ANZ & Westpac growing faster than their rivals

Out of the big four banks ANZ and Westpac are growing faster than their rivals in the retail banking market.

During July they accounted for the largest portion of household deposits lodged with local banks.

ANZ & Westpac deposit base growing at 15% rate

Data published on Monday by the Australian Prudential Regulation Authority showed that retail customers had pumped in an extra $5.7 billion into their bank accounts in July, the bulk of which went to ANZ, Westpac, and St. George branches.

ANZ has been the fastest growing deposit taker in Australia over the past three years and received another $1.3 billion in July, taking its retail deposit base to $59.3 billion.

Due to all the money being pumped into bank accounts Westpac reached a milestone by holding more than $100 billion in deposits for its personal customers.

ANZ and Westpac are growing deposits at more than 15 per cent on an annualized basis which is nearly double the rate of Commonwealth Bank and National Australia Bank.

CBA is the market leader with $139 billion in retail deposits.

Published on September 9-nd, 2009 in Savings Accounts
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.