Best Banks

When it comes to stashing away your money in a safe place, getting a loan, credit, or investing, there are a litany of options available today.

Traditional banks are now joined by mutual banks, credit unions and online-only banks, but which one is right for you will depend on your financial needs and personal preferences. Continue Reading...

Brand
Search brand...
Rating

Based on 27,102 reviews
Queensland Country Bank

Queensland Country Bank 🏆 2024

4.8  (993) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Jabulani
Jabulani
  Verified Branches
My unrivalled experince with Queensland Country BankConsidering me being new to this bank,the experience and welcome i had gave me a smooth run. I have been with the bank for two days. The customer service is top notch for they take time with you explaining everything
Qudos Bank

Qudos Bank 🏆 2024

4.6  (1,250) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Phil M.
Phil M.2 posts
  Online
Excellent assistanceGood morning,
I spoke with Louise today and my moderately complex problem with accounts (acting as a Power of Attorney) was quickly resolved. Additionaly, recommendations were made and implemented which, moving forward, will assist in the ongoing management of accounts. Many thanks Louise, for assistance and expertise. Show details
Judo Bank

Judo Bank 🏆 2024

4.6  (1,425) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Karen
Karen
  Verified
Term DepositsEasy to set up a Term Deposit online, and very good interest rate. Show details
Bank Australia

Bank Australia 🏆 2024

4.6  (2,343) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Andy B
Andy BVICGreater Melbourne (Inner), VIC
  Verified Branches
Auswide Bank

Auswide Bank

4.3  (230) Summary
Darren K.
Darren K.
  Branches
Happy clientI recently got scammed by an overseas company, contacted Jess sharma , from the sarina branch about the incident.
I had personally given up on this money being returned, but Jess didn’t , resulting in my money being recovered
Jess is an absolute credit to the Auswide banking community .
Super Funds Awards 2022!
Super Funds Awards 2022!
Wendy Z.
Wendy Z.
Australian Mutual Bank

Australian Mutual Bank

4.7  (67) Summary
Peter
PeterSydney4 posts
 
Bank First

Bank First

4.2  (186) Summary
Adrian
AdrianVICGreater Melbourne (Metropolitan), VIC7 posts
 
The Mutual Bank

The Mutual Bank

4.7  (33) Summary
MJC
MJCNSWSydney, NSW
 
The Mutual Bank
The Mutual Bank   DM   
More
Great Southern Bank

Great Southern Bank

2.8  (879) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Cleo
Cleo
 
Great customer service this eveningWhat a shame there isn't a survey at the end of a call. Shout out to Marcus who helped me this evening with a query. He was very polite and extremely helpful. Great customer service. Show reply
Beyond Bank

Beyond Bank

2.9  (189) Summary
peed off
peed offSAMetropolitan Adelaide, SA8 posts
  Beyond Bank
peed off
peed off  
More
Up

Up

2.9  (215) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Matthew B.
Matthew B.
 
MOVE Bank

MOVE Bank

3.1  (31) Summary
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Allan Park
Allan Park
 
HELPFULLeanne was a pleasure to deal with, she was very understanding and patient with me as she walked me through the steps needed to complete my transaction.
Rabobank

Rabobank

2.4  (60) Summary
Andre X.
Andre X.WAPeel, WA4 posts
  Online
Awkward and no instant transfersTheir digipass is clumsy to deal with. Without it you can do nothing. One of the few banks that does not support Osko instant transfers. Their Term Deposit rates used to be good, but they can be quick to cut them if there is even a whiff that the RBA may reduce rates.
ING

ING

2.1  (1,202) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Hayley R
Hayley RQLDSouth East Queensland, QLD6 posts
  Verified
ME (Members Equity) Bank

ME (Members Equity) Bank

1.9  (958) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Clem
ClemSAEyre Peninsula, SA16 posts
 
ME (Members Equity) Bank
ME (Members Equity) Bank   DM   
More
Heritage Bank

Heritage Bank

1.9  (300) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Peter
Peter6 posts
  Branches
Bendigo Bank

Bendigo Bank

1.8  (559) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Alpal62
Alpal6214 posts
  Branches
People's Choice Credit Union

People's Choice Credit Union

1.8  (266) Summary
Wije
WijeWAPerth, WA15 posts
  Branches
bank loan settlement processI had a home loan which was settled Nov 2023, todate (Feb 2024) bank hasn't removed it from my credit file.
Greater Bank

Greater Bank

1.7  (96) Summary
John
JohnNSWHunter Region, NSW
  Online
TerribleStay away you have to call up to make any transaction n asked a million even to pat your mortgage bank is a joke osko be quicker to post the cash by mail Show details
Greater Bank
Greater Bank   DM   
More
BankSA

BankSA

1.6  (148) Summary
AP
APQLDSouth East Queensland, QLD3 posts
  BankSA
Police Bank

Police Bank

1.7  (59) Summary
Jamie N.
Jamie N.
  Online
Crap crap crap!I’m so over this bank app isn’t pay id (Osko) supposed to go straight in not with police credit union most times 12 hours later if I’m lucky my last pay id I did was 10 hours ago and it’s saying it submitted still waiting what a load of crap. Show details
G&C Mutual Bank

G&C Mutual Bank

2.1  (23) Summary
Maria M.
Maria M.
  G&C Mutual Bank
Phone bankingPhone banking non functional. Need phone banking as often in remote locations with no access to wifi. Only land line telephones available. Show details
ubank

ubank

1.5  (911) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
nzlt321
nzlt321NSWSydney, NSW
 
DisrespectfulI've been with them for about a year in order to send money to my husband who is in the military. The worst bank I have ever opened, I'm deaf and they treated me with massive disrespect and my carer was quite astonished that they asked me to send in my passport which I did but after that stunt closed my account with them... Show details
ubank
ubank   DM   
More

Hi, we're sorry to hear this. Let us help look into this for you. Please send us a private message and we'll investigate further.

ANZ Plus

ANZ Plus

1.8  (37) Summary
James
JamesNSWIllawarra, NSW6 posts
 
Bank of Melbourne

Bank of Melbourne

1.5  (322) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Arunprasath K.
Arunprasath K.
  Online
Home loan rip offOur loan amount owing hasn’t changed for the past one year and we have been paying principal and Interest. We have hired a financial assessor to check the account. Will get to know the dark side of the bank after all the calculations are done. Will keep you posted. Thanks. Show details
Commonwealth Bank

Commonwealth Bank

1.5  (3,349) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Jasmine S.
Jasmine S.3 posts
  Online
Complaints teamI raised an online complaint with commonwealth bank today and had an online support agent raise a follow up complaint over the phone. I have received no indication of next steps on how my complaints are being dealt and when I asked concierge service about what the next steps are - they were unable to advise. Show details
BankWest

BankWest

1.5  (902) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Kip
Kip7 posts
  Online
NAB (National Australia Bank)

NAB (National Australia Bank)

1.4  (1,714) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
FirstTimeOnlineShopper
FirstTimeOnlineShopperVICGreater Melbourne (Inner), VIC4 posts
  Online
St. George

St. George

1.4  (936) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Townhouses
TownhousesWAPerth, WA
  Branches
SickeningAbsolutely atrocious, no sense of care for their customers , don’t be fooled into any finance with this bank , shop around and be very weary they will not help you if your in a tough situation with them .
Bank of Queensland

Bank of Queensland

1.4  (571) Summary
  • Thumbnail
  • Thumbnail
  • Thumbnail
  • See all
    Thumbnail
Westy
Westy7 posts
  Online
Worst possible customer service ever!Been with them for years suddenly blocked online banking and advised by message to call contact centre unable to help. Account holds over $450K and I can tell you know I will be moving to another Bank within a couple of days. Show details
Bank of Queensland
Bank of Queensland   DM   
More

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.

©  ProductReview.com.au Pty. Ltd. All Rights Reserved. General disclaimer: All third party trademarks, images and copyrights on this page are used for the purpose of comparative advertising, criticism or review. This is a public forum presenting user opinions on selected products and businesses, and as such the views expressed do not reflect the opinion of ProductReview.com.au. Further details in the disclaimer.