Who owns my bank?
Your bank could be owned by another, larger bank. Check who owns your bank here, and what impact this has on your money.
Key takeaways
- Many smaller banks, credit unions and building societies are actually owned by bigger banks - particularly the Big Four.
- If you're with a smaller bank, it may be nice to know they've got the financial backing of a big bank.
- The owner of your bank is unlikely to impact your daily banking, but it's good to be aware of.
At a glance: Who owns my bank?
| Bank | Bank brands |
|---|---|
| Westpac | St.George, BankSA, Bank of Melbourne |
| NAB | Ubank |
| ANZ | Suncorp Bank |
| CommBank | Bankwest, Aussie (part owner), Lendi Group (part owner) |
| Bendigo and Adelaide Bank | Bendigo Bank, Adelaide Bank, Up, Rural Bank, Alliance Bank, Delphi Bank |
| Bank of Queensland | ME Bank, Virgin Money |
In depth: Who owns my bank?
The value of trust
Australians like to know who they're banking with. A 2023 Finder survey found that having a bank they 'know and trust' was the second most important feature when choosing a savings account, second only to the interest rate offered.
Source:
Finder Consumer Sentiment Tracker 2023
Does it matter if my bank is owned by another bank?
Who owns your bank won't have too much of an impact on your day-to-day transactions. However, it could impact you if you've got a large amount of cash sitting in the bank.
The Australian government's Financial Claims Scheme (FCS), which guarantees the security of your money up to $250,000 per account holder per authorised deposit-taking institution (ADI), applies per banking licence rather than per brand. Brands that operate under their parent bank's licence share one $250,000 cap, while a bank that is owned by another bank but keeps its own licence gets its own cap. 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. The same applies to Suncorp Bank and ANZ: ANZ owns Suncorp Bank, but Suncorp Bank still holds its own banking licence (as Norfina Limited), so deposits with each bank are covered separately.
The financial claims scheme is there to protect your cash if the bank fails. But it's important to remember that banks are incredibly regulated, and it's very unlikely that a bank would suddenly go under.
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 and Bank of Melbourne are all owned by Westpac. If you're a customer of one of these smaller banks, you'll also get fee-free access to Westpac's ATM network. (RAMS, once a Westpac brand, is no longer part of Westpac: RAMS home loans are now provided by Pepper Money.)
You might also be able to access the bank branches for the parent bank, if there are no local bank branches in your area.
Frequently Asked Questions
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When is bendigo bank going to stop blaming me , been hacked 6 times and has destroyed my crediability and trust with my painting business and returned me to my knees , lost mates, business wife , mum passed, my kids & mentally challengibg for myself 250k turnover to nothing!! Kind regards darren ps no bendigo its your problem not a police matter. I now have my lawyer on to it & ombudsman
Hi Darren, This sounds like such a tough situation. We note you are working through the issue with the bank, but we hope you are getting some support for yourself and your finances outside of this. You can call the National Debt Helpline on 1800 007 007; they have counsellors available for free, 9:30 am to 4:30 pm on weekdays. Best of luck!
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