10 Best Small Banks In Australia In 2023

Are you looking for a bank that offers personalized services, competitive interest rates, and a wide range of financial products? Then look no further than the 10 best small banks in Australia in 2023! From online banking to high-yield savings accounts, these banks have something for everyone. In this blog post, we’ll take a look at each of the top 10 small banks in Australia and discuss what makes them stand out from the competition. So if you’re in the market for a new bank, read on to find the perfect fit for you!

1) Heritage Bank

Heritage Bank is an Australian bank, headquartered in Toowoomba, Queensland. Founded in 1875 as the Toowoomba Permanent Building Society, it has grown to become one of Australia’s largest customer-owned banks. Heritage Bank is Australia’s largest customer-owned bank, with over 850,000 members and more than $12 billion in assets.

Heritage Bank offers a full range of banking products and services, including transaction and savings accounts, home loans, credit cards, insurance, and superannuation. The bank has a network of branches located throughout Australia, and also provides access to banking services via its website and mobile app. Heritage Bank is known for its competitive rates on its home loans and other banking products, as well as its commitment to customer service. 

Heritage Bank also has a range of other services such as foreign currency exchange, travel money cards, and online banking. In addition, Heritage Bank offers tailored banking solutions for small businesses. It has a business-banking team dedicated to providing support for customers in the areas of cash flow management, business loans, and debt consolidation. 

Heritage Bank is committed to corporate responsibility and sustainability. It was the first customer-owned bank in Australia to become carbon neutral, and it is continually looking for ways to reduce its environmental impact. 

Overall, Heritage Bank is a great choice for those looking for a reliable small bank that provides competitive rates on home loans and other banking products. Its commitment to customer service and corporate responsibility makes it an excellent choice for Australian customers.

2) MyState Bank

MyState Bank is one of Australia’s leading regional banks and has been providing banking services to Australians since 1966. With over 40 branches located throughout the country, MyState Bank provides a range of banking services including personal banking, business banking, home loans, car loans, insurance, and investments.

MyState Bank is committed to providing customers with competitively priced products, competitive interest rates, and great customer service. They also offer online and mobile banking options to make managing your finances easier and more convenient.

MyState Bank offers a variety of different accounts, such as the MyState Everyday account, MyState Premium account, MyState Bonus Saver account, and MyState Complete Account. 

The MyState Everyday account is a great option for those who need a basic everyday account with no monthly fees. The MyState Premium Account offers higher interest rates and a wider range of features and benefits. 

The MyState Bonus Saver Account offers bonus interest when you deposit a certain amount into the account each month. The MyState Complete Account provides a range of features, including cashback rewards and complimentary insurance coverage.

3) Firstmac

Firstmac is one of the top 10 small banks in Australia. It is a customer-owned financial institution that offers a variety of services and products, including home loans, personal loans, investment loans, and business banking. Firstmac also provides access to everyday banking services, such as debit cards, internet banking, and mobile banking.

Firstmac has a strong focus on providing customers with exceptional service and products at competitive rates. It provides its customers with low-cost home loans, flexible repayments, and a range of features that make them more attractive. With its focus on technology, Firstmac also offers a modern online banking experience with access to its mobile app and customer support.

Firstmac is a reliable and trusted provider of financial services in Australia and is committed to helping customers achieve their goals. It is well known for offering customer service excellence and is an accredited member of the Mortgage & Finance Association of Australia (MFAA). 

Firstmac is also dedicated to corporate social responsibility and provides support to various charities. It has supported many causes such as medical research, disability services, youth programs, and environmental initiatives.

Whether you’re looking for a loan for your home, business, or investments, Firstmac has something for everyone. With its commitment to providing exceptional customer service and competitive rates, Firstmac is one of the best small banks in Australia.

4) Greater Bank

Greater Bank is a customer-owned banking institution based in Newcastle, New South Wales. They have been providing banking services to Australians since 1945 and have built a strong reputation for their range of competitive products and services. 

Greater Bank offers a comprehensive suite of banking products including personal banking, home loans, business loans, credit cards, savings, and investments. Their range of banking products is designed to meet the needs of different customers and can be tailored to suit individual financial goals.

In addition to traditional banking services, Greater Bank also provides digital banking solutions, such as online banking, mobile banking, and the Greater Bank app. This makes it easy for customers to manage their accounts on the go and stay up-to-date with their finances.

Greater Bank has a strong focus on customer service, offering 24/7 telephone banking and access to an extensive network of ATMs. Their friendly staff is always willing to help customers with any queries they may have and will always provide professional advice.

Overall, Greater Bank is one of the best small banks in Australia in 2023 and they offer great value for money and an excellent level of service.

5) Newcastle Permanent

Newcastle Permanent is a customer-owned financial institution based in Newcastle, Australia. With over 150 years of experience, Newcastle Permanent offers competitive banking products and services to customers throughout Australia. 

At Newcastle Permanent, customers can open savings accounts, transactional accounts, term deposits, home loans, and personal loans. They also offer a range of insurance products such as home and contents, car, travel, and life insurance. 

Newcastle Permanent’s competitive rates on their savings and loan products make them an attractive option for those looking to get more out of their money. Their savings accounts come with bonus interest rates and they also offer competitive interest rates on their loan products. 

In addition to their competitive rates, Newcastle Permanent also offers customers convenient banking options. Customers can access their accounts online, through the mobile app, or at one of their branches. They have a number of ATMs located throughout the country and offer a variety of online services to make managing your money easier. 

If you’re looking for a reliable bank that offers competitive rates and convenient banking options, then consider Newcastle Permanent. With over 150 years of experience, they provide customers with peace of mind and excellent service.

6) CUA

CUA, formerly known as Credit Union Australia, is one of the oldest and largest customer-owned financial institutions in Australia. Founded in 1959, CUA has grown to become one of the nation’s most popular providers of retail banking services, including online banking, credit cards, personal loans, car loans, and home loans.

CUA’s mission is to provide customers with financial solutions that are tailored to their individual needs. They do this by offering competitive interest rates, access to expert advice, and a range of products that are designed to meet the specific requirements of their customers.

In addition to their standard banking products, CUA also offers members exclusive benefits such as discounts on selected products and services, a rewards program, and access to a team of experienced customer service representatives.

To keep up with the changing banking landscape, CUA also offers a range of digital services, such as its mobile banking app and 24/7 phone support. Customers can take advantage of these services to manage their finances on the go.

7) P&N Bank

P&N Bank is one of the best small banks in Australia. Established in 1979, it has grown to become one of the largest customer-owned banks in the country. P&N Bank provides a range of banking services to personal and business customers, including savings accounts, credit cards, loans, mortgages, insurance, and more. 

The bank has a focus on customer service and its products are designed to meet the needs of individuals, families, and businesses. P&N Bank also offers a range of innovative digital banking solutions such as mobile banking and secure online payments. Customers can also benefit from competitive interest rates, low fees, and 24/7 customer support. 

At P&N Bank, customers can access a wide range of financial services including home loans, car loans, personal loans, deposits, investments, and insurance. The bank also offers a range of specialized services such as foreign exchange transactions, merchant services, and international payments. 

P&N Bank is committed to providing customers with a safe and secure banking experience. All accounts are protected by advanced security measures such as encryption and fraud monitoring systems. Customers can also access their accounts via the mobile app or online banking portal. 

For those looking for a reliable small bank in Australia, P&N Bank is definitely worth considering. With its comprehensive range of products, competitive rates, and excellent customer service, it is one of the best small banks in Australia.

8) Beyond Bank

Beyond Bank is a customer-owned banking institution in Australia. Founded in 1957 as Community CPS Australia, it is one of the oldest customer-owned banks in the country. It has since grown to become a major financial institution with branches and agencies throughout South Australia, New South Wales, Victoria, Queensland, and the Australian Capital Territory.

Beyond Bank provides a range of banking products, including savings accounts, transaction accounts, term deposits, home loans, personal loans, and credit cards. They also offer a variety of other services such as insurance, financial planning, and superannuation. 

Beyond Bank also offers online banking services, including internet banking, mobile banking, and telephone banking. All customers have access to a secure online customer portal where they can manage their accounts and transfer funds. 

The bank’s customer service team is available to help customers with any questions or queries they may have regarding their accounts. Beyond Bank also has an extensive network of branches and agencies throughout Australia, so customers can always find an experienced banker nearby. 

Beyond Bank is committed to providing its customers with quality financial products and services that meet their needs. It takes pride in providing excellent customer service and is dedicated to making banking easy and accessible to everyone.

9) Peoples Choice Credit Union

Peoples Choice Credit Union is a well-known Australian financial institution that has been around since 1959. The credit union specializes in providing a range of financial products and services to its members, including personal banking, business banking, investments, insurance, and more. Peoples Choice Credit Union is one of the best small banks in Australia because of its commitment to providing great value, service, convenience, and choice for its customers.

They have branches located across the country and provide their members with access to online and mobile banking. Peoples Choice Credit Union also offers competitive interest rates and fees on their savings accounts, loans, and credit cards. For those looking for an affordable option when it comes to banking, Peoples Choice Credit Union should be considered as one of the top small banks in Australia.

10) Defence Bank

Defence Bank is a financial services provider in Australia, specifically geared towards the defense force and their families. They offer an array of personal and business banking services including everyday accounts, home loans, credit cards, insurance, investments, and more.

Established in 1970, Defence Bank has grown to become one of the largest military-focused financial institutions in the country with over 200,000 members and customers. The bank is proudly 100% Australian-owned and has operations in all states and territories.

The bank’s primary focus is on delivering services to members of the Australian Defence Force and their families, but they also serve the broader community with products and services tailored to everyone’s needs.

Defence Bank prides itself on its commitment to its members and their families with a range of discounts on products and services for those who are members or have family members serving in the Defence Force. They also offer competitive rates on home loans and other products.

For customers looking for a bank that understands their lifestyle, Defence Bank is an ideal choice with its focus on meeting the needs of those associated with the Defence Force. With competitive rates and great service, it’s no surprise that Defence Bank is one of the best small banks in Australia.