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.

Alison Banney's headshot

By

Alison Banney

Updated

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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?

BankBank brands
WestpacSt.George, Bank SA, Bank of Melbourne, RAMS
NABUbank
ANZSuncorp Bank
CommBankBankwest, Aussie (part owner), Lendi Group (part owner)
Bendigo and Adelaide BankBendigo Bank, Adelaide Bank, Up, Rural Bank, Alliance Bank, Delphi Bank
Bank of QueenslandME 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 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.

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, 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.

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

Sources

Alison Banney's headshot
Written by

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise
Alison has written 667 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living
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60 Responses

    Default Gravatar
    ZihadMay 18, 2016

    Who owns IMB

      Default GravatarFinder
      DeeMay 19, 2016Finder

      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

    Default Gravatar
    SteveApril 19, 2016

    Hi,
    Just wondering whatever happened to Mutual Community Building Society, I know the health insurance division is now Bupa, but don’t know what happened to the building society arm.
    Thanks.

      Shirley Liu's headshotFinder
      ShirleyApril 20, 2016Finder

      Hi Steve,

      Thanks for your question.

      Unfortunately there’s not much information available to the public about what happened to Mutual Community Build Society. I’d recommend that you give ASIC a call on 1300 300 630 as they would be able to provide further assistance.

    Default Gravatar
    AnnaMarch 15, 2016

    Who does ME Bank belong to? as I see they have the best interest rate at the moment.

      Shirley Liu's headshotFinder
      ShirleyMarch 16, 2016Finder

      Hi Anna,

      Thanks for your question.

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

    Default Gravatar
    AlanNovember 6, 2015

    Who owns Illawarra Mutual Bank?
    Sydney Bank?
    RABO?
    Suncorp?
    Many thanks
    Al.

      Default Gravatar
      BelindaNovember 12, 2015

      Hi Alan,

      Thanks for your enquiry.

      Illawarra Mutual Bank (IMB)’s ownership model is structured as a mutual bank and thus it is member-owned.

      IMB is regulated by the Australian Prudential Regulation Authority (APRA) and is member of the Customer Owned Banking Association which represents mutual banks, building societies and credit unions across Australia.

      Thanks,
      Belinda

    Default Gravatar
    RenieNovember 4, 2015

    Hi ty for you time, my question is, is the WeRe bank real an is it in operation in australia

      Shirley Liu's headshotFinder
      ShirleyNovember 4, 2015Finder

      Hi Renie,

      Thanks for your question.

      Were Bank is not registered with ASIC, so it’s not an authorised deposit-taking institution. In this case we’d recommend that you speak ASIC about it’s operation in Australia.

      Cheers,
      Shirley

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