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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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
Who owns Citibank and are deposits guaranteed with them?
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
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
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!
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
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
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.
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
Is there any overseas ownership of the ANZ Bank?
For example the Chase Manhattan Bank.
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