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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At a glance: Who owns my bank?
|Commonwealth Bank||Westpac||NAB||Bank of Queensland||Bendigo Bank|
|Bankwest||RAMS||UBank||Virgin Money||Adelaide Bank|
|Aussie (as a major shareholder)||St.George||MLC||Investec Bank||Delphi Bank|
|Colonial First State||BankSA||Bank of New Zealand||Home Building Society Ltd||Rural Bank|
|Bank of Melbourne|
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.
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