Top 20 Banks in Australia

Last Updated on February 5, 2023 by admin

Australia’s banking system is extremely trustworthy and accessible. Banks in Australia are smart and competitive, with a strong regulatory structure.

As a matter of fact, Banks play an important part in Australia’s financial system.

So, they provide traditional services as well as services such as business banking, financial market trading, stockbroking, and fund management.

Here are the top 20 banks you can get in Australia.

Related: Top 20 Banks in Canada

Top Banks in Australia: What are the Big Four Banks?

  • Commonwealth Bank (CBA)
  • Westpac (Westpac)
  • Australia & New Zealand Banking Group (ANZ)
  • National Australia Bank (NAB)

#1. Commonwealth Bank of Australia (CBA)

The Commonwealth Bank of Australia is a global bank with operations in New Zealand, the Fiji Islands, Asia, the United States, and the United Kingdom.

This bank was certainly established in 1911 and is based in Sydney. CBA has over 11,000 outlets and employs 42,548 people in Dec 2019.

It is Australia’s biggest bank, offering a diverse variety of services and a portfolio of financial products. It provides retail, commercial, and institutional banking, as well as wealth management services.

#2. Westpac (Westpac)

Westpac was once known as the Bank of New South Wales and was formed by the merging of BNSW with the Commercial Bank of Australia.

It provides services through five divisions: Consumer Bank, Business Bank, BT Financial Group, Westpac Institutional Bank, and Westpac NZ.

Related: Top 20 Banks in The United Kingdom

#3. Australia & New Zealand Banking Group (ANZ)

ANZ bank was founded in 1835 and is regarded as one of Australia’s top banks, Its headquarters are in Melbourne, and it employs about 38,479 people.

It also operates in the United States, Europe, Australia, New Zealand, the Asia-Pacific area, and the Middle East.

Retail, HNI, SMEs, corporate, and commercial customers are all served by the bank’s financial services.

#4. National Australia Bank (NAB)

This bank was founded through the merging of the National Bank of Australasia with the Commercial Banking Company of Sydney.

It also has offices in New Zealand, the United States, Asia, and Europe, with its headquarters in Docklands.

What is the Australian Mutual/Cooperative Banking Sector?

The industry group that speaks for the more than 100 credit unions, building societies, and mutual banks that make up the Australian mutual or cooperative banking sector is the Customer Owned Banking Association, formerly known as Abacus Australian Mutuals.

  • Great Southern Bank
  • Newcastle Permanent
  • Heritage Bank
  • People’s Choice Credit Union
  • Teachers Mutual Bank
  • Greater Bank
  • Bank Australia
  • Beyond Bank Australia
  • IMB Bank
  • P&N Bank

Read: How to Open Domiciliary Account With Zenith Bank | 2022

#5. Top Banks in Australia: Great Southern Bank

Great Southern Bank is Australia’s largest customer-owned bank, having rebranded from Credit Union Australia on June 1, 2021.

#6. Newcastle Permanent

Bank services are offered by Newcastle Permanent Building Society Limited. Therefore, the Bank provides personal loans, home loans, mortgage loans, credit cards, savings accounts, investment accounts, insurance, merchant facilities, and other business solutions.

#7. Top Banks in Australia: Heritage Bank

Heritage Bank, which changed its name from Heritage Building Society in December 2011, was Australia’s largest customer-owned bank.

#8. People’s Choice Credit Union

Through cutting-edge banking and personal service, People’s Choice gives its customers the freedom to build the lives they want from personal and commercial loans to mortgage loans.

#9. Teachers Mutual Bank

One of Australia’s biggest mutual banks, Teachers Mutual Bank Limited has more than 200,000 members and $8 billion in assets. With its Headquarters at Homebush, Australia.

Also Read: How to Open Domiciliary Account With Unity Bank

#10. Greater Bank

Greater Bank is a customer-owned bank and cooperative financial institution based in Hamilton, New South Wales.

It was founded in 1945 and has its headquarters in Hamilton, Australia. Greater Building Society was the previous name of the bank. It was also spread throughout 59 branches.

#11. Top Banks in Australia: Bank Australia

Bank Australia is a customer-owned bank in Collingwood, Victoria, Australia.

The CSIRO Co-operative Credit Society established the organization in 1957.

#12. Beyond Bank Australia

Beyond Bank is a customer-owned bank in Australia with branches in South Australia, Victoria, the Australian Capital Territory, Western Australia, and New South Wales.

#13. IMB Bank

In terms of assets under administration, IMB is the oldest building society in New South Wales and the third biggest in Australia.

However, IMB, formerly known as the Illawarra Mutual Building Society, was founded in 1880 and is headquartered in Wollongong, New South Wales.

#14. P&N Bank

P&N Bank is a part of Police & Nurses Limited and a wholly owned Australian bank headquartered in Western Australia.

In fact, P&N Bank operates on a mutual format and offers retail banking services such as savings, loan products, and insurance.

Related: How to Open Domiciliary Account With Heritage Bank | 2022

#15. Bank of Queensland

This bank’s headquarters are in Queensland. It solely provides retail banking services.

#16. Macquarie Bank

The Sydney headquarters of this bank provides asset management, finance, banking, advising and risk management, and capital solutions.

#17. Suncorp Bank

Suncorp Bank operates in Australia and New Zealand, offering general insurance, banking, life insurance, and wealth management services. The headquarters of this bank is in Brisbane.

#18. Top Banks in Australia: Bankwest

Initially a rural lender, Bankwest transformed into a full-fledged trading bank in 1945.

Indeed, this bank has offices in Adelaide, Brisbane, Canberra, Melbourne, and Sydney in addition to its Perth headquarters.

It provides a variety of financial services, including personal, business, commercial, and agri-business financing.

Related: How to Open Domiciliary Account with Unity Bank

#19. Bendigo Bank

This bank was created from the merging of Adelaide Bank and Bendigo Bank. It is among Australia’s biggest retail banks.

#20. Top Banks in Australia: AMP Bank Ltd.

Sydney-based AMP Bank Ltd. provides retail banking services such as deposits, home loans, transaction banking services, etc. It is among the top wealth management companies in Australia and New Zealand.

Also, Asia, the Middle East, Europe, and North America are among the areas where it conducts business.

Top Banks in Australia (FAQs)

What are the 4 top banks in Australia?

  • Commonwealth Bank (CBA)
  • Westpac (Westpac)
  • Australia & New Zealand Banking Group (ANZ)
  • National Australia Bank (NAB)

Which are the top 5 banks in Australia?

Commonwealth Bank – CBA $159.93
National Australia Bank – NAB $92.74
Westpac – WBC $72.93
Macquarie Bank – MQG $69.80
Australia & New Zealand Banking Corp – ANZ $66.62

Which bank is number one in Australia?

Commonwealth Bank of Australia

Which is the safest bank in Australia?

The most reputable banks in Australia are ING and Bendigo Bank, with NAB showing the most improvement.


The Australian banking system is shaped by six main factors: the changing demographics, technology, consumer behavior, the financial situation in Asia, the government, and a slowing global economy.

In fact, these dynamics are important in removing traditional value drivers like asset growth and leverage.

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