ANZ is Australia's second-largest bank, owned by Australian and New Zealand customers

ANZ Bank Limited (Australia and New Zealand Banking Group Limited) is one of the four major banks in Australia. It operates branches and services across Australia, New Zealand, and the Pacific region. If you're new to banking or returning after a gap, ANZ is one of the institutions you might encounter when opening your first account or switching banks.

ANZ offers the standard products most banks do: everyday transaction accounts, savings accounts, credit cards, home loans, and business banking. The bank is publicly listed on the Australian Securities Exchange, which means it's owned by shareholders rather than by a single person or family. Many everyday Australians own shares in ANZ through superannuation funds or direct investment.

The name reflects its history: ANZ was formed in 1951 through a merger of the Bank of Australasia (founded 1835) and the Union Bank of Australia (founded 1837). Today it serves millions of customers and employs tens of thousands of people across its operations.

Key Takeaways

  • ANZ is one of Australia's four major banks and operates in Australia, New Zealand, and the Pacific region.
  • The bank offers everyday accounts, savings accounts, credit cards, home loans, and business banking products.
  • ANZ is regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC), which means your deposits are protected under the Financial Claims Scheme.
  • You can open an ANZ account online, by phone, or in person at a branch, though requirements vary depending on your circumstances.
  • ANZ operates digital banking through its app and website, plus traditional branch banking if you prefer face-to-face service.

How ANZ is regulated and what that means for your money

ANZ operates under Australian banking law and is supervised by two main regulators. The Australian Prudential Regulation Authority (APRA) oversees the bank's financial soundness and risk management. The Australian Securities and Investments Commission (ASIC) protects consumers and ensures the bank follows fair conduct rules.

This regulation matters to you because it means your deposits are protected. If ANZ were to fail, the Financial Claims Scheme would cover your deposits up to a set limit per account holder per bank. This protection applies to most personal and business accounts. The scheme does not cover investment products like shares or managed funds held through ANZ.

ANZ must also follow strict rules about how it handles your personal information, how it charges fees, and how it treats customers who fall behind on payments. If you have a complaint about ANZ's service, you can lodge it with the Australian Financial Complaints Authority (AFCA), which is independent of the bank.

Types of accounts ANZ offers

ANZ's most common account for everyday banking is its transaction account (sometimes called a cheque account or current account). This account lets you deposit money, withdraw it, pay bills, and use a debit card. Most transaction accounts come with online banking access and a mobile app.

ANZ also offers savings accounts designed to hold money you're setting aside rather than spending regularly. These accounts often pay interest on your balance, though the rate varies. Some savings accounts have conditions — for example, you might earn a higher rate if you deposit a certain amount each month or don't make withdrawals.

For borrowing, ANZ offers home loans (mortgages), personal loans, and credit cards. Home loans are the largest product ANZ provides; the bank holds mortgages on hundreds of thousands of Australian properties. Credit cards let you borrow up to a limit and pay it back over time, though interest rates on credit cards are typically higher than on other forms of borrowing.

How to open an ANZ account

The process depends on whether you're a new customer to ANZ or an existing one, and whether you have an Australian address and identification. Most people can open an account online through ANZ's website or app without visiting a branch.

To open an account online, you'll need to provide your name, date of birth, contact details, and tax file number (TFN). ANZ will ask you to verify your identity, usually by uploading a photo of your driver's licence or passport. The process typically takes a few minutes, and your account can be ready to use within hours or by the next business day.

If you don't have online access or prefer to speak to someone, you can visit an ANZ branch in person. Bring photo identification (driver's licence or passport) and proof of your address (a recent utility bill or rental agreement). Staff can open an account on the spot and issue you a debit card, though the card may take a few business days to arrive by post.

If you're new to Australia or don't have a tax file number yet, ANZ can still open an account, but you may need to provide additional information or visit a branch. Contact ANZ directly to confirm what you'll need.

ANZ's digital banking and branch network

ANZ operates both digital and physical banking. Most customers use the ANZ app or website to check balances, transfer money, pay bills, and deposit cheques by taking a photo. Digital banking is available 24 hours a day, seven days a week.

ANZ also maintains a network of branches across Australia where you can deposit cash, withdraw money, and speak to staff about products or problems. Branch hours vary by location, but most are open during standard business hours Monday to Friday, with some open on Saturday mornings. You can find your nearest branch and its hours on ANZ's website.

If you need to speak to someone urgently, ANZ operates a phone line during business hours. You can also use online chat through the app or website. Response times vary depending on how busy the service is.

Fees and charges you should know about

ANZ charges fees for various services. A monthly account fee applies to most transaction accounts, though the amount varies depending on the account type. Some accounts have no monthly fee if you meet certain conditions, such as depositing a minimum amount each month or using the account for salary deposits.

Other common charges include fees for overseas transfers, ATM withdrawals outside ANZ's network, late payment fees on credit cards, and fees for services like issuing a bank cheque or stopping a payment. ANZ publishes a full list of fees and charges on its website, and you can ask staff about specific fees before opening an account.

Interest rates on savings accounts and loans change over time and vary depending on the product. ANZ publishes current rates on its website. If you're comparing ANZ to other banks, check the actual rates and fees rather than assuming they're the same across institutions.

How ANZ compares to other major Australian banks

Australia has four major banks: ANZ, Commonwealth Bank (CBA), Westpac, and NAB (National Australia Bank). All four offer similar core products — transaction accounts, savings accounts, home loans, and credit cards. All four are regulated by APRA and ASIC, and all four are covered by the Financial Claims Scheme.

The main differences between them are in fees, interest rates, digital features, branch locations, and customer service. Some people choose a bank because it has a branch near their home or workplace. Others choose based on which app they find easiest to use, or which bank offers the lowest fees for their situation.

Smaller banks and credit unions also operate in Australia and may offer different products or better rates for specific situations. If you're deciding which bank to use, compare the fees and interest rates for the specific account type you need, rather than assuming all banks are the same.

Frequently Asked Questions

Is my money safe if I bank with ANZ?

Yes. ANZ is regulated by APRA and ASIC, and your deposits are protected by the Financial Claims Scheme up to a set limit. If you keep more than the limit in one account, consider splitting it across multiple banks or account types to may support full coverage. The scheme does not cover investment products.

Can I open an ANZ account if I'm not an Australian citizen?

Yes, but requirements vary. If you have an Australian address and identification (such as a visa and passport), you can usually open an account online or at a branch. Contact ANZ directly to confirm what documents you'll need, as the process depends on your visa type and circumstances.

What's the difference between ANZ and the other major banks?

All four major banks offer similar products and are regulated the same way. The main differences are in fees, interest rates, app features, and branch locations. Compare the specific account and product you need rather than assuming all banks are identical.

How do I switch to ANZ from another bank?

Open an ANZ account first, then ask ANZ to help transfer your regular payments and direct deposits to the new account. ANZ can provide a list of your existing payments so you can update them. You don't need to close your old account when ready — keep it open until you're sure everything has transferred correctly.

What happens if I have a problem with ANZ?

Contact ANZ directly first — most issues are resolved quickly. If ANZ doesn't resolve it to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA), which is free and independent. AFCA can investigate and make binding decisions.