These services include: Bank accounts and savings accounts, home loans, credit cards, reward credit cards, term deposits, personal loans, car loans, online banking portals, debit cards and international money transfer. Privately owned banks offer a diverse range of banking services, often thanks to a combination of physical bank branches and online banking options. George Bank and RAMS, and Bankwest, including the Bankwest online banking portal, is owned by the Commonwealth Bank. These banking giants have the lion’s share of banking customers in Australia, and they also own smaller subsidiary companies. They include the ‘Big 4’ Banks - Commbank, NAB, Westpac and ANZ. They’re probably also what first springs to mind when you think of a bank. Privately-owned banks are also known as traditional banks, chartered banks, retail or commercial banks. For example, all Big 4 Banks lend money to the fossil fuel industry. Unethical investments are more common practice, done in order to maximise profits. Since most online banks are still pretty new, they are often designed with advanced digital security measures. Online-only banks tend to use similar security measures as the internet banking portals of bigger banks, such as multi-factor authentication and biometrics. This means deposits of up to $250, 000 are protected under the government's Financial Claims Scheme - and that your dealings with licensed online-only banks are safe. This is because to trade as a bank, they're required to be licensed by the Australian Prudential Regulation Authority as ADIs - Authorised Deposit-taking Institutions. Online only banks are as safe as traditional banks and customer-owned banks. Digital wallets such as Samsung Pay, Apple and Google Pay.Services often unique to online-only banks Home loans or other small loans are sometimes offered.Transaction accounts and savings accounts.Potential start-up status means online-only banks can lack the years of experience and credibility of reputation that builds up over time, which some banking customers may value.
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