A list of the best banks in Australia

Thinking of moving to the land Down Under? Perhaps you’re heading there for work, to start a business or to study. Whichever is the case, you’ll want to find a cost-effective and convenient way to manage your money while in Australia.

An Australian bank account could be just the thing, especially if you plan to work and get paid. But which bank is the right option for you?

In this guide, we'll be looking at the best banks in Australia to help you decide the best place for hard-earned Australian dollars.

Banking in Australia (an overview)

The Australian banking system is dominated by four major banks. These are known as the ‘big four’. These are the Commonwealth Bank (CBA), Westpac (WBC), Australia & New Zealand Banking Group (ANZ) and National Australia Bank (NAB).

While there are several smaller financial institutions throughout the country, the ‘big four’ hold the majority of loans and deposits in Australia. They’re among the world's largest banks by market capitalisation.¹

Opening an account in Australia is fortunately pretty simple. Most of them don’t even require you to be in the country, so you can open your account online before your arrival.

All you’ll need to open an account as a foreigner is your passport - nothing more. This makes it remarkably simple and easy to get set up.²

Like banks in the rest of the world, most banks and accounts in Australia will charge a moderate fee for using the account so bear that in mind.

And if you’re not interested in dealing with added fees then consider using an alternative such as the Wise account. It’s ideal for international transactions and could save you a bundle.

Learn more about the Wise account

10 best banks in Australia

Here are our 10 picks for the banks with the best offers for incoming Australians.

Commonwealth Bank of Australia

Let’s kick off with the ‘big four’.

Starting with the biggest bank in Oz, ‘CommBank’ offers a wide variety of options from everyday to savings accounts. It also offers home loans, personal loans, wealth management and international banking services.

All the bases are covered, but their most attractive offer is their Smart Access offer, which combines a comprehensive, low-fee current account with a host of impressive features. See more of their offers here.

Westpac Banking Corporation

While they may cater to anyone and everyone in Australia, Westpac’s best offers are aimed at the younger generations.

They have extensive support for young people, and they’ll offer to waive the monthly fee for keeping an account if you’re under 30. For travelling students, this is absolutely the best choice. Find out more here.

Australia and New Zealand Banking Group (ANZ)

Alongside a range of wealth management and international banking offers, ANZ is also a great option for everyday banking. Its popular accounts includeANZ Plus, which combines a current and savings account in one - all managed through an app.

ANZ also offers a very attractive Low Rate Credit Card. This is one of the bank’s best offers for lending, with low fees and large credit limits. Plus, it’s completely free for the first year.

National Australia Bank

National Australia Bank offers everything from transaction accounts to home loans.

For everyday banking, its most popular accounts include the NAB Classic Banking Account. There’s also a choice of savings and term deposit accounts.

MacQuarie Bank Limited

We’re moving away from the ‘big four’, but that doesn’t mean the offers stop rolling in. MacQuarie Bank is just as much of a contender, with its innovative approach to finance and business.

One of the most popular everyday banking accounts here is the MacQuarie Transaction Account which promises some really attractive rates for absolutely no monthly fee.³ Definitely an offer worth taking seriously.

HSBC Australia

A global bank which you’ll probably be familiar with due to its UK presence, HSBC Australia has a range of useful accounts and services for personal customers.

For incoming expats, arguably the best offer here is the Everyday Global Account, which offers banking in multiple currencies. If you want to put some money away for a rainy day, there’s also the Everyday Savings Account.

Citibank Australia

As a subsidiary of the US-based Citigroup, Citibank Australia’s offers a range of accounts and services to manage your money. This includes its Citibank Plus Account, and Citibank Online Saver Account.

Citibank Australia also offers home loans, wealth management solutions and credit cards, including its Citi Clear credit card.

Bank of Melbourne

A regional bank operating in Victoria, Bank of Melbourne offers a variety of everyday and savings accounts for everyone from students to retirees.

Their best deal is the Everyday Account that comes with a visa debit card and a mobile app.

Bendigo and Adelaide Bank

A regional and community focused bank, Bendigo and Adelaide Bank does a great deal to support its local communities. So, if that’s important to you, then this is a good option.

Aside from that, the bank’s Everyday Account stands as one of the better ones we’ve seen. They waive the monthly fee if you keep $2000 dollars in the account, and even then the fee is a very reasonable $6 per month.⁴

SunCorp Bank

A very well-respected bank, highly rated by credit rating agencies, Suncorp has a great range of Everyday and Savings accounts.

The bank also has a wealth of other services on offer, from insurance and investments to loans and other financial solutions.

Top online bank accounts in Australia

If you’re more interested in digital or mobile-only solutions, then be sure to check out these online alternatives:

• ING Australia - The ever-reliable ING, one of the biggest online banks in the world, has a wealth of great options for their Australian audience.
• ME Bank - The ethical Melbourne-based online bank offers a great range of personal, business and business accounts.
• UBank - The no-fee spending account comes with an impressive, award-winning app and a host of features that will turn your head.

Manage your money internationally? Check out the Wise account

Looking for a simple solution for transferring or spending abroad? A money services provider, like Wise, could be a time and money-saving alternative to a bank account.

From one powerful online Wise account, you can send money worldwide for a low fee and a good exchange rate - with no markups or hidden fees.

Plus, you can get an international debit card that supports 150+ countries, including Australia, and automatically converts your money to the local currency at the mid-market exchange rate.

Join Wise today

Sources used:

Sources last checked on date: 30-Apr-2023