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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Who owns IMB
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
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.
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.
Who does ME Bank belong to? as I see they have the best interest rate at the moment.
Hi Anna,
Thanks for your question.
ME is owned by industry super funds and isn’t owned by a specific bank.
Who owns Illawarra Mutual Bank?
Sydney Bank?
RABO?
Suncorp?
Many thanks
Al.
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
Hi ty for you time, my question is, is the WeRe bank real an is it in operation in australia
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