Australians have more banking choices than the big four, but changing banks can be difficult—and a post office counter cannot replace every service a branch once provided.

For generations, a bank was a building on the main street.

The manager knew local businesses. Families deposited their savings over the counter. A farmer could discuss a seasonal loan, and a shopkeeper could obtain change and deposit the day’s takings.

Today, many Australians do their banking on a phone. They transfer money, pay bills, check mortgage balances and apply for credit without entering a branch.

For those who can and want to bank that way, the change has brought convenience. But for people who depend on face-to-face service, the disappearance of a branch can mean a long drive, a loss of independence or a more difficult day running a business.

It also raises a question: when Australians are unhappy with their bank, how much power do they have to change its behaviour—or to take their business elsewhere?

The big four

Australia’s banking system is dominated by four familiar names: Commonwealth Bank, Westpac, National Australia Bank and ANZ.

All offer personal and business banking, although their histories, customer bases and approaches differ.

Commonwealth Bank

The Commonwealth Bank, widely known as CommBank or CBA, began as a government-owned bank in 1911 and is now publicly listed.

It has a large household customer base and provides transaction accounts, savings products, home loans, credit cards, insurance-related services and business banking.

For many Australians, a Commonwealth Bank account is their first account, often opened as a child or when they began work. That early relationship can last for decades.

Its size gives it the capacity to invest heavily in digital services and technology. It also means decisions about branches, account fees or interest rates can affect a very large number of people.

Bankwest is part of the Commonwealth Bank group.

Westpac

Westpac traces its history to the Bank of New South Wales, established in 1817, making it Australia’s oldest bank.

Today it offers a broad range of personal, business and institutional banking services.

Westpac also operates familiar banking brands including St.George, BankSA and Bank of Melbourne.

That matters to customers comparing providers. Different brands may have different products or service arrangements, but choosing one of those brands does not necessarily mean moving your money to a banking group independent of Westpac.

National Australia Bank

National Australia Bank, or NAB, has a substantial presence in personal banking, business lending and institutional finance.

It is particularly well known for its business banking and rural lending, although it also competes for home loans, deposits and everyday accounts.

NAB’s digital banking brand ubank offers another option for customers comfortable managing their banking online. A customer moving from NAB to ubank, however, should understand the relationship between the brands when assessing how much their banking arrangements have changed.

ANZ

ANZ, or Australia and New Zealand Banking Group, operates across personal, business and institutional banking and has a long association with trade and the Asia-Pacific region.

Alongside its traditional banking services, it offers ANZ Plus, a digital banking offering.

ANZ acquired Suncorp Bank in 2024. Suncorp Bank remains a recognised name, particularly in Queensland, but customers should be aware of its connection to ANZ when considering banking alternatives.

That acquisition also illustrates a broader pattern: a banking name can remain familiar even after the organisation behind it changes.

The foreign banks operating in Australia

Australia’s banking market also includes institutions with overseas owners or international origins.

Some compete directly for Australian households. Others focus mainly on large companies, institutional clients, trade finance or specialist banking.

ING

ING is part of the Dutch banking group ING. In Australia, it is known for digital banking, savings accounts, transaction accounts and home loans.

Its model appeals to customers who are comfortable banking online and may not require a traditional local branch.

HSBC

HSBC is an international banking group with an Australian banking presence. Its services include everyday accounts, savings, home loans and banking for customers with international connections.

For people who live, work, study or do business across borders, the international reach may be useful. As with any bank, the value depends on the actual products, fees and access available to the individual customer.

Bank of China and other international institutions

Bank of China is among the international banks operating in Australia. Others include institutions from Asia, Europe and North America.

Some offer services to individuals, while others are primarily involved in corporate lending, capital markets, trade finance or services to international businesses.

A foreign bank’s Australian branch and an Australian-incorporated subsidiary are not necessarily the same thing. They can be subject to different arrangements, including around deposit-taking. Anyone considering placing substantial savings with an unfamiliar provider should check its status on the Australian Prudential Regulation Authority’s register and confirm whether the deposit is covered by the Financial Claims Scheme.

Australia’s smaller banks

Beyond the big four are banks that compete on service, community connections, digital convenience, pricing or a combination of these.

“Smaller” does not necessarily mean small in absolute terms. Some have large customer bases and substantial lending operations.

Bendigo Bank

Bendigo Bank has strong regional origins and is well known for its community banking model.

Its Community Bank arrangements involve local companies working with the bank, with a share of profits available to support local initiatives, subject to the arrangements of the individual community bank.

For a town concerned about losing local banking, the attraction is clear: the banking relationship can also help support the community.

Bendigo and Adelaide Bank also owns the digital banking brand Up.

Bank of Queensland

Bank of Queensland, commonly known as BOQ, began in Queensland and provides personal and business banking.

Its group also includes ME Bank and Virgin Money Australia. Customers comparing those brands may find different products and offers, but they should recognise the common ownership.

Macquarie Bank

Macquarie Bank is part of Australian-listed Macquarie Group.

It offers transaction accounts, savings accounts, home loans and other services, with a strong digital approach for many personal banking customers.

Macquarie is also part of a much broader financial services group involved in areas such as investment, asset management and finance.

Customer-owned banks and credit unions

A number of Australian banking institutions are owned by their customers or members rather than external shareholders.

Examples include Bank Australia, Great Southern Bank, Regional Australia Bank, Teachers Mutual Bank and Newcastle Permanent.

Their histories differ. Some grew from credit unions serving particular occupations, communities or regions; others have expanded well beyond their original membership base.

Customer ownership does not guarantee the lowest loan rate, highest savings rate or a local branch. It does mean the institution has a different ownership structure and is not trying to pay dividends to outside shareholders in the same way as a listed bank.

For a customer who values that model, it is worth considering alongside price and service.

Do building societies still exist?

Yes—but the landscape has changed considerably.

Building societies historically helped members save and finance homes. Many Australians will remember them as local institutions with a strong connection to home lending.

Over time, some building societies merged, converted to banks or joined larger customer-owned organisations. The names may have changed while some of the original member-owned philosophy has continued.

Newcastle Permanent, for example, has a long building society history and now operates within the customer-owned Newcastle Greater Mutual Group alongside Greater Bank.

Australia’s financial system still recognises building societies and credit unions as types of deposit-taking institutions, although there are fewer separate organisations than there once were. The Council of Financial Regulators has noted substantial consolidation among credit unions and building societies over the past several decades.

For customers, the more useful question may be less about the historical label and more about who owns the institution, what services it provides and how it treats its members today.

Why are branches disappearing?

The banks point to a substantial change in customer behaviour.

Many routine transactions that once required a teller can now be completed through an app, website or ATM. A branch is expensive to operate, particularly if fewer customers use it regularly.

Those facts help explain the commercial decision. They do not make the consequences disappear.

A branch may be used less often than it was 20 years ago, but it can still be essential for the people and businesses who rely on it.

For an older person who does not use a smartphone, a branch may be the difference between managing their own affairs and relying on someone else.

For a small business, it may be where cash is deposited, coins are obtained and a problem is resolved face to face.

For a regional town, the loss of a bank can also mean the loss of skilled jobs and another reason for residents to travel elsewhere.

The latest figures from APRA show the number of bank branches nationwide fell 3 per cent between June 2025 and June 2026. The decline in regional and remote areas was 1.7 per cent, the smallest recorded in that data series, partly reflecting commitments by major banks to pause regional closures.

The slower rate of decline is welcome for affected communities. It does not restore branches that have already gone, or settle what happens when current commitments expire.

Is Australia Post becoming a substitute bank?

For many communities, Australia Post has become an increasingly important place to access basic banking services.

Through Bank@Post, customers of participating financial institutions can conduct certain transactions at participating post offices. Depending on the bank, account, card and outlet, these can include depositing money, withdrawing cash and checking balances.

That can be valuable in a town without a bank branch. A resident may still be able to access cash locally, while a business may have a place to deposit takings.

But a post office is not a full replacement for a bank branch.

It may not be able to provide the same assistance with a complex account issue, a loan application, a deceased estate, a business banking problem or a dispute. Transaction limits and the services offered also vary.

Customers should check with their own bank and local post office before assuming a particular service will be available.

Australia Post is providing access to certain banking transactions on behalf of participating institutions; it is not taking over all the functions of those banks.

Can a community protest a branch closure?

Yes. A community can organise, make its concerns public and ask the bank to reconsider.

There is no guarantee that a protest will keep a branch open, but a coordinated response can make the local consequences harder to overlook.

Residents and businesses can:

• Ask the bank for its reasons and seek details of the services proposed after closure.
  
  
• Document the impact, including travel distances, public transport limitations, business cash needs and the number of people who rely on assistance.
  
  
• Contact the local council and state and federal representatives and ask them to support the community’s case.
  
  
• Organise a public meeting or petition, bringing together residents, business owners, community groups and affected customers.
  
  
• Ask whether alternatives are possible, such as reduced branch hours, shared premises, a visiting service or a community banking model.
  
  
• Seek clear information about Bank@Post, including what the local outlet can and cannot do.

A Senate inquiry into regional bank closures recommended stronger arrangements for assessing and consulting on closures. Those recommendations show that access to banking is recognised as a public issue, although a recommendation is not itself a guarantee that a particular branch must remain open.

A persuasive campaign needs to explain more than that a branch will be missed. It needs to show who depends on it, what alternatives are available and what the loss will cost the community.

What if you are unhappy with your home loan rate?

A borrower does not have to accept the first answer without asking questions.

Start by contacting the lender and asking it to review the interest rate. Existing customers can ask what rate is available to them, how it compares with current offers and whether there are fees or conditions attached to a change.

It can help to have competing offers or current rates available when making that request. A customer may also choose to speak with a mortgage broker or compare lenders directly.

However, a lower advertised rate is only one part of the decision. Consider:

• The comparison rate and applicable fees.
  
  
• Whether an offset account is available and useful.
  
  
• Redraw arrangements and any limits.
  
  
• The remaining loan term and repayment amount.
  
  
• The cost of discharging or establishing a loan.
  
  
• Potential break costs on a fixed-rate loan.
  
  
• Whether the new lender will approve the application.

A small difference in interest rates can matter substantially over time. For example, a reduction of 0.25 percentage points on a $500,000 balance is approximately $1,250 in interest over a year, if the balance remained unchanged. Actual savings will depend on repayments, the changing balance, fees and loan conditions.

What if a bank refuses a loan?

A loan refusal can be disappointing, especially when a customer has banked with the same institution for years.

But a long relationship does not create an automatic entitlement to borrow. Lenders assess applications against their lending policies, the borrower’s circumstances and applicable obligations.

A refusal may reflect income, existing debt, expenses, the property offered as security, credit history or the lender’s assessment of whether repayments are affordable.

If an application is refused:

1. Ask the lender for an explanation and check whether the information it used was accurate and complete.
   
   
2. Review your credit report and seek correction of any errors.
   
   
3. Consider whether the amount, deposit or repayment structure can be changed.
   
   
4. Seek another lender’s assessment, recognising that another institution may reach a different decision but will still apply its own criteria.
   
   
5. Make a complaint if you believe there has been an error, unfair treatment or a failure to follow the appropriate process.

A complaint is different from simply disagreeing with a lender’s assessment. An external complaints body may be able to consider matters such as errors or process, but it will not generally order a bank to lend simply because the applicant wants the loan.

Where can customers complain?

The first step is usually to make a formal complaint directly to the bank.

Explain what happened, what outcome you are seeking and provide relevant documents. Keep a record of dates, communications and the bank’s response.

If the complaint is not resolved, or the customer is dissatisfied with the response, it may be possible to take it to the Australian Financial Complaints Authority, known as AFCA.

AFCA provides a free, independent dispute resolution service for eligible complaints involving financial firms.

It is important to distinguish between an individual dispute and a broader policy decision. A complaint about how an account, loan or customer was handled may fall within AFCA’s remit. A community campaign asking a bank to retain a branch is a different matter, and AFCA should not be assumed to have the power to order a branch to stay open.

Can customers protest by changing banks?

Yes. Moving an account, savings or a loan is one of the most direct signals a customer can send.

A bank may consider a closure commercially sensible because relatively few people use the branch. But if customers who value that branch move their business elsewhere, the calculation can change.

For a community, the effect is greater when customers explain why they are leaving.

A letter to the bank might say:

“I am moving my accounts because your decision to close the local branch means I can no longer access the service I need.”

That gives the bank useful information and makes the customer’s decision more than an anonymous account closure.

Of course, moving is not equally easy for everyone. A customer with a mortgage, business facilities, direct debits and long-established accounts may face considerable work or may not qualify to refinance.

And moving to another brand owned by the same banking group may not have the effect the customer intended.

How many Australians actually change banks?

There is no single figure that captures every kind of banking “churn”.

A person might open a savings account with another bank while keeping their original everyday account. Another might refinance a mortgage but leave salary payments and direct debits untouched. A full change of main financial institution is a different measure again.

Research from Roy Morgan estimated that about 667,000 Australians—2.9 per cent—changed their main financial institution in 2024. Its research identified interest rates, service and fees among the common reasons for switching.

That is a survey estimate for a particular year and a particular definition of switching; it should not be read as the current annual rate for every banking product.

The Australian Competition and Consumer Commission’s retail deposits inquiry also found relatively limited switching. In its consumer survey, 11 per cent of respondents had changed their main transaction account to another bank within the preceding three years, while 16 per cent had changed their main savings account over that period. These are three-year figures, not annual churn rates.

The figures suggest that many customers stay where they are, even in a market with numerous providers.

That may be because they are satisfied. It may also reflect the inconvenience of changing account details, the difficulty of comparing products, concerns about missed payments or the challenges of refinancing a loan.

How to change your everyday bank account

For someone considering a move, a careful transition is better than closing the old account immediately.

1. Compare the new account, including fees, access to branches and ATMs, digital services and any conditions.
   
   
2. Open the new account and make sure you can access it.
   
   
3. Update income payments, including wages, pensions or other regular deposits.
   
   
4. Move direct debits and recurring payments, such as insurance, utilities, subscriptions and loan repayments.
   
   
5. Update payment details with anyone who regularly sends you money.
   
   
6. Keep the old account open temporarily with enough funds to cover payments you may have missed.
   
   
7. Check both accounts before closing the old one.

Some banks can assist with identifying or switching regular payments, but customers should confirm exactly what help is offered and remain responsible for checking that arrangements have changed.

For deposits, Australians should also understand the Financial Claims Scheme. For eligible deposits with an authorised institution covered by the scheme, protection is generally capped at $250,000 per account holder, per authorised institution. Different brands can operate under the same banking licence, so having money with two names does not always mean two separate caps. Check the legal institution and its listed trading names.

The Times View

Australians have more banking choices than many realise. The big four are influential, but they are not the only institutions offering a place to save, borrow or run a business.

The difficulty is that choice on a website is not always the same as choice in a town.

A customer may be able to open an account with a digital bank in minutes, yet still have nowhere nearby to discuss a complicated problem, deposit business takings or obtain help in person.

Bank@Post can preserve access to useful services, and digital banking can make daily life easier. Both have a place. But neither removes the need to consider the people who depend on a relationship with a local bank.

Customers can ask questions, negotiate, complain and move their business. Communities can organise and make the consequences of a closure visible.

The question for Australia’s banks is whether they will see those communities simply as a cost—or recognise that a banking relationship is built on more than the transactions that pass through an app.