⚡️⚡️⚡️
With energy prices rising, switch to a cheaper plan
💡
Compare Prices Now
⚡️⚡️⚡️

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.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

At a glance: Who owns my bank?

Commonwealth BankWestpacNABBank of QueenslandBendigo Bank
BankwestRAMSUbankVirgin MoneyAdelaide Bank
Aussie (as a major shareholder)St.GeorgeMLCInvestec BankDelphi Bank
Colonial First StateBankSABank of New ZealandHome Building Society LtdRural Bank
Bank of Melbourne86 400ME BankUp

In depth: Who owns my bank?

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.

Compare Australian bank accounts

1 - 7 of 7
Name Product Contactless Payments Instant Payments ATM Withdrawal Fee Monthly account fee
HSBC Everyday Global Account
Google Pay, Apple Pay
N/A
$0
$0
Earn 2% cashback on tap and pay purchases. T&Cs apply.
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.

Virgin Money Go Account
Apple Pay, Google Pay, Samsung Pay
Osko, PayID
$0
$0
Special offer: Get 5k bonus Virgin Money Points when you open a new account, for a limited time only.
$0 monthly account fee. A transaction account that gives you Virgin Money Points on your everyday spend, access to perks and rewards. Plus, earn a competitive bonus interest rate on your Virgin Money Boost savings account.
Westpac Choice
Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay, Digital Card
Osko, PayID
$0
$5
Use your Westpac Digital Card in the Westpac App to make contactless purchases 24/7 with no physical card.
No monthly account keeping fee for customers under 30 or if you meet the deposit conditions.
Shop safely online with Westpac Digital Card. Your 3-digit security number refreshes every 24 hours to keep your details safe.
MyState Bank Glide Account
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0
$0
Simplify your everyday banking with these sleek digital features.
$0 monthly account fee.
Choose the way you pay with access to Google, Samsung and Apple Pay plus Fitbit Pay and Garmin Pay. Send and receive money in less than 60 seconds with PayID.
Westpac Choice Student
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0
$0
$0 account keeping fee for students and customers under 30
Make purchases 24/7 using your Westpac Digital Card in the Westpac App.
Students will pay no monthly account keeping fee with no deposit conditions to meet. Pay with your phone or wearable device anywhere and anytime, and access cash without your debit card using Cardless Cash.
Citi Global Currency Account
Apple Pay, Samsung Pay
Osko, PayID
$0
$0
Earn up to 1.2% p.a. interest on your AUD balance.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free.
Up Everyday Account
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0
$0
A transaction account designed for your smartphone with spending categorisation and a round-up feature to help you save. No international transaction fees and no ATM fees in Australia.
loading

Compare up to 4 providers

The latest news in banking

Volt Bank is shutting down: 3 things customers need to do right now

Volt Bank is shutting down: 3 things customers need to do right now

Digital neobank Volt is closing down, and customers have been told to withdraw their money right away.

Read more…
Taxing your bills: Aussies will use their tax returns to help with rising expenses

Taxing your bills: Aussies will use their tax returns to help with rising expenses

Millions of struggling households will use their tax return to help with rising bills, according to new research by Finder.

Read more…
ING announces new 2.10% savings account rate: How to get it

ING announces new 2.10% savings account rate: How to get it

ING Savings Maximiser is increasing its bonus interest rate from 1.35% p.a. up to 2.10% p.a. following the RBA's cash rate increase.

Read more…
Cash rate rise means higher savings account rates are on the way

Cash rate rise means higher savings account rates are on the way

A higher cash rate is bad news for mortgage holders, but good news for savers as rates on savings accounts go up (and some already have).

Read more…
Gym bunny or wasting money? Aussies overspending $5.4 million on gym memberships

Gym bunny or wasting money? Aussies overspending $5.4 million on gym memberships

Millions of Aussies are overspending on their gym membership, according to new research from Finder.

Read more…
RBA cash rate rise: Will you get a higher rate on your savings?

RBA cash rate rise: Will you get a higher rate on your savings?

The cash rate has gone up for the first time in more than 11 years as the Reserve Bank of Australia tries to combat rising inflation. Home loan rates are rising – but so are savings rates.

Read more…
Back to top

More guides on Finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

58 Responses

  1. Default Gravatar
    MichealOctober 6, 2018

    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?

    • Avatarfinder Customer Care
      MayOctober 8, 2018Staff

      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

  2. Default Gravatar
    AnonymousSeptember 26, 2018

    Who owns ING bank and is it covered under the ADI?

    • Avatarfinder Customer Care
      JhezSeptember 26, 2018Staff

      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

  3. Default Gravatar
    ThomasMay 20, 2018

    Who owns maquarie bank?

    • Avatarfinder Customer Care
      JeniMay 20, 2018Staff

      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

  4. Default Gravatar
    SteveMay 1, 2018

    What guarantee do people have who have OVER $250,000?

    • Avatarfinder Customer Care
      JeniMay 1, 2018Staff

      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

  5. Default Gravatar
    PeterMarch 12, 2018

    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?

    • Avatarfinder Customer Care
      MayMarch 28, 2018Staff

      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

Go to site