Ranking first on the list of safest banks in Australasia is the Commonwealth Bank of Australia. The bank is also known as CommBank, is an Australian international bank that has operations in a number of other countries, including New Zealand, Asia, the United States, and the United Kingdom.
National Australia Bank (NAB) has ranked first as the safest bank in Australasia and number 16 in the world, the Rankings of the World's 50 Safest Banks report from Global Finance has found.
A poll of bank customers has found AMP, Bank of China and Westpac are among Australia's least-trusted banks while Bendigo Bank, ING and RACQ Bank are some of the most trusted.
Chase. One of the biggest banks, Chase, is also one of the most secure banks to keep your money safe. Chase offers Zero Liability Protection, so if unauthorized transactions are made under your name, you won't be held responsible.
Though several small banks are present, four major banks dominate the Australian banking sector- Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group (ANZ), and National Australia Bank (NAB).
Wells Fargo (WFC)
Nevertheless, it finds itself as one of the least likely financial institutions to fail.
The FDIC insures your bank account to protect your money in the unlikely event of a bank failure. Bank accounts are insured by the Federal Deposit Insurance Corporation (FDIC), which is part of the federal government. The insurance covers accounts containing $250,000 or less under the same owner or owners.
According to a survey conducted in 2020, Australia's banking customers were overall satisfied with their banks. During the survey period, Heritage Bank received the highest overall customer statisfaction rating at 872 out of 1,000.
Forbes Advisor has ranked the ING Savings Maximiser as the best bonus savings account on the market for Australians, due to its straightforward monthly conditions, zero fees, and high rate.
Some experts suggest you should have four bank accounts -- two checking and two savings. You'll use one checking account to pay bills and the other for spending money. One savings account will be dedicated to your emergency fund and the other to miscellaneous goals.
The state of each of the Big Four Banks
In the last couple of years, NAB and CBA have been performing better than Westpac and ANZ from many perspectives, especially the share price. CBA has tended to outperform its peers and it has in the last five years, sitting on a 24% gain as of mid-March 2023.
There are currently a number of ATM networks operating in Australia, the largest five of which are: the Commonwealth Bank-Bankwest network (with over 4,000 machines), NAB-rediATM network (with over 3,400 machines), Westpac-St George-BankSA and Bank of Melbourne network (with over 3,000 machines), ANZ (with over 2,600 ...
Your bank will never ask for your account number, social security number, name, address or password in an email or text message. They will only ask you to provide this information to verify your identity when you call them directly. Call the Number on your Card.