Best Banks

Based on 25,271 reviews
Location
Brand
Rating

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Judo Bank

Judo Bank Award Winning Term Deposits 🏆 2026

4.8 

Great service and term deposit rates with an added loyality bonus including Government guaranteed .

Bank Australia

Bank Australia 🏆 2026

4.7 Summary
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DamienVIC2 posts
 

too busy trying to look cool with their sustainability pledges, just deliver bank related customer service, customers are often too busy ringing in, … Read more

its an inconvenience as it is, to get the wait times and wanky soundscapes is a sign of a bank with no feel for customer relations, shopped around through 5 lending consultants was a joke for a recent loan application, closed my accounts now.

Bank Australia
Bank Australia    

Hi Damien, thanks for sharing your feedback - I'm… Read more

Judo Bank

Judo Bank 🏆 2026

4.8 Summary
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Sam W.QLD3 posts
  Verified

QUICK AND EASY NO FUSS!!! WINNER ALL AROUND. The process was easy!!

Queensland Country Bank

Queensland Country Bank 🏆 2026

4.9 Summary
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KatherineQLD
  Fair Incentive

Excellent service and the staff is very good with excellent communication. Very excellent team work. Show details

Qudos Bank

Qudos Bank 🏆 2026

4.8 Summary
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DebraQLD
 

Patient, helpful & very respectful I was a little unwell so I really appreciated the kindness Excellent professional service Show details

Auswide Bank

Auswide Bank

4.7 Summary
Geraldine
  Verified

Staff are always very friendly and helpful. They are professional but still personal. They make me feel valued.

Australian Mutual Bank

Australian Mutual Bank

4.8 Summary
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Shane JNSW2 posts
 

The moment they merged with Teachers Mutual Bank everything turned to trash. Locked out of all our accounts and wouldn't accept our proof of… Read more

ID/details over the phone because we didn't know exactly how much money was in each of our accounts (hard to know when you are locked out) and what year we joined. Asked for a supervisor to resolve and was told they had over 600 callbacks to do and couldn't help me and sent a proof of ID form to fill out. After 30 odd years of being a customer via multiple mergers etc and now feeling like just a number and not a member as they claim. I will be taking all of my business elsewhere ASAP

Australian Mutual Bank
Australian Mutual Bank    

Hi Shane, thank you for your feedback. We… Read more (+2 replies)

The Mutual Bank

The Mutual Bank

4.6 Summary
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Renae5 posts
 

Unfortunately this bank had no idea how to make a mortgage assessment. Had mine in for months and then 3 months in, told me I should use a paper… Read more

based form instead of doing the application online. But during that entire 3 months they were making the assessment and asking me for documents - then telling me they need to restart the assessment with a paper based form. This should be notified on day 1 of receiving the application. They also told me initially that I will get the previous days rate (when I made the application the rates went up). After the 3 months of stalling they told me they werent going to give me any special rate anymore - I think this is why they stalled. I made a complaint and someone called me and admitted they've made a mistake but there is nothing they can do. Which is obviously untrue as a bank can just offer a lower rate if they're also trying to rectify their mistakes. BIG WASTE OF TIME.

Bank of Sydney

Bank of Sydney

3.8 Summary
MansfieldJohnoVIC37 posts
 

Sent then an email requesting info of my term deposit account on 6 th April. Got an email back from them in 2 hours saying they will look into it.… Read more

Today is 13 April nothing heard back from them. I keep rining the phone number for customer service it asks you to leave a message. But know one calls back

Bank First

Bank First

3.3 Summary
Wendy C.VIC9 posts
 

I have been with this bank over 20 years and access to your money has to happen in small amounts. A sudden emergency and your in trouble if suddenly you have to pay a large bill urgently.......you can't. Show details

Great Southern Bank

Great Southern Bank

2.5 Summary
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kiy25 posts
 

Do not go to this bank. Had trouble accessing my own funds. Sadly, even having my accounts closed is also too hard for them.

Great Southern Bank
Great Southern Bank    

Sorry you have had this recent experience… Read more

Beyond Bank

Beyond Bank

2.6 Summary
MandyQLD
 

On hold for 30 mins then on line talking to them for 40 mins giving them all my details & they tell me they can’t verify my voice!! Can’t access money if you live interstate & they won’t email you anything! Show details

Police Bank

Police Bank

2.8 Summary
Kimi T.
 

Police Bank should seriously consider changing its name to "Suspicion Bank", because apparently the biggest fraud risk to them is their own customers… Read more

trying to use their own money. Every transaction feels like a high-stakes criminal investigation. Buy groceries? Fraud. Pay a bill? Fraud. Transfer your own money? Definitely fraud. At this point I'm surprised they haven't frozen my card for checking my balance too enthusiastically. Calling customer service is less of a phone call and more of a test of human endurance. By the time someone answers you've aged noticeably, developed trust issues, and forgotten why you called in the first place. The app seems to function according to the phases of the moon. Sometimes it works, sometimes it doesn't, and sometimes it simply decides that accessing your own account is a privilege you've not yet earned. The best part is the constant account freezes. Nothing says "modern banking experience" quite like standing at a checkout with a declined card while Police Bank bravely protects you from the dangerous threat of buying your weekly groceries. When you finally reach someone, the solution is usually another round of security questions, another wait, and another promise that everything is fixed—right up until the next completely ordinary transaction triggers the fraud department's panic button. I've had more reliable relationships with self-service checkouts and more productive conversations with brick walls. Police Bank doesn't just hold your money—they make it feel like you're applying for permission to use it every single day. Would not recommend unless your hobby is sitting on hold, explaining that you are in fact yourself, and gambling on whether your card will work this week. One star only because zero wasn't an option.

Police Bank
Police Bank    

Hi Kimi We are sorry to hear all this. Would you… Read more

Up

Up

2.3 Summary
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Yann W.
 

I highly discourage using Up Bank. They block your transactions unreasonably when trying to use your money online. You have no way to withdraw your… Read more

money at ATM either as they have no partnership with anyone. So basically they just keep your money lock and decide how you can used it, not yourself.

MOVE Bank

MOVE Bank

2.9 Summary
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M M.
 

Poor Customer Service – Tried to open a term deposit by phone. Dealt with a person who sounded like she was half eating lunch during the phone call and the quality of the… Read more

line was extremely poor. When I said I was having difficulty hearing the call she hung up and that was the end of the conversation. If that's the first impression you get from a bank when they should probably be at their best in attracting new custom, it might be best to avoid and go elsewhere.

MOVE Bank
MOVE Bank    

Hi M M, I'm so sorry to hear about this experience… Read more

Commonwealth Bank

Commonwealth Bank

1.6 Summary
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RichardWA6 posts
 

What an absolute disgrace of a bank, I tried to deposit cash into my daughter's bank account & they said I couldn't do it because I was not their… Read more

customer. & That wS after waiting 45 mins in a line while they had only 1 teller open! These scum banks are a disgrace not to mention corrupt

Rabobank

Rabobank

2.2 Summary
Nigel2 posts
 

Been using it for my SMSF and it works out really well. Great intetest rates for term deposits and can be a low $1,000. Been making a 6 month term deposit ladder and works out really very well. Highly recommend.

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AnnaNSW
 

Since ME Bank migrated their home loans to the new ME Go accounts, my account was locked so I could not access my funds for almost a week, wait times… Read more

to talk to someone on the phone were from 1.5 to 2 hours each time (a total wait of over 6 hours last week), advice has been inconsistent and follow up zilch. Statements are also missing from my account. I complained to AFCA and ME Bank rang a couple of days later but has only dealt with part of the complaint. There's been no follow up about the rest. A week later, incorrect payments and balances are appearing on my account and I can't see transactions in my home loans. I've also found out the new ME Go loan package is less favourable than the one I signed up to originally and I can't re-fix my loan without moving to the new package. Shabby, irresponsible and unethical is an understatement! Wish I could rate below 0.

Greater Bank

Greater Bank

2.1 Summary
MarkNSW3 posts
 

Emma at Glendale is excellent to deal with Told her what we needed she made it happen couldn't be happier Show details

ING

ING

1.6 Summary
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ItsMeQueensland7 posts
 

New app is terrible. Why roll out something so useless. Many problems including inability to message on the app, cannot transfer between accounts anymore. Don’t seem to listen to feedback either.

Bendigo Bank

Bendigo Bank

1.7 Summary
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TonyVIC11 posts
 

Won't even lend me 500$ Because I don't work How pathetic n even made me Come into the branch to apply Been with them for over 15yrs

Heritage Bank

Heritage Bank

1.7 Summary
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GavQLD9 posts
 

Wife had her bank account blocked trying to make an overseas payment, they froze her account, after talking to them trying to get it unblocked she… Read more

said “this is to hard just cancel the payment and I’ll use another method just unblock my account I need access to my money to pay bills” they then said “that’s a bit suspicious “ she then said well make the payment then, going on 3 days now and the account is still blocked, went into the branch and they said there’s nothing we can do, 7 calls and and hours getting the same reply, it’s being investigated we will let you know, you can’t make this stuff up! without a doubt worst bank on the planet.

Heritage Bank
Heritage Bank    

Hi Gav, we would appreciate the opportunity to… Read more (+7 replies)

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Boozlefoot18 posts
 

Wanted to open an everyday type savings account, after my long standing credit union was merged with a bank of very low reputation. So popped into… Read more

the local NAB branch where I have been a customer for over 30 years. Only one other customer present, 4 staff in attendance. How can we help? Open a savings account please, already have an NAB account, here is my ID number. "Oh, we're terribly busy at the moment, if you step over here we will arrange an appointment time and try to fit you in during the coming week". Explained I lived over 40kms away, and would be rather inconvenient - and I'm already holder of a NAB id number. After approximately 10-12 minutes of consulting the "magical calendar", I requested my card back and walked across the road to another institution who processed my request immediately and presented me with my BSB and account numbers in less time than NAB could consult their tablet. (Bear in mind, 4 staff and 2 customers........sooooo very busy). CEO of NAB (name withheld due to Review policy), you really need to address the basics of the NAB, rather than sending out interminable emails to existing customers saying how you're prepared to help during hard times - but on reflection, if the branch is so terribly busy, maybe you are too.

BankWest

BankWest

1.5 Summary
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J v.QLD2 posts
 

Absolutely bast#rds to deal with over twenty years of my mortgage repayments Someone just rang me from Bankwest as my repayment was 4 days late for… Read more

31 dollars Told me they will be reporting it to credit rating Asked me if I need assistance lol To pay $31

ubank

ubank

1.5 Summary
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KathNSW5 posts
 

16 years with this bank. Over $266K invested. I'm 80 years old this month. Made an error depositing $10K on 31 March instead of 1 April. Missed out… Read more

on over $800 interest to live on. Ubank would not budge. Ruled by the algorithm. Recommend using a bank where negotiating is genuine.

Kath
Kath   

Ubank is ruthless in applying the algorithm. I will be moving money to other banks after end of… Read more (+1 reply)

St. George

St. George

1.4 Summary
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LPA
 

So disappointing. Moved all our loans to them, couldn't get a credit card. Card got lost. Had to cancel joint card...phone service is friendly, but terrible CX processes.

Macquarie Bank

Macquarie Bank

1.4 Summary
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Karen CNSW2 posts
 

Macquarie bank has provided a terrible customer service. I have spent hours on the phone trying to sort out various issues with them only to be put… Read more

through to a variety of different departments to be finally told ring back on another number. I am still waiting now to try to resolve an issue with them and then will have no further contact with them.

ANZ

ANZ

1.3 Summary
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Linc3 posts
 

This is simply the worst credit card service imaginable For every credit card problem you ask them to solve, they'll only help you get deeper into trouble, without exception.

MyState Bank

MyState Bank

1.9 Summary
KathNSW5 posts
 

MyState Bank is congratulated for its responsiveness to my situation. It has a $20 and 5 card taps requirement for bonus interest. I needed a… Read more

replacement card when mine was lost. But I hadn't completed the 5 taps for the month. The new card didn't arrive in time because of a local mail problem. The bonus was applied gratis..Telephone negotiations were friendly and supportive. Total opposite to my experiences with UBank.

Bank of Queensland

Bank of Queensland

1.4 Summary
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DavidVIC3 posts
 

Love the MyBOQ App. Simple and easy to use and navigate. Very happy with the competitive interest rate on my simple saver account.

Westpac

Westpac

1.3 Summary
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Billy D.WA
  Fair Incentive

the worst bank so far, the customer service promised me to called today. Yes, i forgot today is saturday. they lied in my face. I have applied credit… Read more

card and for 1 month i dont have any certainty, it is approved or declined. Called them on 05/06, and asked them to cancel the application with thousand of reasons. stay away from this bank..

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Judo Bank

Judo Bank Award Winning Term Deposits 🏆 2026

4.8 

Great service and term deposit rates with an added loyality bonus including Government guaranteed .

Glass jar full of coins

Types of Banks

Online-only banks

Also called digital-only banks or neobanks (meaning 'new banks'), online-only banks are rightly a newer addition to the banking market.

It's important to note that online-only banks are designed to be 100% online - they have no physical branches you can visit. This also differentiates them from online banking options offered by traditional banks, such as Netbank and Westpac online banking.

Pros
Can be more financially rewarding with more competitive rates and fees, due to costs cut from being branchless
Convenient online operation means 24/7 access to banking services after downloading a banking app
Faster service and exclusively digital services are offered that may be unavailable with online banking apps of traditional banks
Cons
Services are limited especially when it servicing credit card and home loan customers. However, some neobanks partner with chartered banks and credit unions to give loans to individuals and businesses.
Designed primary for smartphones via a banking app - this may be unappealing if don't like relying on technology for life admin
No physical branches means that if you prefer face-to-face banking customer service, you may be disappointed
ATM fees will often be charged when you use a neobank debit card, as many online-only banks don’t have their own dedicated ATMs
Potential start-up status means online-only banks can lack the years of experience and credibility of reputation that builds up over time, which some banking customers may value.

Services

  • Transaction accounts and savings accounts
  • Digital payment and money transfer
  • Home loans or other small loans are sometimes offered

Services often unique to online-only banks

  • Instant loan approval
  • Digital wallets such as Samsung Pay, Apple and Google Pay
  • Virtual cards
  • Online sign up vs in-branch sign-up
  • Spending trackers and budget setting

How safe are online only banks?

Online only banks are as safe as traditional banks and customer-owned banks. This is because to trade as a bank, they're required to be licensed by the Australian Prudential Regulation Authority as ADIs - Authorised Deposit-taking Institutions. This means deposits of up to $250, 000 are protected under the government's Financial Claims Scheme - and that your dealings with licensed online-only banks are safe.

Online-only banks tend to use similar security measures as the internet banking portals of bigger banks, such as multi-factor authentication and biometrics. Since most online banks are still pretty new, they are often designed with advanced digital security measures.

Privately Owned Banks

Pros
Wide range of banking services, including more personalised services like private banking, which includes wealth management.
Physical branches are often plentiful if you prefer face-to-face customer service, and if you don't mind dropping in to the bank on your lunch break.
The multitude of ATMs means accessing your money at a pinch with zero ATM fees is more likely to be a reality.
Cons
High fees and rates can be charged for a number of occurrences, such as penalty fees for an overdrawn account. Rigid rules mean these fees are rarely waived.
Profits don't go to customers as they're primarily distributed to the Board of Directors and shareholders first.
Unethical investments are more common practice, done in order to maximise profits. For example, all Big 4 Banks lend money to the fossil fuel industry.

Privately-owned banks are also known as traditional banks, chartered banks, retail or commercial banks. They’re probably also what first springs to mind when you think of a bank.

They include the ‘Big 4’ Banks - Commbank, NAB, Westpac and ANZ. These banking giants have the lion’s share of banking customers in Australia, and they also own smaller subsidiary companies. For example, Westpac owns both St. George Bank and RAMS, and Bankwest, including the Bankwest online banking portal, is owned by the Commonwealth Bank.

Services

Privately owned banks offer a diverse range of banking services, often thanks to a combination of physical bank branches and online banking options.

These services include: Bank accounts and savings accounts, home loans, credit cards, reward credit cards, term deposits, personal loans, car loans, online banking portals, debit cards and international money transfer.

Local Banks

There are also plenty of smaller privately owned banks, which often service a particular state, such as the Queensland Country Bank.

Local banks often have more of a community focus than big banks, and while their profits aren’t shared by members, sometimes their benefits are reported to be more similar to customer-owned banks rather than big banks.

Customer-owned banks

Pros
Profits are reinvested into the business in the form of reduced fees and rates, and improved products and services.
Fees and rates are often more competitive than private banks. It's worth it to shop around instead of automatically opting for the household names in Australian banking.
Customer satisfaction is higher for members of customer-owned banks compared to privately-owned banks, according to a 2020 Roy Morgan survey.
Community initiatives are more generous than profit-driven banks, and customer-owned banks are less likely to engage in unethical investing.
Cons
Limited eligibility may apply, as some credit unions may be especially established for members of a certain profession or geographic location. For example, only current or retired teachers and their family members can join Teachers Mutual Bank.

Customer-owned banks include mutual banks, credit unions and building societies.

While a mutual bank has taken the administrative steps required by APRA to be called a 'bank' instead of a credit union, these three bank sub-types are very similar in operation. Importantly, they’re all owned by their customers or members, rather than private investors or shareholders.

The ethos of customer-owned banks is that profits go into improving products and customer service, rather than solely making a bank’s private stockholders and Board of Directors richer.

Services

Customer-owned banks usually offer the same range of banking services provided by the bigger players, including lending products (home loans, personal loans, car loans and credit cards) and deposit products (savings accounts and term deposits).

Community focus

In addition to reinvesting profits back into benefitting members, often customer-owned banks adopt more of a community focus in a broader sense.

For example, Bank Australia - the top rated bank on ProductReview.com.au - has a 927 hectare Conservation Reserve in Victoria, created for the purpose of wildlife and land conservation.

A fair few customer-owned banks also actively avoid lending money to the fossil fuel industry unlike the Big 4 Banks.

Teachers Mutual Bank was even recognised in 2019 as one of the ‘World’s Most Ethical Companies’ by the Ethisphere Institute.

What else to look for in a bank

Competitive rates and fees

  • Interest rates: There will likely be a number of complex variables to consider, such as the way interest is charged (e.g. fixed rate, variable rates, partially-fixed rates, etc.) However, generally, the interest rate should be high for a return on savings and other investments, and low if you're purchasing a lending product - for example, a home loan.
  • Account keeping fees: Many banks today have zero monthly account-keeping fees. This should especially be the case if you're a full-time student. While some banks have a seemingly low fee of around $5 per month, this can add up over time ($300 in 5 years). You'll likely be happier keeping this money in your proverbial pocket.
  • Other conditions, fees and charges: These can include penalty fees for an overdrawn account, phone banking fees, ATM fees and overseas transaction fees. In terms of conditions, you may only qualify for bonus interest rates for a savings account if you meet the minimum monthly deposit amount, don't withdraw any money, and have a linked transactions account with the same bank.

Customer Service

If customer service is important to you, it can be helpful to do a bit of research and read reviews, to find out which banks perform the best in this area.

If talking to a person to help you with your banking is a priority to you, you might prefer banks with physical branches and a reliable phone banking service. Online-only banks mainly have chatbots, so it's up to you whether this counts as a personalised customer service experience.

Convenience

Convenience is subjective. For some people, being able to do all their banking on a smartphone app is convenient, and to others, popping into a bank branch on their lunch break is more convenient. Banks with a healthy number of ATMs also get extra points for convenience, as you won't be hit with annoying transaction fees each time you withdraw.

If you have a wealth portfolio - for example an investment property - you may like to take advantage of private banking services, and a traditional bank may be more convenient for you.

In short, consider what would be convenient for your banking purposes and your lifestyle, and factor this into the decision of which bank to go with.

Transparency

How transparent and open a bank is about its business practices is important. According to the ABA'a Banking Code of Practice 2020, transparency for a bank mainly involves: clear and timely communication, as well as engaging in accountable dealings with customers.

What this involves will depend specifically on the time of service offered. For example, according to the Code of Practice, customers should be notified of transaction fees before they're incurred. For credit cards, customers should be reminded when an introductory offer is about to end, and credit-card holders should be able to reduce credit limits or close their accounts online.

To get a better overall picture of a bank's transparency, reading real-to-life reviews from customers of Australian banks can be helpful.

Disclaimer: The information on this website is for general information only. It should not be taken as constituting professional advice from the website owner - ProductReview.com.au. ProductReview.com.au is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. ProductReview.com.au is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.