Biggest banks in Australia and their everyday transaction accounts

Whether you’re an Aussie seeking to open a new bank account or a foreign citizen heading down under for an extended stay, deciding who to bank with is important.

As you’d expect from a developed nation with one of the world’s biggest economies, Australia has a wealth of Banks of all sizes and types to choose from. With all of these providing a variety of everyday accounts to consider, knowing which one to go with can be confusing.

In this guide, we’ll take a closer look at Australia’s biggest banks, pinpointing the major players in this scene and what their everyday accounts look like. Giving you the key details of each, this rundown can help you make a more informed choice for your banking needs.

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Who are the “Big 4” banks in Australia

While close to 100 banks are operating in Australia currently according to the Australian Banking Association, four main ones dominate this industry.¹ Often referred to as ‘The Big Four or ‘The Big Four Banks’ these are:

• Commonwealth Bank of Australia (CBA)
• Westpac Banking Corporation (WBC)
• National Australia Bank (NAB) and
• Australian & New Zealand Banking Group (ANZ).

The reason for their position in the top four is down to their collective assets which are estimated to be worth around AUD$3.76 trillion, giving them a combined market share of over 70%.²

What is a bank’s market capitalisation?

Market capitalisation, or market cap, is a widely used metric for gauging the total value of a publicly traded company’s equity from the perspective of its shareholders. It is determined by multiplying a company’s stock price by the total number of its outstanding shares.

On the Australian Securities Exchange (ASX), the ‘Big Four’ banks outlined above hold a dominant position in terms of market capitalisation.

What’s a bank household deposit?

A bank household deposit refers to the money that individuals or households place in bank accounts, such as everyday transaction accounts, savings accounts or term deposits.

These funds are held and managed by the bank and remain accessible to the account holders. This access can be either on demand such as with a transaction account or after a fixed term as seen with term deposits.

Biggest 10 banks in Australia

According to the most recent data available from the Australian Stock Exchange (ASX) the biggest banks in Australia, based on market cap, are outlined below.

Bank & ASX sign	Market Cap³
Commonwealth Bank – CBA	AUD $239.86 Billion
National Australia Bank – NAB	AUD $121.37 Billion
Westpac	AUD $114.37 Billion
Australia & New Zealand Banking Corp – ANZ	AUD $93.15 Billion
Bendigo & Adelaide Bank – BEN	AUD $6.87 Billion
Bank of Queensland – BOQ	AUD $4.29 Billion
BSP Financial Group – BFL (formerly Bank of Papua New Guinea)	AUD $2.9 Billion
Virgin Money – VUK	AUD $2.04 Billion
Judo Bank – JDO	AUD $1.94 Billion
Heartland Bank – HGH	AUD $897.99 Million

Info as seen on 19 September 2024

Now compare this against data collected by The Australian Prudential Regulation Authority(APRA) regarding monthly deposits for July 2024.

Looking at the top 10 banks based on household deposits, we can see that the market cap doesn’t always line up with who is receiving the most deposits.

Bank	Household deposits⁴ (Millions)
Commonwealth Bank	AUD $398,447
Westpac	AUD $310.75
NAB	AUD $206.47
ANZ	AUD $175,745
Macquarie Bank	AUD $64,967
ING	AUD $50,194
Bendigo & Adelaide Bank	AUD 45,640
Suncorp	AUD $35,508
BOQ	AUD $34,157
HSBC	AUD $17,746

Info as seen on 19 September 2024

Using the top 10 banks as determined by the deposit data, here is a brief rundown of each one’s main everyday account option and a few of their key features.

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1. Commonwealth Bank

Commonwealth Bank offers a wide range of financial services including retail, business, and institutional banking. It has a significant presence in Australia, New Zealand, and the Asia-Pacific region.

Their Everyday Smart Access Account offers:

• Minimal or no fees if monthly deposit requirements are met
• Free ATM withdrawals in Australia at most major bank ATMs
• Spend tracking and bill prediction tools
• PayID and digital wallet functions and more.

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2. Westpac bank

Like Commbank, Westpac provides banking services to personal, business, and corporate clients. It’s Australia's oldest bank and is known for its strong emphasis on sustainability and corporate responsibility.

Their everyday Westpac Choice Account offers:

• A low monthly account-keeping fee
• Spend and cash flow insights
• Exclusive discounts, deals and cashback offers
• Free overseas ATM withdrawals at Global Alliance Partner ATMs

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3. NAB

One of the largest financial institutions in Australia, NAB offers a broad array of financial services, including personal, business, and corporate banking. It operates across Australia, New Zealand and in selected markets globally.

NAB’s Classic Banking Account features:

• No monthly account fees and no minimum monthly deposits
• No overdrawn fees if you happen to go over your account balance
• No ATM withdrawal fees at over 4,000 ATMs across Australia
• A choice of two NAB Visa Debit card types plus digital wallet access

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4. ANZ Bank

ANZ is a multinational banking and financial services company with a long-term, established presence in Australia, New Zealand and the Asia-Pacific region. One of Australia’s largest banks, they provide personal, retail, business and institutional banking services.

With ANZ’s everyday Access Advantage Account, you can access:

• Minimal to no account-keeping fees for eligible customers
• Anti-fraud protection with ANZ Falcon®
• Fast payment solutions via tap and pay and PayID
• Cashback rewards programs

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5. Macquarie Bank

A global financial services group, Macquarie Bank is primarily known for its expertise in asset management, investment banking and specialised financial services. Headquartered in Sydney, it also provides smaller-scale personal and business banking services.

Their Everyday Transaction Account offers:

• No fees or minimum deposit conditions
• A variable interest rate of up to 4.75% p.a. On balances up to AUD$1 million
• Shopping discounts
• Travel benefits such as no international withdrawal or transaction fees

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6. ING Australia

ING is a Dutch multinational banking and financial services corporation, with a strong focus on digital banking in Australia. It’s known for its online savings accounts and mortgages, offering competitive rates without traditional brick-and-mortar branches.

Their Orange Everyday Account features:

• A cashback offer on eligible utility bills paid by using the account
• Unlimited rebates on ING International Transaction Fees for eligible online and overseas purchases when monthly eligibility criteria are met
• Up to 5.5% p.a. variable interest rate on a linked Savings Maximiser Account
• No monthly account-keeping, dishonour or replacement card fees

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7. Bendigo & Adelaide Bank

An Australian financial institution that focuses on both retail banking and regional development, it’s known for its customer-first approach and commitment to community banking.

With their Everyday TransactionAccount, they offer:

• No monthly account-keeping fees if the minimum deposit terms are met
• Free unlimited EFTPOS withdrawals and retail purchases within Australia
• Interest offset capabilities when linked with a Bendigo Bank home loan
• Multiple debit card designs to choose from

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8. Suncorp Bank

Suncorp is a major financial services provider in Australia, offering a wide range of banking, insurance, and wealth management services. It primarily caters to personal and small business customers.

Suncorp’s Everyday Options Account comes with:

• Zero account-keeping fees and no minimum deposit requirements
• Fee-free foreign currency conversion on Visa Debit card purchases
• Up to 9 sub-accounts to help you with budgeting and money management
• Cashback offers for retail and dining through the linked Feel Good Rewards program

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9. BOQ

An Australian retail bank headquartered in Brisbane, BOQ is known for its regional focus and personalised customer service. It operates primarily through a network of owner-managed branches.

The BOQ Everyday Account features:

• No monthly account-keeping fees
• Personalised insights and real-time alerts for easier money management and budgeting
• A linked, complimentary high-interest saving account
• The option to automatically round up transactions to the nearest dollar and have the difference sent to your linked savings account

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10. HSBC Australia

A British multinational bank with a presence in Australia, HSBC offers global banking services, including personal, retail and corporate banking, wealth management, and investment services. It’s well known for its international reach and global financial expertise.

Their Day to Day Account offers:

• No account-keeping fees or minimum monthly deposits
• No ATM fees at HSBC-operated ATMs
• Exclusive offers and rewards at home and overseas via their linked Home & Away Privilege Program
• Contactless payments via Visa PayWave, Google Pay and Apple Pay

Wrapping up

No matter who you choose to bank with, it's wise not to base your decision on which one is the biggest. While they may offer a broader range of services, they may also levy more fees or offer less competitive rates on lending products.

We recommend looking closely at the account types offered, associated fees, terms and conditions, customer reviews and more to help you find the right banking option.

If a traditional bank doesn't suit your needs you may also like to consider an alternative option such as a neo-bank, credit union or money services provider instead.

The Wise Account and Debit Card

Opening a bank account overseas can be a bit of a process that’s made more difficult if you aren’t considered a resident yet.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

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Sources:

1. ABA - Banking By Numbers
2. KPMG - Bank Performance Analysis 2023 pg. 3
3. Listcorp - ASX Banks Data
4. APRA - Monthly Authorised Deposit-taking Institution Statistics

Sources checked on: 19 September 2024