Compare the big 4 banks in Australia

What are Australia’s big four banks?

Though there are many banks and lenders in Australia, there are four major players who dominate the financial landscape, and these are typically referred to as the ‘big four banks’. These four institutions are:

• Australia and New Zealand Banking Group (ANZ)

• CommBank (CBA)

• National Australia Bank (NAB)

• Westpac Banking Corporation (Westpac).

The big four command the largest share of the financial market in Australia, in terms of both deposits and home loan lending. Collectively the big four banks hold about 70% of the share of owner occupied loans to households and the same percentage of household deposits.

How are the big four banks different from each other?

You may be wondering if any of the big four banks are really that different from the others, and what sets them apart. All four offer an array of financial products, from credit cards to car and personal loans, and all four also have an extensive network of ATMs and branches around the country for customers to withdraw and deposit cash, and take care of various other banking needs.

Some of the main points of difference when it comes to the big four banks are as follows.

ANZ:

ANZ has been a market leader in the digital banking realm in Australia, and was the first big four bank to offer Apple Pay. In 2022, it announced the launch of A$DC, Australia’s first bank-backed ‘stablecoin’, a cryptocurrency whose value is pegged to that of the Australian dollar. The federal government is currently exploring a regulatory framework for digital currencies, and ANZ has described A$DC as a “first and important step” in enabling customers to find a safe and secure gateway to the digital economy.

Comm Bank:

At the time of writing, CBA is the largest bank in Australia, in terms of both deposits held and the size of its home loan lending business. In 2021, research firm Forrester ranked the CommBank app as Australia’s #1 banking app for the fifth year running, singling it out as a market leader in both user experience and functionality. Canstar has also recognised CommBank for its online banking, with the top four bank being awarded Canstar’s Bank of the Year – Digital Banking Award for 16 consecutive years.

National Australia Bank:

At the time of writing, NAB offers an everyday transaction account that has no monthly account keeping fees with no strings attached. While the other big banks also have fee-free account options, some, like ANZ, offer these only through their digital app, or require customers to meet certain conditions such as a minimum monthly deposit or age requirements.

Westpac:

Westpac is a part of the Global ATM Alliance, a joint venture between several major international institutions that allows customers to make withdrawals at more than 50,000 ATMs across a global network. Westpac says that customers can access these ATMs without withdrawal fees; however, a 3% foreign transaction fee will still apply.

Which of the big four banks holds the most deposits?

CommBank holds the most deposits in Australia, followed by Westpac in second place, then NAB and ANZ. According to monthly Authorised Deposit-taking Institution (ADI) figures from April 2025, the value of total residents’ assets held by the big four banks is:

• CommBank: $1,137.299 billion.

• Westpac: $1,064.340 billion.

• NAB: $905.822 billion.

• ANZ: $764.072 billion.

Which of the big four banks is biggest for home loans?

As far as home loans are concerned, CommBank is the biggest lender in Australia to owner occupiers, followed by Westpac, NAB and then ANZ. Monthly ADI figures from April 2025 show the total value of owner occupier lending for the big four banks at:

• CommBank: $386.997 billion.

• Westpac: $321.141 billion.

• NAB: $219.562 billion.

• ANZ: $209.891billion.

CommBank is also the biggest in home loans to investors, followed by Westpac, NAB and then ANZ. The April 2025 monthly ADI figures show the value of investment home loan lending for the big four at:

• Comm Bank: $198.960 billion

• Westpac: $162.976 billion

• NAB: $110.905 billion

• ANZ: $104.421 billion.

What are the pros and cons of banking with the big four?

Whether you choose to bank with one of the big four or opt for a smaller bank or non-bank lender, it ultimately comes down to your personal needs and preferences. While no single type of bank is objectively better for everyone, understanding the general pros and cons of the big four can help you decide if they’re the right fit for your financial goals.

Pros of banking with the big four

• Extensive network: The big four have a large network of physical branches and ATMs across Australia, making everyday banking more accessible. This is especially useful if you live in a regional area, regularly deal with cash, or simply prefer face-to-face service. Smaller banks or online-only providers may not be able to offer the same physical presence.

• A suite of financial products: Big four banks offer a full suite of financial products including transaction and savings accounts, home loans, personal loans, business banking, insurance, and superannuation. This makes it easier to manage all your banking needs in one place. However, this doesn’t necessarily mean the big four offer the most competitive rates on various products. It’s worth comparing your options to find the best possible deals for your situation.

• Legacy and longstanding history: All authorised deposit-taking institutions (ADIs) in Australia—including the big four banks, smaller banks, mutual banks, credit unions, and building societies—are covered by the Financial Claims Scheme (FCS). While this protection applies to all ADIs, the big four’s size, financial strength, and long-standing presence in the market may offer additional peace of mind for some customers.

Cons of banking with the Big Four

• Potentially less competitive rates: As the big four have larger overheads and extensive branch networks, their interest rates on savings accounts and home loans can sometimes be lower than those offered by mutual banks or digital providers.

• Extra costs may apply: Some big four transaction accounts charge monthly fees unless you meet certain deposit, spending, or balance requirements. They may also have higher fees for services such as international transfers, foreign currency transactions, or card replacements. In contrast, many smaller banks—particularly digital lenders and mutual banks—offer fee-free everyday accounts with fewer conditions and lower overall fees.

• Customer experience may feel less personalised: Due to their large customer base, service at the big four can feel more process-driven than personalised. Customer-owned banks typically focus more on member service, offering more direct support and community engagement—particularly for long-term customers.

Which other banks are owned by the big four?

Australia’s big four banks own a number of smaller subsidiaries, including other banks, home loan lenders and wealth management companies. You may even find that your bank or financial institution is owned by one of the big four.

CommBank currently owns Bankwest, and it previously owned home loan lender Aussie Home Loans (Aussie) as well as wealth management group Colonial First State. In 2021, Lendi and Aussie merged to form the Lendi Group. CommBank retains a 45% stake in Colonial First State and Lendi Group. Digital home loan lender, Unloan, which launched in May 2022, is also part of the Commonwealth Bank.

Westpac owns St.George, Bank of Melbourne and BankSA. It also owns the home loan lender RAMS, and wealth management brand BT.

NAB owns the online bank UBank.In December 2021, NAB announced its acquisition of neobank 86 400, subsequently merging it with Ubank in the following months.

ANZ owns Suncorp Bank.

Is it safest to bank with one of the big four?

Given their size, and the fact that they are so well established, you may feel that it is safer to deposit your savings or take out a loan with one of the big four. It is worth keeping in mind, though, that every bank, lender, credit union and general insurance provider in Australia is regulated by the federal government. All banks must be licensed by the government to carry on banking business such as accepting deposits from the public, and all are covered under the government’s Financial Claims Scheme (FCS).

The FCS was established in 2008, in the wake of the global financial crisis. It is intended to protect consumers in the unlikely event that their institution should fail. For banking customers, this means that individuals are provided with protection for money they have deposited with a bank, credit union and/or building society (otherwise known as an Australian Deposit-taking Institution), up to a total value of $250,000 per account holder. The scheme also covers claims of up to $5,000 from policyholders and claimants against general insurance providers.

This government guarantee means that Australian banking customers have a level of protection against their bank failing, whether they choose to bank with the big four or a smaller institution. Therefore, your decision about whether to bank with one of the big four may come down to other considerations such as the products and services they offer, including any features and benefits.

Should I bank with the big four?

Whether you choose to bank with the big four or with a smaller institution—for example, a customer-owned bank or building society—will come down to your own needs and priorities.

You may find that a big four bank has more physical infrastructure, such as branches and ATMs. Likewise, it could be the case that a big four bank can be a ‘one-stop shop’ for you in terms of providing access to different financial products such as home loans, savings and transaction accounts, and credit cards.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry shone a light on the big four, with some concerning instances of misconduct brought to the forefront. In the years since the Royal Commission, all of the big four banks combined have been ordered to pay penalties in excess of $2 billion, for conduct ranging from charging incorrect interest rates and deducting fees without providing a service, through to unscrupulous mortgage broking practices and money laundering.

While the big four have admitted to varying degrees of misconduct, and in some cases paid remediation to affected customers, you may feel that your values may more closely align with a customer-owned institution, such as a mutual bank. Unlike traditional banks, where profits are paid to shareholders, mutual banks (including credit unions and building societies) tend to be run to benefit customers, whether this is through socially responsible lending practices or through offering competitive rates and fees to customers.

Whether you are considering a big four bank, a smaller bank or a customer-owned institution, it may be a good idea to do thorough research about the business, its history and reputation. You may also like to see which products, services and providers have been recognised in Canstar’s Star Ratings and Awards.

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