CommBank, now one of Australia’s biggest companies, was born from humble roots. It was founded by the Australian Government in 1911 and soon took on both retail banking and central banking powers. But all that is behind it these days.
Now, the Reserve Bank of Australia (RBA) takes care of the nation’s central banking duties and CommBank can get on with providing home, car, and personal loans, term deposits, savings accounts, and credit cards, as well as an investing platform, insurance products, and superannuation services.
CommBank is the biggest of the big four banks. It’s also publicly owned, having listed on the stock market in 1991. But why would someone in the process of reviewing banks turn their attention to CommBank? There are many reasons the biggest of the big four banks may be considered appealing.
Brand recognition is a big one. It’s behind a quarter of the nation’s household deposits and the same amount of its home loans. Thus, many customers might turn to the bank as they trust it, due to loyalty, or thanks to word of mouth.
And if you’re someone who likes to do their banking in person, CommBank offers Australia’s largest network of ATMs and bank branches. CommBank also boasts a smartphone app and NetBank, which is best accessed on a computer.
The biggest of the big four is also often able to invest in improving its services. It has snapped up various businesses that it believes could aid its customers, such as Home-in, Credit Savvy, Unloan, and Waddle.
We’ve outlined the basics on how CommBank’s home loans, credit cards, savings accounts, term deposits, or personal or car loans differ to those of its competitors. Access our independent reviews by clicking the links above.
