Australia is the biggest country in Oceania and remains the sixth-largest city in the world by land mass. And with a population of close to 30 million, many financial institutions thrive in this cold country.
Among all these institutions, a few of them stand out due to their exceptional service, valuable offerings, and customer strength. For this reason, I have categorized them as the best banks in Australia.
While this content will solely focus on the best banks in Australia, it will also key into certain areas of the banking sector, addressing specific abnormalities and necessities for every company in this institution.
Table of contents
What Time Do Banks Open in Australia?
The banking sector is a bustling sector, and due to the high number of financial transactions that occur each day, a lot of demand is placed on these financial institutions to deliver quality value to their customers.
In Australia, banks start work by 9:30 am each day. From Mondays to Thursdays, they begin by 9:30 am and close by 4 pm, while on Fridays, they start by 9:30 am and close by 5 pm.
What are the Best Investment Banks in Australia?
Investment banks solely focus on helping you get great returns from your investments. And investment bankers are professionals with the proper judgment and experience when it comes to getting great returns on investment.
According to Wall Street Mojo, the best investment banks in Australia include:
- Macquarie Group
- UBS
- Credit Suisse
- Citi Bank
- JP. Morgan
- Goldman Sachsaround
- National Australia Bank
- Bank of America Merrill Lynch
Best Banks in Australia in 2023 | Rates, Account Types, Min. Deposit
Regarding banks, reasonable interest rates, various account types, and few charges separate the pack from the rest. The banks outlined in this article have set standards that have made them top-notch financial advisors. Essentially, the best banks in Australia include:
1. Commonwealth Bank
Commonwealth Bank of Australia has been making huge moves in the financial market. When it comes to seamless transactions from anywhere in the world, CBA is driving towards that cause. And they’ve done well through their banking application.
There are three savings accounts at the Commonwealth Bank of Australia, including NetBank Saver, Goal Saver, and Term Deposits. On the Youthsaver, you get interested when you have a minimum balance of $50,000.
2. Australia and New Zealand Banking Group
ANZ plans to sustain excellence in banking by providing strategies that make banking easily accessible. Whether you want to open an account, please apply for a loan, or inquire about available products and services, ANZ has a framework that makes it easy.
Depending on your preference, you can have a savings account, personal overdraft, and term deposits. On the savings account, you can earn interest of 0.45% and 0.50% per annum on the flexible account and other plans, respectively.
3. Bendigo Bank
Bendigo Bank has a comprehensive plan covering loans while allowing you to utilize investment channels to build your money. With 5%, you can start building your home.
You can open a savings account, transaction account, or term deposit. Their savings account doesn’t charge any monthly fees, and you get e-statements to help you keep track of your expenses. You can even start a Piggysaver for your kids to help them grow their income.
4. AMP Bank Ltd
Few financial institutions offer counsel to retired workers that can help them guard and grow their retirement incentives. Regarding investment, professional advice can help you save a lot of money you could have easily lost.
AMP pioneers a new banking system that prioritizes easy banking. They’ve continued to grow their brand into one of the best banks in Australia today. With an amazing rate of 2.59% and 3% per annum comparison rates, they’re a top financial institution.
5. National Australian Bank
National Australian Bank has created an effective system of banking that allows a customer to perform 70% of transactions without coming close to a branch. Their internet banking platform continues to grow in popularity as they advance its features.
In NAB, you can have either savings or a transactional account. And you get a 0.05% interest rate and a 0.50% variable bonus amounting to 0.55%.
6. Westpac Bank
The effect of the pandemic ran through every financial sector; however, Westpac Bank understands that getting their customers back on their feet is essential. They’ve done this efficiently through their personalized loans and low-cost investment plans.
In Westpac Bank, you can have either a savings or a transactional account. And you get a 3% interest rate on your personal savings account, which is a good deal. Hence, they remain one of the best banks in Australia.
7. Suncorp Bank
Suncorp Bank believes in building quality customer relationships that will bring progress to both parties. With amazing online discount rates and secure car loans, you can create financial stability.
On their growth saver account, you receive an interest rate of 0.95%. Suncorp customers can take advantage of special offers and discounts of up to 15% from major retailers.
8. Bankwest
Bankwest has won the hearts of its customers by providing an efficient, secure, and reliable banking experience. Everything they do is tailored to improve customer experience and ease transaction stress.
Bankwest offers a home loan four-year fixed rate of 1.99% per annum and a comparison rate of 3.33% per annum. On their savings page, you can choose the reason for your savings, and they will give you the best offer to help you quickly achieve your goals.
9. Bank of Queensland
When you see outstanding service, you don’t talk about it; you reward it. BOQ has been awarded Mozo’s 2020 People’s Choice Award For Excellent Customer Service, proving their customer-centric approach is working.
At BOQ, you can get 3% per annum on a Fast Track Starter Account when you have a balance of about $10,000. With their banking application, you stay on top of your transactions no matter where you are.
10. Macquarie Bank
Macquarie Bank prides itself on being the best bank for good borrowers. They do this by offering flexible home loan options, meager rates, meager fee chargers, and an exceptional digital experience.
As a bank customer, you get an interest rate of 1.35% annually on a savings account. No matter how many withdrawals you make from your savings account, your interest continues to accrue with time.
Conclusion
Banks in Australia continue to provide high-value services which make financial transactions easy. You can pick up loans, choose a savings program or make solid investments that will give you great returns.
When you want to look for amazing bags in Australia, you don’t need to look too far. The table below summarizes the full information in this article.
| Bank | Account Type | Interest Rate | Min Deposit | |
| 1. Commonwealth Bank | All | N/A | $50,000 | |
| 2. Australia and New Zealand Banking Group | All | 0.45% | None | |
| 3. Bendigo Bank | All | 0.35% | None | |
| 4. AMP Bank Ltd | All | 0.30% | None | |
| 5. National Australian Bank | All | 0.55% | None | |
| 6. Westpac Bank | All | 3% | None | |
| 7. Suncorp Bank | All | 0.95% | None | |
| 8. Bankwest | All | 1.99% | None | |
| 9.. Bank of Queensland | All | 3% | None | |
| 10. Macquarie Bank | All | 1.35% | None |
References
- Wall Street Mojo – Investment Banking in Australia | Top Banks List | Salary | Jobs
- Study in Australia – Banking in Australia
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