5 Best Private Banks in Australia for 2024

 Private banking stands as a pillar of financial services, offering tailored solutions and exclusive services to high-net-worth individuals and businesses. Private banks in Australia operate in a realm where personalized financial management and a suite of premium services meet the needs of wealthy clients.

In this article, we will examine the best private banks in Australia based on their total assets, standing in the industry, and selection of products and services.

5 best private banks in Australia: Examining top institutions for high net worth clients in 2024

The following list includes the biggest banks with private banking services in Canada as of the start of 2024. It’s worth mentioning that there is not a lot of publicly available information when it comes to private banks, as most of them keep their business records and information about their clients private.

1. ANZ Private Bank – The best private bank in Australia overall

Image source: Wikimedia (Photo: Donaldytong)

ANZ Private is a branch of the Australia and New Zealand Banking Group Limited, the country’s 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. 

ANZ won the Outstanding Private Bank award (for clients with $1M to $10M) – given out by RFI Australian Business Banking – for five consecutive years. In addition, the bank placed first in the Next Generation and Family Governance categories ranked by Euromoney in 2022. It is worth noting that ANZ had a strong year in the markets as well, with the ANZ stock gaining over +9% in the past 12 months.

2. HSBC Global Private Banking – A global banking giant

Image source: Bloomberg (Photo: Chris Ratcliffe)

HSBC’s 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 bank’s 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.

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

Image source: Commonwealth Bank

Commonwealth Private is a branch of the Commonwealth Bank of Australia (CBA) dedicated to servicing the needs and advising high-net-worth individuals. CBA’s 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.

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

Image source: The Market Herald

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 Macquarie’s long-standing intentions of becoming one of the leading private banking entities in Australia.

Macquarie is the winner of the 2023 Outstanding Private Bank 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 Australia’s ultra-rich.

5. NAB Private Bank – A private banking offering by one of Australia’s best banks

Image source: Bloomberg (Photo: Carla Gottgens)

NAB Private Wealth is a private banking branch of the National Australia Bank, a part of the country’s “Big Four.” NAB is one of the country’s 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. NAB’s 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.

The bottom line

Australians have historically avoided investing in stocks and alternative investments. “International investment banks find it difficult to make money here – Australians love cash and real estate,” 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.