5 Best Private Banks in Australia for 2024

ANZ Private is a branch of the Australia and New Zealand Banking Group Limited, the countrys second-largest banking institution in terms of total assets. The banking offer – which extends from investment and debt-driven strategies to wealth management and philanthropy investing – is reserved for individuals who have at least A$3 million in funds to invest or borrow.

HSBCs private bank offering is another strong contender for being not only one of the best private banks for Australian customers but also one of the best private banks globally. While HSBC is a UK-headquartered bank, it apparently sees a strong opportunity to seize a share of the private banking market in the country. Last year, HSBC relocated its top private bankers serving ultra-rich Australians from Singapore to Australia, which was prompted by the rise in the number of family offices in the country.

The portfolio of private banking services and products offered by HSBC includes investment banking, wealth planning, estate management, and more. HSBC was one of the best-performing banks in 2022 in terms of financials – the bank generated over $51 billion in revenue and posted a net income of more than $16.6 billion. The banks business metrics improved further in 2023, with HSBC announcing a 212% quarter-over-quarter profit growth last May. That performance saw HSBC stock rally beyond $60, capping off a +21% increase in the past 12 months.

1865A$4.5 trillion (2022)A$235.12 billion219,999 (2023)A$61.85 (+)

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3. CBA Private Banking – A more accessible private banking offering

Commonwealth Private is a branch of the Commonwealth Bank of Australia (CBA) dedicated to servicing the needs and advising high-net-worth individuals. CBAs private banking offering encompasses personalized banking services such as residential and commercial lending, personal savings, salary packaging, foreign exchange opportunities, credit cards, and more.

If you want to open an account with Comm Private, you need to demonstrate that you have earned at least A$250,000 in each of the last two financial years or that you have liquid net worth, or net assets, of at least A$2.5 million. While these requirements are quite high, they are still lower than those of some competitors, making CBA available to a bigger group of potential customers.

1911A$1.2 trillion (2023)A$189.27 billion53,395 (2023)A$113.02 ()

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4. Macquarie Private Bank – The best pick for the ultra-rich

Macquarie Private Bank is a part of the Sidney-headquartered Macquarie Group. In 2022, Macquarie acquired Central Park Group, a specialized firm that focuses on alternative investments for high-net-worth clients. The move underpinned Macquaries long-standing intentions of becoming one of the leading private banking entities in Australia.

Macquarie is the winner of the 2023 award (for clients with a net worth of $10M+) given out by RFI Global. Not only that, the bank won the award six years in a row, solidifying its spot as the best offering for Australias ultra-rich.

1969A$387.9 billion (2023)A$69.12 billion20,105 (2023)A$179.51 ()

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5. NAB Private Bank – A private banking offering by one of Australias best banks

NAB Private Wealth is a private banking branch of the National Australia Bank, a part of the countrys “Big Four.” NAB is one of the countrys most popular banks, having won the award of the best private bank in 2022 and 2023 by several different publications, including The Banker and Global Finance. Moreover, the bank was selected as the Best Bank in Australia by Euromoney last year.

The Private Wealth unit provides services to a wide range of groups, including business owners, executives, healthcare professionals, and families. NABs private banking offers expertise from both NABTrade as well as JBWere, which is an Australian wealth advisory firm founded in Melbourne over 180 years ago.

1857A$866.6 billion (2020)A$95.56 billion35,063 (2016)A$15.33 ()

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The bottom line

Australians have historically avoided investing in stocks and alternative investments. one private banker cited by Financial Review said last year. However, that reality could be changing. Against a backdrop of the weak Australian dollar and a poorly performing AXS, wealthy Australians are more than ever prepared to pursue new investment venues.

If your net worth prohibits you from having a private bank account, you might want to consider opening an account with banks that offer sign-up bonuses. If you are interested in investing in cryptocurrency assets instead, check out our selection of the best crypto exchanges in Australia.