Which banks hold the most of Australia’s money? Some of the top-rated term deposits in July 2024

Australians are reportedly depositing more of their money into banks. With this money guaranteed by the Australian government, you can worry less about which banks can keep your money safe, and more on which banks can offer you a better deal on a term deposit.

According to data released by the Australian Prudential Regulation Authority (APRA) shows that Australians deposited some $6.53 billion into term deposits, transaction accounts, mortgage offset accounts and savings accounts in May 2024. 

This brings the total amount households have saved in the bank to $1.481 trillion – the 11th consecutive record high. It also means household deposits have now risen by over $210 billion since the start of the rate hikes (April 2022 vs May 2024).

Here’s how the APRA data breaks down which banks hold the most of Australia’s money:

Banks with the largest value of household deposits

Source: APRA

It’s important to remember that with the merger of ANZ and Suncorp Bank now confirmed, once this merger is complete the merged bank will likely overtake NAB, taking it to 14.1% or almost $209 billion. 

No matter which bank you choose in Australia, if it is an Authorised Deposit-taking Institution (ADI), your money will be guaranteed by the Financial Claims Scheme (FCS). This program ensures that in the unlikely event that a bank goes out of business, money deposited with them will be guaranteed by the Australian government, up to $250,000 per person per ADI.

Since you can be confident that ADIs in Australia can keep your wealth relatively safe and secure, you can instead focus on which banks may offer the best term deposit deal to suit your needs. Remember that there’s more to consider than just the interest rate - RateCity’s Real Time Ratings™ can help you find the value of different term deposits at a glance, based on their interest and flexibility. The top-rated term deposits on the RateCity Term Deposit Leaderboards may also become eligible for a RateCity Gold Award.  

(Rankings are correct at the time of publishing. Please note banks may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

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