Best Banks in Australia in 2022 | Rates, Account Types, Min. Deposit

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, a lot of 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 certain abnormalities and necessities for every company in this institution.

What Time Do Banks Open in Australia?

The banking sector is a very busy 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 its customers.

In Australia, banks start work by 9:30 am each day. From Mondays to Thursdays, they start 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 the professionals with the right judgement and experience when it comes to getting great returns on an 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 2022 | Rates, Account Types, Min. Deposit

When it comes to banks, good interest rates, a variety of account types and few charges separate the pack from the rest. The banks we have outlined in this article have set standards that have made them top-notch financial advisors. Essentially, the best banks in Australia include:

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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 categories of savings account at Commonwealth Bank of Australia which include; NetBank Saver, Goal Saver, and Term Deposits. On the Youthsaver, you get interest 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, apply for a loan, or make inquiries about available products and services, ANZ has a framework that makes it easy.

You can have a savings account, personal overdraft, and term deposits depending on your preference. On the savings account, you can earn interests amounting to 0.45% and 0.50% per annum on the flexible account and other plans respectively.

3. Bendigo Bank

Bendigo Bank has a comprehensive plan which covers for loans while giving you an opportunity to utilize investment channels that will make you build your money. With 5%, you can start building your home.

You can open a savings account, transaction account, or a 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. When it comes to 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 perform 70% of transactions without coming close to a branch. Their internet banking platform continues to grow in popularity as they advance its features.

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In NAB, you have can either a savings account or a transactional account. And you get a 0.05% interest rate and 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. Through their personalized loans and low-cost investment plans, they’ve done this efficiently.

In Westpac Bank, you have can either a savings account 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 relationships with their customers that will bring progress to both parties. With amazing online discount rates and secure car loans, you can build a level of financial stability.

On their growth saver account, you get to receive an interest rate of 0.95%. Suncorp customers can take complete advantage of special offers and discounts of up to 15% from major retailers.

8. Bankwest

Bankwest has won the hearts of their customers by providing an efficient, secure and reliable banking experience. Everything they do is tailored to improve customer experience in addition to easing 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 that will help you easily 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 and this goes to prove their customer-centric approach is working.

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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 in the world.

10. Macquarie Bank

Macquarie Bank prides itself to be the best bank for good borrowers. They do this by offering flexible home loan options, amazing low rates, meager fee chargers and an exceptional digital experience.

As a customer of this bank, you get an interest rate of 1.35% per annum on a savings account. No matter how many withdrawals you make on 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 whole information in this article.

BankAccount TypeInterest RateMin Deposit
1. Commonwealth Bank AllN/A$50,000
2. Australia and New Zealand Banking GroupAll0.45%None
3. Bendigo BankAll0.35%None
4. AMP Bank LtdAll0.30%None
5. National Australian Bank All0.55%None
6. Westpac BankAll3%None
7. Suncorp BankAll0.95%None
8. BankwestAll1.99%None
9.. Bank of QueenslandAll3%None
10. Macquarie BankAll1.35%None

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