NAB number one for business deposits

Australian Prudential Regulation Authority data shows business deposits growing by 13 per cent over the 12 months to May. The figures for May show a monthly outflow of 0.1 per cent.

National Australia Bank is the market leader in business deposits, with a 23.7 per cent share. NAB had strong growth over the past year, but has fallen below system in the past three months.

The number two in the market, Westpac, has lost share, and so has the number three, Commonwealth Bank. ANZ is enjoying strong business deposit growth and if the current trends continue it will overtake Commonwealth Bank.

Source: Banking Day