Is There Any Point to Banking with a Subsidiary Bank over Their Owner Bank?

• 

  bobbified on 30/12/2023 - 12:52

  +14

  They often have different products with different features, targeting different types or users/market.

• 

  AndyC1 on 30/12/2023 - 12:53

  +5

  The branches have different opening hours and are sometimes in different suburbs.

• 

  payless69 on 30/12/2023 - 12:59

  -1

  I bank with Me, a subsidiary of the kiddie BOQ.
  Use a StGeorge as clumsy as their parent.
  Bank West is owned by the 2nd largest company in the East.
  Hey Moomoo pays 6.8% until the cows come home?

• 

  Ryk on 30/12/2023 - 13:09

  +3

  Is there any point to driving a subsidiary brand over the primary car brand?
  lexus, hino or toyota
  audi, lambo, bentley, bugatti, porsche, skoda, cupra, ducati or VW
  mini, RR, or BMW
  kia or hyundai

• 

  JIMB0 on 30/12/2023 - 13:11

  +2

  St George card can't deposit at Westpac but can at Bank of Melbourne. I applied for a mortgage with BOM and it ended up going into my St George online portal yet the letters have BOM on them.

  • 

    Ryk on 30/12/2023 - 13:13

    +2

    BOM is STG with a purple coat of paint.
    the systems have not been integrated with WBC

    • 

      miwahni on 30/12/2023 - 23:44

      +2

      Exactly - BoM came about because SGB decided to rebrand its Victorian branches.
      Likewise BankSA is St.George under a different coat of paint, purchased when SGB bought Advance Bank in NSW (used to be NSW Permanent Building Society) after the Qld govt blocked SGB from buying Metway Bank.

  • 

    aidenh37 on 23/01/2024 - 14:36

    You can deposit into St George/Bank of Melbourne/BankSA at Westpac now, and vice versa.

• 

  ihfree on 30/12/2023 - 13:22

  +2

  You'd need to compare two products.

  In many cases this is done so that different brands can target different market segments.

  The one thing that probably stands out is accessed to branches is that is important.

• 

  Clear on 30/12/2023 - 17:23

  +1

  Definitely when it comes to mortgages. I.e. Tic:toc and their parent Bendigo and Adelaide Bank.

• 

  Switchblade88 on 30/12/2023 - 20:54

  +2

  Up Bank is technically a Bendigo Bank subsidiary, but being a mobile-app only service it is fundamentally different in terms of UX and available services.

  It didn't start with what are otherwise 'standard' features like dual signatories or loans, it was focused on the market of people wanting a useful and fast mobile debit card first and then the extra bits were added years later.

  • 

    aidenh37 on 23/01/2024 - 14:38

    Up started out as it's own bank built by Ferocia, which already worked with Bendigo Bank to build their online banking services. When Ferocia wanted to start their own bank, they were able to use Bendigo Bank as their card issuer and ADI. Eventually Bendigo Bank just bought out Ferocia and Up.

• 

  payless69 on 30/12/2023 - 21:43

  The ONLY thing better than banking competition is paying Pornhub and the likes with disposable credit cards. If they don't accept it use their competitor.