"Best" is subjective and depends on individual needs, such as high interest rates, low fees, ATM access, or specific digital tools. The top online bank will vary based on your personal priorities and location (the search results primarily focus on Australia and the US).
BBVA Compass regularly wins awards for having the best digital banking app and platform. If you want scale and digital services Wells Fargo and Chase are certainly respectable platforms. People here love Ally. If you want a good online bank, good benefits, and a trading platform Schwab is a fantastic choice.
The leaders are by far UBank and ANZ Plus. The NAB app is similar to the St. George and Westpac apps in terms of both look and function. Although my experiences with St. George and Westpac were in 2020, the apps always worked fine for me, but were basically a mobile version of their internet banking with an updated UI.
1. Commonwealth Bank of Australia. Commonwealth Bank dominates the Australian banking landscape as the nation's largest financial institution by every major measure including assets, market capitalisation, deposits and customer numbers.
Industrial and Commercial Bank of China Ltd.
As of 2025, Industrial and Commercial Bank of China (ICBC) is the largest bank in the world in terms of total assets under management.
9 of The Best Banks For High Net Worth Individuals
While CBA banks many Australians, Macquarie Bank consistently has the wealthiest customers in Australia, with high net wealth per capita, high incomes, and high home ownership, making them a top choice for the affluent, alongside other major players like Westpac, St. George, and specialized private banking arms of banks like NAB.
CommBank, ANZ, NAB and Westpac all now rank among the 25 safest banks in the world. As you can see, the big four have identical scores, all very strong indicating a very low credit risk.
Australia's Best Major Bank: Commonwealth Bank
“If you prefer the national branch network of a major bank, CommBank is once again the standout of the big four” explains Marshall.
If you are an Australian tax resident and you have an account in a financial institution overseas, we will receive your information from the tax authority of that jurisdiction. All information reported under these laws is handled in the strictest confidence by the ATO and foreign tax authorities.
From second guessing to mastering your money, it takes a little Westpac. Find out why the Westpac App is Australia's Best Banking App three years running.
David found a large market dominated by a few companies who treated customers badly. By obsessing over customer experience and consistently choosing customer interests over short-term profits, Nubank built an emotional connection that became their strongest competitive advantage.
1 in digital payments? India has emerged as the global leader in fast payments, according to a recent note by the International Monetary Fund. This is primarily driven by the Unified Payments Interface (UPI), which processes billions of transactions monthly.
SoFi® (Member FDIC) is a top choice for online banking security, thanks to its robust fraud protection, two-factor authentication, and FDIC insurance covering deposits up to $3 million ⁴.
Commonwealth Bank
It is recognised as a leader in the Payments and Transaction categories as well as security features for customers. As one of the big four banks, Commonwealth Bank is one of Australia's largest and most established financial institutions.
Finding a standard savings account with a consistent 7% interest rate is rare in early 2026; however, banks like First Direct and Co-operative Bank (in the UK) offer 7% or higher on regular saver accounts, often tied to specific conditions like monthly deposits and limited withdrawal periods, while U.S. high-yield online banks offer around 4-4.35%, not 7%. For 7%+, you'll typically look at niche products, crypto, or international options, which often come with higher risk or complex conditions, not standard savings.
You'll earn roughly $330 to $420+ per month on $100,000, depending on the interest rate (e.g., a 4% to 5% Annual Percentage Yield (APY)), with higher rates earning more, and the amount increasing slightly each month due to compound interest. For example, at a 4.2% APY, you'd get about $4,200 yearly ($350/month), while at 5%, it's $5,000 annually ($416.67/month), with actual earnings varying by bank, account type (savings, CD, bond), and compounding frequency.
The Most Popular Banks for Millionaires
Morgan Stanley, which has a $2.3-trillion wealth management unit, has tripled its loans to high-net-worth individuals in the last five years. Musk has also been a client of Morgan Stanley's investment bank, hiring it and Goldman Sachs Group Inc.
High-Yield Savings and Money Market Accounts
✅ High-net-worth individuals often choose high-yield savings accounts to earn more interest while keeping their cash accessible. These accounts usually offer better rates than standard savings, although they may have balance or transaction requirements.