Top Australian Banks by Total Deposits in 2024

As one of the most robust financial sectors globally, the Australian banking system comprises both major and regional players that hold a significant share of the nation's deposits. With customer deposits serving as a critical measure of a bank’s stability and ability to lend, understanding the top Australian banks by total deposits is essential for anyone tracking the financial health and competitiveness of the sector.

This article delves into the top Australian banks ranked by their total deposits in 2024. We'll explore how these banks continue to capture market share, maintain customer trust, and ensure growth through strategic initiatives.

Why Deposits Matter for Banks

Customer deposits are the foundation of any bank’s lending capabilities. Deposits serve as the primary source of funding, enabling banks to extend credit, finance mortgages, and support other financial products. A strong deposit base also indicates customer confidence and reflects the bank’s ability to offer attractive rates and services.

For a deeper understanding of the biggest banks in Australia, check out Savings.com.au’s guide on Australia’s largest banks.

Top Australian Banks by Total Deposits in 2024

1. Commonwealth Bank of Australia (CBA)

Total Deposits: $980 billion
Headquarters: Sydney, NSW
Overview: As the largest bank in Australia by total deposits, CBA dominates the market with its extensive retail banking network and diverse range of deposit products. CBA’s strong digital platform and consistent customer service have contributed significantly to its leadership position.

2. Westpac Banking Corporation

Total Deposits: $780 billion
Headquarters: Sydney, NSW
Overview: Westpac ranks second by total deposits, leveraging its strong presence in both retail and business banking. Westpac’s investment in digital transformation and wealth management services has helped it attract a diverse customer base.

3. Australia and New Zealand Banking Group (ANZ)

Total Deposits: $690 billion
Headquarters: Melbourne, VIC
Overview: ANZ has a well-established presence in retail, commercial, and institutional banking, making it a significant player in terms of total deposits. ANZ’s focus on business banking and its international network have helped it maintain a strong deposit base.

4. National Australia Bank (NAB)

Total Deposits: $670 billion
Headquarters: Melbourne, VIC
Overview: NAB is known for its customer-centric approach and wide array of deposit accounts. Its strong foothold in commercial and personal banking has enabled NAB to sustain healthy deposit growth, positioning it as a formidable competitor in the Australian market.

5. Macquarie Bank

Total Deposits: $210 billion
Headquarters: Sydney, NSW
Overview: Macquarie Bank continues to differentiate itself with a focus on wealth management, investment banking, and specialised financial services. Although smaller in deposit size compared to the "Big Four" banks, Macquarie’s strategic approach has driven solid deposit growth.

For a comprehensive overview of these financial institutions, you can explore Mortgage Choice’s detailed report on the top banks in Australia.

Key Trends in Australian Banking Deposits in 2024

Digital Banking Growth: Australian banks have heavily invested in digital banking capabilities, enabling customers to open accounts, manage deposits, and access services online. This has not only increased customer satisfaction but also made it easier for banks to attract new deposits.
Rising Interest Rates: With interest rates gradually rising, banks are adjusting their deposit products to offer better returns, making them more competitive in attracting both retail and corporate clients.
Focus on Sustainability: Many top Australian banks are aligning their deposit products with sustainability goals, such as offering green savings accounts and investing in eco-friendly projects.

For more insights into these trends, you can visit Fitch Ratings’ review of Australian banks.

Why Depositors Choose These Banks

The top Australian banks attract depositors due to a mix of reputation, stability, product variety, and service quality. Here’s why customers choose these institutions:

Security and Stability: The top banks are well-capitalised and have strong track records, providing peace of mind for depositors.
Digital Banking Services: With user-friendly mobile apps and online platforms, these banks offer seamless digital experiences for managing deposits and accessing financial services.
Competitive Interest Rates: The big players often offer attractive interest rates on term deposits and high-yield savings accounts, catering to a range of depositor needs.

For a closer look at how these banks rank globally, read Forbes’ list of the World’s Best Banks.

Understanding the Impact of Deposits on the Broader Economy

The health of a nation’s banking system can often be gauged by the total deposits held within its financial institutions. A strong deposit base not only reflects consumer confidence but also fuels lending activities, which are essential for economic growth. In Australia, the major banks play a pivotal role in supporting infrastructure projects, home ownership, and business expansion through their lending activities.

By holding a significant share of Australia’s total deposits, these banks contribute directly to economic stability and growth. For a detailed analysis, you can refer to Wise’s guide on the biggest banks in Australia.

How Fiskil Supports Compliance and Growth for Australian Banks

This is where Fiskil comes into play. Fiskil is an open finance platform designed to help Australian banks manage their data-sharing obligations under the Consumer Data Right (CDR) framework. By partnering with Fiskil, banks can streamline compliance, enhance data security, and ensure smooth data-sharing processes, which is crucial for maintaining depositor trust.

What is Fiskil?

Fiskil connects your product with open finance. It enables banks and financial institutions to seamlessly integrate real-time banking and energy data, enhancing customer experience and compliance capabilities.

Key Benefits of Fiskil for Australian Banks

Simplified Compliance: Fiskil offers pre-built solutions that help banks meet their compliance obligations under CDR, reducing the internal burden of managing regulatory requirements.
Improved Data Security: Fiskil’s secure APIs ensure that data is shared safely and efficiently, protecting sensitive consumer information.
Scalability: Fiskil’s platform is designed to scale with your bank, making it suitable for institutions of any size looking to manage large volumes of data.

Why Fiskil is the Trusted Partner for CDR Compliance

Fiskil’s Data Provider solution is trusted by leading Australian financial institutions to deliver secure, compliant data sharing that aligns with the latest industry standards. With continuous compliance management and scalable infrastructure, Fiskil ensures that banks can focus on core operations while navigating the complexities of open banking regulations.

For more information, visit Fiskil’s official website or explore their latest insights on the Fiskil blog.

Relevant Resources

Fiskil Resources

Insights on Australia's Biggest Banks

By staying informed about the top Australian banks and leveraging platforms like Fiskil, financial institutions can enhance their compliance efforts and better serve their customers in an evolving financial landscape.