Is Suncorp a big 4 bank?

Suncorp Bank is part of the Suncorp Group, headquartered in Brisbane, Australia. Founded in 1902 as the Queensland Agricultural Bank, Suncorp Bank has grown to become his sixth largest bank in Australia.

Suncorp Bank won Money Magazine’s Bank of the Year Award for the fourth year in row. Suncorp Group agreed terms to sell Suncorp Bank to the Australia & New Zealand Banking Group for A$5 billion. The deal which is subject to regulatory approval is expected to take over 12 months to complete.

The Big Four banks (Westpac, NAB, Commonwealth Bank and ANZ) are the largest banks in Australia. But does this make them the best, and how do they compare to smaller banks? The big banks may offer more digital features and a wider ATM network, but you could save on fees, benefit from a cashback offer or earn a higher interest rate on your savings by opting for a smaller bank.

Take a look at our comparison table below to see for yourself how the big banks compare to others in the market.

The Big Four are ANZ, Westpac, CommBank and NAB. These 4 banks hold the largest majority of loans in Australia and many Australians choose them as their go-to bank.

They all offer a wide range of products including transaction accounts, savings accounts, term deposits and home loans. They also have the largest ATM network in the country, which is handy for getting cash out.

What’s happening with the big banks in November 2024?

The RBA has raised the cash rate for a 4th time this year. As a result, banks are increasing their mortgage rates, but also the interest rate they’re paying on savings accounts. The Big Four banks have been criticised for failing to increase their savings account rates, despite many other banks lifting savings rates.

ANZ has recently launched a new app called ANZ Plus which includes a linked bank account and savings account. The app offers digital money-management and savings tools.

Westpac still offers the most competitive savings rate of the Big Four, with up to 4% p.a. on its Westpac Life Account.

This was updated by Alison Banney on 1 November 2024.

How are the Big Four different from each other?

But what’s the difference between these banks? Here are some points of difference among the Big Four that may help you decide which (if any) is right for you.

  • CommBank. It has the largest ATM network in Australia and is the largest bank in terms of market capitalisation. It also has the most popular mobile banking app.
  • NAB. It has the only bank account out of the Big Four that doesn’t charge monthly account-keeping fees with no conditions to meet (Correct as of January 2024).
  • Westpac. It has the largest overseas ATM network, allowing you to access more than 50,000 global ATMs fee-free through the Global ATM Alliance. This could be a great option if you’re a regular traveller.
  • ANZ. It’s the first Big Four bank to offer Apple Pay, although all Big Four banks now offer this feature.

Commonwealth Bank currently has the largest market share out of the Big Four. Since the Big Four hold such a large market share, borrowers tend to think it’s safer to apply for a loan with one of them or to deposit their savings with one of these banks. Even if you feel more comfortable with keeping your savings with one of the Big Four, keep in mind that most banks in Australia are covered by the Government Guarantee, insuring your savings up to $250,000 per person, per institution should there be a financial crisis.

The 4 most popular banks in Australia

BankMarket capitalisation*
Commonwealth Bank of Australia (CBA)$171 billion
Westpac Banking Corporation.$83 billion
Australia and New Zealand Banking Group (ANZ)$78 billion
National Australia Bank (NAB)$96 billion

Benefits of banking with the Big Four

  • Easy access to your money. You’ll have easy access to your money through their large number of branches, ATM networks, global presence and online banking. The Big Four currently hold the biggest ATM networks in Australia and offer the most bank branches.
  • 24/7 customer service. Depending on the Big Four bank you choose, you’re likely to have access to customer service 24/7 if you have a financial emergency, even overseas.
  • Easily link your Big Four bank account. If your everyday account is already with one of the Big Four, you’ll find it easy to link to other savings accounts and loans with the same bank. This is convinient if you want to see all your finances in the one place.

Downsides of banking with the Big Four

  • Lower interest rates on savings. The Big Four have a reputation for having some of the lowest interest rates in the market for their savings accounts.
  • Less competitive. Due to their popularity, the Big Four banks are not always as competitive with their products and rates as smaller banks.
  • More fees. The Big Four banks often have more fees on their banking products compared to smaller banks.

How to compare Big Four bank savings accounts

When you are looking at savings accounts offered by the Big Four, make sure you take the following features into account:

The interest rate

Interest rates will help determine how quickly your savings can grow. Look at the base variable rate of the account to determine which ones have the best value. With the Big Four, each one offers a savings account that pays bonus interest for meeting specific terms. Check this rate as well and add it to the base to see how much interest you will really be earning.

Big Four savings accountSavings account variable interest rateAccount conditions
Westpac Life Account for 18-29sMaximum variable rate of 4% p.a.For customers aged between 18 and 29. You must grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account each month, up to a balance of $30,000, to get this rate.
ANZ Online SaverMaximum variable rate of 2.15%Get this rate for the first 3 months only and then it reverts to 0.6%.
NAB Reward SaverMaximum variable interest rate of 2.75%You must not make any withdrawals and make at least 1 deposit a month.
CommBank NetBank SaverMaximum variable interest rate of 3.5% p.a.Get this rate for the first 5 months only and then it reverts to 1.35%.

Bonus rate conditions (if there are any)

The terms for earning the bonus rate should play a big role in the account you choose because if you don’t meet them, you will only earn the base rate for that month. For example, with Westpac, you need to make at least a $50 deposit and have no withdrawals to get the bonus rate, while CommBank requires that you grow your savings by at least $200 but allows one withdrawal. Since the base rates are typically very low, you will want to ensure that you are able to meet these terms before investing your savings.

24/7 online banking

The Big Four banks all have Internet and mobile access, so it comes down to which one offers the simplest online or mobile banking experience. CommBank’s NetBank has been voted the best bank account for ease of use. Look into the apps as well to ensure that they are compatible with your mobile device if you like banking on the go.

Should I bank with the Big Four?

That all depends on what you’re looking for. If you want easy access to your money via ATMs and branches, an international network, 24/7 customer service or the ability to open a range of different banking products, the Big Four could be a good option for you.

But if you’re more concerned about earning interest on your savings account or term deposit, you may be better off looking at smaller banks. This is because smaller banks are typically more competitive than the larger ones (as you can see in the comparison table at the top of this page) as they’re fighting for you as a customer.