Bank Reviews — Compare Australia's Major Banks
This article provides general information only and does not constitute financial advice. For advice tailored to your situation, consult a licensed financial adviser. Learn more.
Contents
Choosing the right bank in Australia is more consequential than many people realise. The difference between the best and worst transaction accounts can mean $200+ in annual fees. The difference between the best and worst savings rates can mean thousands of dollars in interest over a few years. And the difference between a well-run bank and a poor one shows up in customer service, dispute resolution, and the reliability of digital banking during critical moments.
This section provides independent, factual reviews of Australia’s major banks — the Big Four and the main challengers — so you can compare them clearly before making a decision.
Australia’s Major Banks: An Overview
The Big Four
Australia’s banking system is highly concentrated. The “Big Four” — Commonwealth Bank (CommBank), ANZ, Westpac, and NAB — collectively hold over 70% of Australian banking assets and the vast majority of home loan and deposit market share.
Commonwealth Bank (CommBank): Australia’s largest bank by market capitalisation and deposits. Known for its extensive branch network, its CommBank app (consistently rated one of the best banking apps in Australia), its NetBank platform, and a wide product range including home loans, credit cards, business banking, and wealth management. CBA’s home loan rates are rarely the cheapest on the market, but its service network and digital platform are unmatched in breadth.
ANZ: The most internationally focused of the Big Four, with a significant presence across Asia-Pacific. ANZ Plus is its digital-only product suite, offering competitive savings rates and a streamlined app experience. ANZ has been actively investing in its digital capabilities following a period of technology underinvestment.
Westpac: Australia’s oldest bank (founded 1817). Parent company to Bank of Melbourne, BankSA, and St.George Bank — which operate as distinct brands under the Westpac umbrella. Westpac has faced significant regulatory scrutiny in recent years, including the AUSTRAC proceedings that resulted in a $1.3 billion penalty in 2020.
NAB: National Australia Bank, with a particularly strong business banking and SME offering. NAB has made retail banking improvements in recent years. Its digital platform UBank operates as a distinct brand targeting digital-first customers with competitive deposit rates.
The Challengers
Several banks have taken significant market share from the Big Four in specific product categories — particularly savings accounts and transaction accounts — by offering lower fees and higher interest rates made possible by their lower cost base.
ING: A Dutch-owned bank that operates entirely online in Australia. ING’s Orange Everyday transaction account and Savings Maximiser have consistently been among Australia’s most competitive products for fee-free banking and high savings rates. ING typically requires qualifying monthly conditions (minimum deposit, card transactions) to access the bonus savings rate and ATM fee rebates.
Macquarie Bank: Originally an investment bank, Macquarie’s retail banking products have rapidly gained popularity. Its transaction account is genuinely fee-free, offers fee-free ATM withdrawals at major networks, has no international transaction fees, and its savings account rates are consistently competitive. The Macquarie app is well-regarded.
Ubank: Owned by NAB, Ubank operates as a digital-first brand targeting younger, digitally comfortable customers. Competitive savings rates; transaction account with PayID support and Apple/Google Pay.
Up Bank: An Australian neobank (banking-as-a-service provider, backed by Bendigo Bank), known for its exceptional app design and fee-free banking. Up’s savings “savers” earn competitive rates. Popular among younger Australians for its UX and features like automatic round-up saving.
HSBC: International bank with a retail banking presence in Australia. Genuinely fee-free transaction account; competitive on international transactions and foreign currency.
Bendigo Bank and Bank of Australia: Member-owned institution (technically a public company with community focus). Known for community banking ethos; competitive products in some categories; extensive regional branch presence.
What to Compare When Reviewing a Bank
Transaction accounts
| Factor | What to look for |
|---|---|
| Monthly account fee | Zero, or clearly waivable conditions |
| ATM fee | Free at own network; refunds for others |
| International transaction fee | 0% if you travel or buy from overseas |
| PayID/NPP | Yes — real-time transfers |
| Card freeze/controls | Instant card freeze in app |
| Mobile app quality | Biometrics, push notifications, clear UI |
| Overdraft facility | Available if needed |
Savings accounts
| Factor | What to look for |
|---|---|
| Total interest rate (base + bonus) | Compare against RBA cash rate |
| Bonus rate conditions | Achievable (deposit requirement, no withdrawals) |
| Balance cap | Rate applies up to what balance? |
| APRA deposit guarantee | Deposits protected to $250,000 |
| Withdrawal restrictions | Can you access the money if needed? |
Home loans
| Factor | What to look for |
|---|---|
| Variable rate | Compare against RBA cash rate benchmark |
| Fixed rate options | 1, 2, 3, 5 year fixed rate availability |
| Offset account | Available? Full or partial offset? |
| Redraw facility | Free and accessible |
| Comparison rate | True cost including fees |
| LVR requirements | Maximum LVR for standard products |
| First home buyer support | Eligibility for FHBG, FHSS compatibility |
How to Read a Bank Review
Bank reviews on Peakifi follow a consistent structure:
- Product overview — what products the bank offers and who they’re aimed at
- Fee structure — all material fees in plain language
- Interest rates — current savings and home loan rates in context
- Digital experience — app rating, key features, known issues
- Customer service — branch network, call centre availability, digital support
- APRA data — regulated institution status, Financial Claims Scheme coverage
- Who it suits — the type of customer who would benefit most
All banks reviewed on Peakifi are APRA-regulated authorised deposit-taking institutions (ADIs), meaning deposits up to $250,000 are covered by the Australian Government’s Financial Claims Scheme.
Disclosure: Some links in bank reviews may be referral links. This does not affect how Peakifi assesses or rates products — reviews are based on publicly available product information and are updated when major changes occur.
Frequently Asked Questions
Is it safe to switch banks in Australia? Yes. All APRA-regulated banks are subject to rigorous prudential supervision. Deposits up to $250,000 per person per institution are guaranteed by the Financial Claims Scheme. The practical process of switching takes 1–2 weeks and primarily involves updating your salary direct deposit and recurring direct debits.
Do bank reviews on Peakifi include mortgage brokers? No — bank reviews focus on the banks themselves. For guidance on mortgage brokers, see the Mortgage Brokers section.
How often are bank reviews updated? We aim to review and update bank reviews at least annually, and sooner if a bank makes a material change to its product terms, fees, or interest rates.
Bank Reviews
For advice tailored to your situation, speak with a licensed financial adviser. You can find one through the ASIC financial advisers register or MoneySmart.
Reading a Bank Review: What Actually Matters
Bank reviews, comparisons, and ratings proliferate online — but many are influenced by affiliate commissions on products. Understanding how to read a review critically protects you from biased information.
Fee transparency: A good review discloses all fees — monthly account fees, ATM withdrawal fees, international transaction fees, dishonour fees, and any conditions to waive fees. Many “no-fee” accounts have fee triggers hidden in the fine print.
Rate accuracy: Interest rates on savings accounts and term deposits change frequently. A review published 6 months ago may have rates that are no longer accurate. Check the bank’s website directly to confirm current rates before deciding.
Customer service coverage: Third-party review sites (ProductReview.com.au, Canstar, Google Reviews) provide real customer experience data — particularly valuable for assessing complaint handling, call wait times, and branch accessibility.
APRA ADI status: Any bank you deposit money with should be an APRA-regulated ADI. Check APRA’s register (apra.gov.au) if you’re using an unfamiliar financial institution.
The Role of Affiliated Comparison Sites
Many bank comparison websites in Australia receive referral fees from banks for products clicked or applied for through their site. This doesn’t necessarily invalidate their comparisons, but you should be aware that the products featured most prominently may be those paying the highest referral fees, not necessarily those best suited to your needs.
For unbiased rate comparison, use APRA’s publicly available banking statistics, or direct bank websites. For product feature comparison, CHOICE (choice.com.au) publishes independent bank reviews without affiliate arrangements.
Peakifi aims to provide factual comparison data. Where we have commercial relationships, these are disclosed clearly.