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Who owns Bendigo Bank, BOQ, ING & more
A lot of smaller banks, credit unions and building societies are actually owned by bigger banks. For example Bankwest is owned by CommBank, and ubank is owned by NAB. Find out if your bank is owned by another bank, and how this impacts customers.
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This information on bank ownership is based on FCS data provided by the institutions themselves. While it may not be a complete list, or might not be up to date, it can be a useful way of checking whether your deposits are covered by the FCS with specific banks.
Community CPS Australia Ltd (trading as Beyond Bank Australia)
Community Mutual Ltd
Regional Australia Bank
Defence Bank Ltd
Greater Bank Ltd
G&C Mutual Bank
Heritage Bank Ltd
Hume Bank Ltd
IMB Ltd (trading as IMB Bank)
The Shire
Macquarie Bank Ltd
ME Bank
MyState Bank Ltd
The Rock
National Australia Bank Ltd (NAB)
Ubank
Police Bank Ltd
Border Bank
Police Financial Services Ltd (trading as BankVic)
Police & Nurses Ltd (trading as P&N Bank)
QT Mutual Bank Ltd
Qudos Mutual Ltd (trading as Qudos Bank)
QPCU Ltd
Rural Bank Ltd
Suncorp-Metway Ltd
Teachers Mutual Bank Ltd
UniBank
Victoria Teachers Ltd (trading as Victoria Teachers Mutual Bank)
Westpac Banking Corporation
Bank of Melbourne
BankSA
St.George Bank
Australian Central Credit Union Ltd (trading as People's Choice Credit Union)
Bananacoast Community Credit Union Ltd (BCU)
Bankstown City Credit Union Ltd
CAPE Credit Union Ltd (trading as CAPE)
Central Coast Credit Union
Central Murray Credit Union Ltd (also known as CMCU)
Central West Credit Union Ltd
Coastline Credit Union Ltd
Community Alliance Credit Union Ltd
Catalyst Money
Illawarra Credit Union
Western City Credit Union
Community First Credit Union Ltd
Easy Street Financial Services
Northern Beaches Credit Union
Manly Warringah Credit Union
Credit Union Australia Ltd (CUA) (trading as Great Southern Bank)
Credit Union SA Ltd
Dnister Ukrainian Credit Co-operative Ltd (also known as Dnister)
ECU Australia Ltd
Nexus Mutual
Family First Credit Union Ltd
Fire Service Credit Union Ltd
Firefighters & Affiliates Credit Co-operative Ltd
Emergency Services Credit Union
Firefighters Credit Union
Fireys CU
IMG Credit Union
First Choice Credit Union Ltd
First Option Credit Union Ltd
Ford Co-operative Credit Society Ltd (also known as FCCS Credit Union)
Gateway Bank Ltd
Goulburn Murray Credit Union Co-operative Ltd
Heritage Isle Credit Union Ltd
Holiday Coast Credit Union Ltd
Horizon Credit Union Ltd
Hunter United Employees' Credit Union Ltd
Intech Credit Union Ltd
Telstra Credit Union
Laboratories Credit Union Ltd (LCU)
Latvian Australian Credit Co-operative Society Ltd
Lithuanian Co-operative Credit Society 'Talka' Ltd
Lysaght Credit Union Ltd
MacArthur Credit Union Ltd (also known as The Mac)
Macquarie Credit Union Ltd
Maritime, Mining & Power Credit Union Ltd
Collie Miners Credit Union
Reliance Bank
MCU Ltd
Maleny Credit Union
My Credit Union Ltd
Northern Inland Credit Union Ltd
Nova Credit Union Ltd
Orange Credit Union Ltd
Police Credit Union Ltd
Pulse Credit Union Ltd
Queensland Country Credit Union Ltd (also known as Queensland Country)
Queenslanders Credit Union Ltd
Railways Credit Union Ltd (trading as myMOVE)
Select Encompass Credit Union Ltd
South West Slopes Credit Union Ltd
Southern Cross Credit Union Ltd
South-West Credit Union Co-Operative Ltd (trading as South-West Credit)
Summerland Credit Union Ltd
Sydney Credit Union Ltd
Comtax Credit Union
Karpaty Ukrainian Credit Union
Security Credit Union
The Broken Hill Community Credit Union Ltd
The Capricornian Ltd
The Gympie Credit Union Ltd
Traditional Credit Union Ltd
Transport Mutual Credit Union Ltd (also known as Transport Mutual and TMCU)
RTA Credit Union
Warwick Credit Union Ltd
WAW Credit Union Co-Operative Ltd (trading as BankWAW)
Woolworths Employees' Credit Union Ltd (WECU)
These Australian banks are part of overseas institutions.
Arab Bank Australia Ltd
Bank of China (Australia) Ltd*
Bank of Sydney Ltd
Citigroup Pty Ltd (trading as Citi)*
HSBC Bank Australia Ltd
ING Bank (Australia) Ltd (trading as ING Direct)*
Rabobank Australia Ltd
Rabobank Online Savings
B & E Ltd
Big Sky Building Society Ltd
Maitland Mutual Building Society Ltd (The Mutual)
Newcastle Permanent Building Society Ltd
According to the FCS, the following institutions are independently owned, and are not under the umbrella of another institution. Note that the FCS does not guarantee the accuracy of this information, and it may be out of date.
AMP Bank Ltd
Australia and New Zealand Banking Group Ltd (ANZ)
Australian Military Bank Ltd
Auswide Bank Ltd
Bank Australia Ltd
Bank of Queensland Ltd
Bendigo and Adelaide Bank Ltd
Commonwealth Bank of Australia
Community CPS Australia Ltd (trading as Beyond Bank Australia)
Community Mutual Ltd
Defence Bank Ltd
Greater Bank Ltd
G&C Mutual Bank
Heritage Bank Ltd
Hume Bank Ltd
IMB Ltd (trading as IMB Bank)
Macquarie Bank Ltd
ME Bank
MyState Bank Ltd
National Australia Bank Ltd (NAB)
Police Bank Ltd
Police Financial Services Ltd (trading as BankVic)
Police & Nurses Ltd (trading as P&N Bank)
QT Mutual Bank Ltd
Qudos Mutual Ltd (trading as Qudos Bank)
QPCU Ltd
Rural Bank Ltd
Suncorp-Metway Ltd
Teachers Mutual Bank Ltd
Victoria Teachers Ltd (trading as Victoria Teachers Mutual Bank)
Westpac Banking Corporation
Does it matter if my bank is owned by another bank?
For consumers looking for a better deal, it may be of concern that many of the alternative lenders are actually owned by the big three banks – Commonwealth Bank, Westpac and NAB. This matters, because the Australian government's Financial Claims Scheme (FCS), which guarantees the security of your money in banks up to $250,000 per institution, applies to a bank's subsidiaries as well. Without knowing which banks own what, your savings might not be as secure as you might think.
For example, let's say you had $250,000 in a savings account with ubank and another $250,000 in a savings account with NAB. Because ubank is owned by NAB, these two banks share the one banking licence. This means that the Australian government will only guarantee your deposit up to $250,000 with both ubank and NAB, not the full $500,000 you have deposited.
However, because ubank and Westpac are operating under different licences, if you had your $500,000 split between these two banks instead the full amount would be covered under the scheme.
Benefits of your bank being owned by another bank
There are some benefits to your bank being owned by a larger bank too. You usually get access to the larger banks ATM network all over the world, which is convenient and can also save you money in fees.
For example, St.George, BankSA, RAMS and Bank of Melbourne are all owned by Westpac. Westpac has the largest global ATM network with more 50,000 ATMs around the globe. If you're a customer of one of these smaller banks, you'll also get fee-free access to Westpac's huge ATM network.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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Interest rates for savings are at record highs, and we're not shy about hunting them down.
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The average Australian had $40,617 in savings in October, according to Finder’s Consumer Sentiment Tracker.
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Would you be better off with a high-interest option instead? I've crunched the numbers.
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Trust in traditional banks is growing with more Aussies saying they bank with the big four, according to new research by Finder.
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Australians are hoping to accelerate their savings by getting the best rates, according to new research by Finder.
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Here's where you can get a decent return on your hard-earned cash.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
With convenient access to your funds and a host of flexible features, Bendigo Bank’s Everyday Account can help you manage your day-to-day finances with ease.
For foreigners opening a bank account in Australia, the process is easy and user-friendly, and often comes with attractive deals and discounts on transaction fees.
You can meet the 100 points of ID requirement when opening a bank account by showing your passport, birth certificate or driver's license. If you don't have these, there are a few other things you can use as ID.
Any funds in your Bank Australia Mortgage Offset are subtracted from your home loan principle and reduces your interest repayments while giving you on-call access to your funds.
International transaction fees can add up to a lot of wasted money. These debit cards are great for travelling and online shopping and will save you money by waiving this annoying fee.
Tire 1 regulations enforced by Reserve Bank overfinancial institutions ——-Does the Reserve Bank impose impose higher deposit percentage amounts on Bank of Queensland for it’s RB guarantee as compared to what it does for the larger 4 Aussie Banks?
If you’re pertaining to the total amount of deposits the customers are required to have in their account which is guaranteed by the government, then no. The Australian Government has guaranteed deposits up to $250,000 and this applies to all Authorised Deposit-taking Institutions (ADIs) such as your bank, building society, or credit union, including the Bank of Queensland. You can read more about government guarantee on deposits on the ASIC website.
Otherwise, if you’re checking whether the Tier 1 capital that consists of the funding sources to which BOQ can most freely allocate losses, best to get in touch about this with the Australian Prudential Regulation Authority (APRA). I’m afraid we have limited information with regard to Tier 1 regulations on capital over financial institutions in Australia.
ING uses the trading name of ING Bank (Australia) Limited, is wholly owned by ING Group. ING holds an Australian banking licence since 1994 and is regulated by the Australian Prudential Regulation Authority (APRA), like all banks. They are guaranteed by the Australian Government. I hope this helps.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.
Macquarie is listed in Australia (ASX:MQG) and is regulated by Australian Prudential Regulation Authority, the Australian banking regulator, as the owner of Macquarie Bank Limited, an authorised deposit taker.
The Australian Government Guarantee Scheme protect up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as banks, building societies or credit unions. This means that this money is guaranteed if the institution collapses.
This cap applies per person and per ADI. If you have separate accounts with different protected banks with less than $250,000 in them, you will be covered for both accounts. If you have more than $250,000 in a single account, you won’t be covered for the amount over $250,000. If you have $250,000 with two different “brands” but they’re operated under the same ADI, you’ll only get $250,000 in total.
I received a financial news letter that stated ” under existing legislation, all four big banks are seen as a single ‘ADI’” and as a result deposits are not guaranteed above a cumulative $250,000.
Is this the case?
Just for clarification, when you have 250,000 with two different “brands” but they’re operated under the same ADI, you’ll only get $250,000 in total as a guarantee. We have an article about the Australian Government Guarantee Scheme that explains this.
The government guarantee covers the underlying ADI and not different brands. Some ADIs offer multiple accounts under different brand names (like Westpac and St.George). If you have multiple accounts under different brand names but all under one ADI, the guarantee only applies to the ADI and not the different brands.
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Tire 1 regulations enforced by Reserve Bank overfinancial institutions ——-Does the Reserve Bank impose impose higher deposit percentage amounts on Bank of Queensland for it’s RB guarantee as compared to what it does for the larger 4 Aussie Banks?
Hi Michael,
Thanks for your question.
If you’re pertaining to the total amount of deposits the customers are required to have in their account which is guaranteed by the government, then no. The Australian Government has guaranteed deposits up to $250,000 and this applies to all Authorised Deposit-taking Institutions (ADIs) such as your bank, building society, or credit union, including the Bank of Queensland. You can read more about government guarantee on deposits on the ASIC website.
Otherwise, if you’re checking whether the Tier 1 capital that consists of the funding sources to which BOQ can most freely allocate losses, best to get in touch about this with the Australian Prudential Regulation Authority (APRA). I’m afraid we have limited information with regard to Tier 1 regulations on capital over financial institutions in Australia.
Hope this helps.
Cheers,
May
Who owns ING bank and is it covered under the ADI?
Hello,
Thank you for your comment.
ING uses the trading name of ING Bank (Australia) Limited, is wholly owned by ING Group. ING holds an Australian banking licence since 1994 and is regulated by the Australian Prudential Regulation Authority (APRA), like all banks. They are guaranteed by the Australian Government. I hope this helps.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
Who owns maquarie bank?
Hi Thomas,
Thank you for getting in touch with finder.
As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.
Macquarie is listed in Australia (ASX:MQG) and is regulated by Australian Prudential Regulation Authority, the Australian banking regulator, as the owner of Macquarie Bank Limited, an authorised deposit taker.
I hope this helps.
Have a great day!
Cheers,
Jeni
What guarantee do people have who have OVER $250,000?
Hi Steve,
Thank you for getting in touch with Finder.
The Australian Government Guarantee Scheme protect up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as banks, building societies or credit unions. This means that this money is guaranteed if the institution collapses.
This cap applies per person and per ADI. If you have separate accounts with different protected banks with less than $250,000 in them, you will be covered for both accounts. If you have more than $250,000 in a single account, you won’t be covered for the amount over $250,000. If you have $250,000 with two different “brands” but they’re operated under the same ADI, you’ll only get $250,000 in total.
I hope this helps.
Have a great day!
Cheers,
Jeni
I received a financial news letter that stated ” under existing legislation, all four big banks are seen as a single ‘ADI’” and as a result deposits are not guaranteed above a cumulative $250,000.
Is this the case?
Hi Peter,
Thanks for your inquiry.
Just for clarification, when you have 250,000 with two different “brands” but they’re operated under the same ADI, you’ll only get $250,000 in total as a guarantee. We have an article about the Australian Government Guarantee Scheme that explains this.
The government guarantee covers the underlying ADI and not different brands. Some ADIs offer multiple accounts under different brand names (like Westpac and St.George). If you have multiple accounts under different brand names but all under one ADI, the guarantee only applies to the ADI and not the different brands.
Hope this helps.
Cheers,
May