Compare Banks in Australia

For savings: Ubank (5.35% from 6 October 2026), BOQ Future Saver (up to 5.80% on A$50,000) or ING (up to 5.50%). For branch network: Commonwealth Bank or Westpac. For travel: Macquarie. Check the conditions attached to the headline rates above all: most Australian savings accounts only pay the bonus rate if you deposit a minimum each month or grow the balance.

Yes, the Australian Government's Financial Claims Scheme (FCS) protects up to A$250,000 per depositor per authorised deposit-taking institution (ADI). This covers the Big 4 as well as all APRA-regulated banks. The guarantee applies per depositor and per ADI licence, so two brands owned by the same authorised group share a single cap, worth checking before spreading large savings.

The Big 4 are Australia's four largest banks: Commonwealth Bank (CBA), Westpac, ANZ and NAB. They hold most of the country's deposits and home loans. Their branch and ATM network remains the densest, but their base savings rates are low (0.10% at Westpac without bonus) and the bonus rate requires monthly conditions.

Macquarie charges no international fees on purchases or at overseas ATMs, and Up charges no fees abroad. Westpac charges 3% on foreign currency transactions. Also decline the conversion offered by overseas terminals: paying in the local currency avoids a markup charged by the merchant rather than by your bank.

BOQ Future Saver pays up to 5.80% on A$50,000, ING Savings Maximiser up to 5.50% on A$100,000, Ubank will pay 5.35% from 6 October 2026 (6.10% for new customers), Macquarie 5.00% up to A$250,000 and NAB Reward Saver up to 4.99%. The RBA cash rate has been 4.60% since 30 September 2026. These rates almost always include a conditional bonus: a single month without a deposit drops the return to the base rate (0.01% at ING, 0.05% at BOQ).

Yes, the Big 4 allow you to open an account before arriving (up to 12 months prior). You'll need your passport and a valid visa. After 6 weeks in Australia, additional identification is required (100 points of ID). You will still need to complete identity checks in person at a branch within a set period after arriving, and to provide a Tax File Number to avoid withholding tax on interest.

It's an identity verification system where each document is worth a certain number of points: passport (70 pts), driver's licence (40 pts), Medicare card (25 pts), etc. You need to total 100 points to open an account in-branch. A passport usually counts for seventy points and a driving licence for forty, so most newcomers combine both, while a birth certificate or a bank statement adds the remainder.

The Big 4 offer full in-branch service. Macquarie and Ubank offer online loans, ING Orange Advantage a 100% offset account, Bendigo Bank a community model with local advice. A licensed broker compares several lenders free of charge and knows each one's criteria, which matters when income is irregular or the deposit is limited.