Compare the big 4 banks in Australia

What are Australia’s big four banks?

There are many banks and lenders in Australia, but four major players dominate the financial landscape. They are referred to as the ‘big four banks’:

• Australia and New Zealand Banking Group (ANZ)
• CommBank (CBA)
• National Australia Bank (NAB)
• Westpac Banking Corporation (Westpac)

The big four command most of Australia’s consumer finance market, in terms of both deposits and home loan lending. They collectively hold about 70% of owner-occupied home loans and a similar percentage of household deposits.

How are the big four banks different from each other?

All big four banks offer and compete across an array of financial products, from transaction and savings accounts to credit cards, car and personal loans. They also have extensive networks of ATMs and branches around the country for customers to withdraw and deposit cash, and take care of their various banking needs.

Some of the main points of difference when it comes to the big four banks are:

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. It launched A$DC, Australia’s first bank-backed ‘stablecoin’, a cryptocurrency whose value is pegged to that of the Australian dollar in 2022. ANZ also has a large customer base in New Zealand and the Asia-Pacific region.

CommBank

Commbank is the largest bank in Australia when it comes to both deposits held and the size of its home lending business. Canstar has also recognises CommBank for its online banking prowess, awarding it Canstar’s Digital Banking – Bank of the Year Award for 16 consecutive years. It also took out an Innovation Excellence Award – Financial Services in 2026 for it’s micro-investing feature, Everyday Investing.

NAB

NAB is the only big four bank that offers an everyday transaction account without monthly account keeping fees, no strings attached. While the other big banks also have fee-free account options, some offer these only through their digital app (ANZ), 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 ATM withdrawals across a global network. Westpac says customers can access these ATMs without withdrawal fees, but a 3% foreign transaction fee will still apply. Westpac also usually offers its existing customers a bonus rate when opening or renewing a term deposit online.

Which of the big four banks holds the most deposits?

CommBank holds the largest chunk of household deposits in Australia at the time of writing, followed by Westpac, then NAB, and ANZ:

• CommBank: $459.215 million

• Westpac: $357.426 million

• NAB: $239.001 million

• ANZ: $193.996 million

Source: APRA’s monthly Authorised Deposit-taking Institution (ADI) statistics (March 2026).

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

As far as owner-occupier home loans are concerned, CommBank is the biggest lender in Australia, followed by Westpac, NAB, and then ANZ. Here’s how their owner-occupier mortgage books stack up:

• CommBank: $406.599 million

• Westpac: $337.082 million

• NAB: $234.157 million

• ANZ: $215.097 million

Source: APRA’s monthly Authorised Deposit-taking Institution (ADI) statistics (March 2026).

CommBank is also the biggest bank when it comes to investor loans, followed by Westpac, NAB, and then ANZ. Here’s a breakdown of the big four’s investment home loan lending books:

• CommBank: $217.895 million

• Westpac: $171.878 million

• NAB: $112.798 million

• ANZ: $109.126 million

Source: APRA’s monthly Authorised Deposit-taking Institution (ADI) statistics (March 2026).

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

Pros

• 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, it doesn’t necessarily mean the big four offer the most competitive rates or features on various products. It’s worth comparing your options to find the best possible deals for you.

• Legacy and longstanding history: All 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) in cases of bankruptcy. 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

• 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 less competitive than those offered by mutual banks or digital lenders.

• 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 offer fee-free everyday transaction 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 rather than personalised. Customer-owned banks typically focus more on member service, offering more direct support and community engagement—particularly for long-term customers.

Other banks owned by the big four

Australia’s big four banks own a number of subsidiaries, including smaller 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 digital home loan lender, Unloan. It previously owned home loan lender Aussie Home Loans (now part of Lendi Group, of which CommBank has a 42% stake), as well as wealth management group Colonial First State.
• Westpac owns St.George, Bank of Melbourne, and BankSA. It also wealth management brand BT.
• NAB owns the online bank UBank. In December 2021, NAB announced its acquisition of the neobank 86 400, which was subsequently merged with Ubank.
• ANZ owns Suncorp Bank.

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

Given their size and the fact they are so well established, you may feel that it’s safer to deposit your savings or take out a loan with one of the big four. It’s 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 to carry out banking business, such as accepting deposits from the public, and all are covered under the FCS.

The FCS was established in the wake of the global financial crisis and protects consumers in the unlikely event that their institution should fail. For banking customers, it means that up to $250,000 of an individuals’ money deposited with a single bank, credit union, or building society is protected if the institution holding their funds collapsed. The scheme also covers claims of up to $5,000 from policyholders and claimants against general insurance providers.

This means that Australian 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 of whether to bank with one of the big four may come down to other factors, 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 will come down to your own needs and priorities.

You may find a big four bank has more physical infrastructure, such as branches and ATMs. Likewise, a big four bank could be a ‘one-stop shop’, providing access to different financial products like home loans, savings and transaction accounts, credit cards, and insurance products.

While convenience is a drawcard, the reputation of the Big Four took a significant hit during the 2017 Banking Royal Commission, with some concerning instances of misconduct brought to the forefront. In the years since, the big four banks have been ordered to pay combined penalties in excess of $2 billion. Regulators have penalised them for misconduct ranging from charging incorrect interest rates and deducting fees without providing a service, through to unscrupulous mortgage broking practices and money laundering.

While the majors have since undergone extensive remediation programs, upgraded their compliance, and, in some instances, refunded affected customers, this history may lead some consumers to look elsewhere, like to a mutual bank. Unlike traditional banks, where profits are paid to shareholders, mutual banks are run to benefit customers, whether through community-minded lending practices or by offering competitive rates and lower fees.

Whether you’re 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.