their official employees and they offer financial services to over 9 million customers. 

Suncorp recorded a total assets worth $77.06 billion and its total income peaked at $13.8 billion.

10. Bankwest, Australia

Founded in:

1895

Headquarters:

Perth


This bank is not a newcomer on this list because it serves as a rural lender to support the State’s farming industries. It was initially known as Agricultural Bank then in 1945, it became a full-fledged trading bank.

After it became incorporated in 1990, it changed its name to Bankwest in 1994. The bank has branches in Adelaide, Canberra, Melbourne, Sydney, and Brisbane.

Bank west has over 926 employees and it also specializes in personal banking, commercial banking, corporate and private banking, trade finance, agri-business finance, credit cards, and other financial services. The bank was estimated to worth over $1.43 billion.

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Best Australian banks | Popular International banks in Australia

FAQs

While you are still here it is imperative you know the Cost of living in Australia, especially in cities like Sydney, Melbourne, Brisbane, Canberra and Perth.

Here are the Top 10 Best and safest banks in United States of America.

What are the Top 5 best Online banks in Australia?

Online banks are financial institutions that operates without having any physical branches. Here are the top 5 online/fintech banks in Australia;

i) Airwallex – International banks in Australia 

Founded in:

December 2015

Headquarters:

Melbourne, Australia

Founders:

Jack Zhang, Xijing Dai, Lucy Yueting Liu, Max Li


It is a payment platform which intends to transform how businesses move and manage money globally. Airwallex is also designed to send and receive international payments.

ii) Timelio, Australia 

Founded in:

2014

Headquarters:

Melbourne, Australia

Founders:

Andrew Petris, Charlotte Petris


It is an online marketplace which oversees businesses to raise their capital.

iii) Brighte – Best Australian banks

Founded in:

Nov 11, 2015

Headquarters:

Sydney, Australia

Founder:

Katherine McConnell


This is a digital platform which provides interest-free payments on home energy and improvements.

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iv) Athena

Founding date:

June 2017

Headquarters:

Sydney, Australia

Founders:

Michael Starkey, Nathan Walsh


Athena is a digital lending platform that merges wholesale funds to high Australian mortgage borrowers in an efficient manner.

v) Zeller – Best Australian banks

Founding date:

2020

Headquarters:

Melbourne, Australia

Founders:

Ben Pfisterer, Dominic Yap


Zeller ensures that business owners can accept payments, pay recipients and manage their finances fast.

Best Australian term deposit

In this section, we will be looking at the top 5 6-month term deposit rates in Australia:

  • Gateway Bank = 2.20% Interest rate which is paid at the end of term
  • Firstmac = 2.20% Interest rate which is paid at the end of term
  • Abal banking = 2.15% Interest rate which is paid at the end of term
  • MyLife MyFinance = 1.95% which is paid at the end of term
  • Amp = 1.90% Interest rate which is paid at the end of term

What is RBA interest rate?

The current official cash rate as shown by RBA is 0.10%

What is the current NAB interest rate?

10 Best Australian banks | Popular International banks in A

Below are the interest rates for NAB packages:

  • Less than $250,000 = 4.17%
  • $250,000 to $749,999= 3.92%
  • $750,000 and above= 3.87%

This brings us to the end of this article about the top 10 Best Australian banks, Popular online and most valuable International banks in Australia via Afrokonnect.

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