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Who owns Bendigo Bank, BOQ, ING & more

Find out if your bank is owned by another bank, and how this impacts customers.

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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.

You can check the list of banks below to see if your bank is owned by another bigger bank, and further on in the guide we'll explain why it could be important to know who owns your bank.

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 Melbourne

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

Data indicated here is updated regularly
$
Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee
HSBC Everyday Global Account
Visa
$0
$0
Special offer: $100 cash bonus for new HSBC customers.
Earn 2% cashback on tap and pay purchases (T&C's apply).
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.
NAB Classic Banking
Visa
$0
$0
Enjoy convenient, unlimited access to your money.
$0 monthly account fee.

Tap and pay with your NAB Visa Debit card or your phone using Apple Pay, Google Pay, Samsung Pay or NAB Pay for Android. Temporarily block your card at the touch of a button if you lose it.
Suncorp Everyday Options Account
Visa
$0
$0
Link up to 9 interest-earning sub accounts.
$0 monthly account keeping fees.
Earn interest on your linked sub accounts to help you save for individual goals, with no account fees to pay. Make contactless payments using Google Pay and Apple Pay.
MyState Bank Glide Account
Visa
$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.
P&N Bank & Transaction Account
Visa
$0
$0
Pay no monthly account keeping fee with no ongoing deposit conditions to meet. Link your Visa Debit card to Apple Pay, Google Pay or Samsung Pay to make contactless payments with your phone, and use PayID to send and receive money instantly.
CUA Everyday Snap Account
Visa
$0
$0
Refund of international ATM withdrawal fees and international card transaction fees (conditions apply). Refund of overdrawn fees.
$0 monthly account fee. Unlimited fee-free everyday transactions.
Apple Pay, Google Pay and Samsung Pay available. Savings Top Up tool automatically transfers to linked savings account.
Citi Global Currency Account
Mastercard
$0
$0
Earn up to 0.75% 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.
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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 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 here.

      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 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
    Caz60September 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 guarantees deposits 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.

      To read more about this, please check out this link.

      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 a 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 guarantee. We have an article on this page that explains:

      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

  6. Default Gravatar
    JoDecember 18, 2017

    Who owns Citibank and are deposits guaranteed with them?

    • Default Gravatar
      LiezlDecember 23, 2017

      Hi Jo,

      Thanks for your question.

      Citibank in Australia is part of Citigroup Inc., an American multinational investment banking and financial services corporation.

      Deposits in Citibank are covered by government guarantee up to $250,000 per person, per institution.

      Regards,
      Liezl

  7. Default Gravatar
    PaulMarch 27, 2017

    Is the ME Bank (owned by the Industry Super Funds parent) an Approved Deposit Institution. I’m asking because I must have the govt. guarantee. Thanks

    • Default Gravatar
      ericApril 24, 2017

      Anndy(?) ,

      “..of up to $250,000 per person, per institution” means exactly that, they may pay up to, but given the small (SIC) amount available to cover the far larger amount in investments, they cannot!

    • Avatarfinder Customer Care
      DeeMay 3, 2017Staff

      Hi Eric,

      Thanks for your comment.

      The Australian Government has guaranteed deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs). This means that this money is guaranteed if anything happens to the ADI.

      Cheers,
      Anndy

    • Avatarfinder Customer Care
      DeeMarch 28, 2017Staff

      Hi Paul,

      Thanks for your question.

      ME Bank is owned by industry super funds and isn’t owned by a specific bank.

      ME Bank savings accounts have a government guarantee of up to $250,000 per person, per institution.

      Cheers,
      Anndy

  8. Default Gravatar
    PamFebruary 16, 2017

    Who owns ING Direct as at 2017? It seems it was acquired by ANZ in 2009.I can’t find any up to date information if this is still the case.

    • Avatarfinder Customer Care
      DeeFebruary 17, 2017Staff

      Hi Pam,

      Thanks for your question.

      On the ING Direct website, it still says that the trading name of ING Bank (Australia) Limited is wholly owned by ING Group.

      Cheers,
      Anndy

  9. Default Gravatar
    MaryJanuary 8, 2017

    Is there any overseas ownership of the ANZ Bank?
    For example the Chase Manhattan Bank.

    • Avatarfinder Customer Care
      DeeJanuary 16, 2017Staff

      Hi Mary,

      Thanks for your question.

      ANZ has global presence as they have branches or affiliates in over 30 countries. For more details, you can visit the Worldwide page of the ANZ website.

      Cheers,
      Anndy

  10. Default Gravatar
    ZihadMay 18, 2016

    Who owns IMB

    • Avatarfinder Customer Care
      DeeMay 19, 2016Staff

      Hi Zihad,

      Thanks for your question.

      The Illawarra Mutual Bank (IMB) has an ownership model that is structured as a mutual bank and thus it is member-owned. IMB is regulated by the Australian Prudential Regulation Authority (APRA) and is a member of the Customer Owned Banking Association which represents mutual banks, building societies and credit unions across Australia.

      Cheers,
      Anndy

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