Australian Bank Comparison
Your guide to find a Bank that meets your needs
This article try to make a comparison among the main Australian Banks in order to discover the strong point of each Bank. The Australian banking organizations try their best to provide great services and policies that will meet customer requirements. However, some of the best customer services have been managed by the Big Four of Australia. The public prefers these four major banks in Australia.
The Big Four have been serving their customers for ages, however, it often becomes hard to select the best one. So here, we have a complete comparison of the top Australian banks that will make it easier for you to select the best.
The Australian Big Four
The largest banks in Australia, also known as "Big Four" are the following:
Keep in mind that 80% of the loan in Australia are held by these banks and this is the reason they are regarded as the safe banks to do banking with. They are providing their customers with a wide range of options to select from like banking accounts, saving accounts, loans, term deposits, introductory saving, bonus saves and ATMs that can be accessed nationwide. The best thing is that they are providing the services of digital banking. The terms and conditions of all the four banks are almost same.
Australian Market share
It is important to be aware about which is thie Australian market share prior to take a decision. Some of the important things to consider are:
- The owner of the largest market share is Commonwealth bank
- ANZ has the smallest market share
- The banks have o pay 30% of the tax and the big four had the tax rate of 27% for the past few years
As the largest market shares are held by the big four so people feel safe banking with them. The biggest benefit is having the home loan because you will not have to worry about the defaulting obligations. This means that if you fail to pay the amount of mortgage the bank might allow you to live in your home and extend the duration of payments. Most of the people also feel safe to keep their money in one of the big four banks.
In case you are looking forward to doing banking with one of the big four make sure that you consider the following points.
1. Competitive interest rate
Loan interest rate will help decide how rapidly your funds can develop. Make sure that you consider the base variable rate of the record to figure out which ones have the best esteem. With The Big Four, everyone offers a bank account that pays interest bonus for meeting particular terms. Check the rate also, and add it to the base to perceive how much premium you will truly be winning.
2. The conditions for bonus interest rate
The conditions for the bonus interest rate ought to assume a major part in the record you pick on the grounds that in the event that you don't meet them, you will just procure the base rate for that month.
- For instance, with Westpac, you have to make a deposit that must be no less than a $50 and have no withdrawals to win the bonus interest
- CommBank requires that you develop your reserve funds by at any rate $200, however, permit one withdrawal.
- Since the base rates are commonly low, you will need to guarantee that you can meet these terms before contributing your reserve funds.
3. Digital banking availability
The Big Four banks provide the mobile and internet accessibility, so it comes down to who offers the remarkable mobile banking and digital banking. CommBank's, as well as NetBank, has apparently been voted the best. Make sure that you properly check the application for the features that it has been providing, also ensure it is compatible with your smartphone or not.
The advantages of saving money with The Big Four
Here are some of the benefits that you will get by banking with The Big Four:
- More access to your cash. By picking one of The Big Four, you will have simple access to your investment funds through their expansive number of branches, digital banking and saving money services and ATM systems.
- Day in and day out client benefit. The Big Four bank you pick, you're probably going to have admittance to client benefit all day, every day on the off chance that you have a money-related crisis.
- Effectively interface your Big Four financial balance. In the event that your ordinary record is as of now with one of The Big Four, you will see it simple to connect to different bank accounts expecting you can connect to any Australian monetary establishment.
Drawbacks of banking with The Big Four
A few disadvantages that you will have to face are:
- While your cash might be secure with a bank account with The Big Four, you are not really getting the most benefits. Consider the all the features while picking the correct bank for your funds.
- Picking a brand. The Big Four are all notable brands in Australia, yet you ought to even now consider different banks when making your correlations. This guarantees your investment funds are filling in as hard as conceivable towards your budgetary future.
- You are likely getting lower loan costs. The Big Four have a notoriety for having the most reduced loan costs in the market.
- As of their prominence, The Big Four banks are not generally as focused with their rates as littler banks.
The Big Four will provide you with all the services that you require, however, make sure that you select the one with the more benefits. Make sure that you connect with the bank that will provide you with more bonus at a low rate.