CommBank, NAB, Westpac or ANZ – how do the big four savings accounts stack up?

By Cameron Thomson and JP Pelosi
Fact Checked
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Rising living costs and inflationary pressures are squeezing household budgets, maximizing your savings has never been more crucial. While the big four banks dominate the savings market, their size often allows them to offer less competitive interest rates. 

Understanding how these rates stack up against each other and those of smaller institutions can be eye-opening, potentially prompting a rethink of where you park your hard-earned money. Let's explore whether loyalty to the banking giants is costing you more than you realize.

How do the big four savings accounts compare?*

So where do the big 4 rates currently stand? There are a few different savings accounts so we’ve chosen the highest rate for each provider. Currently, Westpac, ANZ, and NAB lead with 5% rates while CommBank lag just behind with 4.90% p.a. Smaller providers like Rabobank also offer rates exceeding 5%. However, make sure to check conditions, as they apply to most high interest savings accounts.

Check out which Big 4 accounts have the highest rates:

What requirements do the big banks’ savings accounts have?

Keep in mind that most of these savings products are 'bonus rate accounts', so they come with strings attached. To get that tempting bonus rate, you'll usually need to jump through some hoops. We're talking about things like maintaining a minimum balance or keeping your hands off the money (no withdrawals). Miss these marks, and you're stuck with a (often much lower) base rate instead.

Here’s a breakdown of the requirements and conditions you must meet to qualify for the top rates offered by Westpac, CommBank, NAB and ANZ.

Westpac Life
CBA Goal Saver
NAB Reward Saver
ANZ Plus Flex Saver
Max rate
5.00% p.a.
4.90% p.a.
5.00% p.a.
N/A
Base rate
2.00% p.a.
0.40% p.a
0.35% p.a.
5.00% p.a.
Monthly deposit requirement
Any amount
Any amount
Any amount
Any amount
Everyday transaction account
Required
Not required
Not required
Not required
Monthly balance growth
Required
Required
Required (no withdrawals allowed)
Not required

How do the big four compare to smaller savings providers?

Sticking with one bank for everything might feel cosy, but this could also mean missing out on some of the top rates around. 

Shopping around for savings accounts can really boost your stash and it’s good practice to compare different providers against your current account. The good news? Most savings accounts nowadays are fully online. This means you can shuffle money between accounts and set up new ones without leaving your living room. So don't let the lack of a local branch stop you from snagging a great rate.

Below is a breakdown of our database’s top four ongoing savings account leaders** and their conditions.

ME HomeME Savings Account
ING Savings Maximiser
Move Bank Growth Saver
ubank High Interest Save Account
Account Type
Bonus 
Bonus
Bonus
Introductory
Max rate
5.55% p.a.
5.50% p.a.
5.50% p.a.
5.50% p.a.
Base rate
0.55% p.a.
0.55% p.a.
0.10% p.a
0.00% p.a.
Monthly deposit requirement
At least $2,000
At least $1,000
At least $200
At least $500
Everyday transaction account
Required
Not required
Not required
A linked transaction account required
Monthly balance growth
Required
None
Required ( no withdrawals allowed)
None

However, depending on your financial goals, you might not want to park your savings in an account with a lot of conditions. 

If that is the case, you could try a base rate account. With this kind of savings account, you won’t need to fulfil extra conditions to maintain the advertised rate. Or, if you only need to keep your cash in an account for a short while, an introductory rate account might also be worth considering.

Below, we’ve included some of the highest base rates for savings accounts in our database:

Police Bank U30 SUPER CHARGE
Australian Unity Freedom Saver
ANZ Plus Save
Bank of Queensland Simple Saver Account
Interest rate
5.25% p.a.
5.20% p.a.
5.00% p.a.
4.85% p.a.
Requirements
Full salary deposited to police bank, 18-29 year olds only 
Link with Australian Unity transaction account
Balances over $250,000 will have a lower interest rate applied
Branch access for deposits only

Want to know how the big four compare to even more savings account providers? Check out the table below for more options, or head over to our savings account comparison hub for more information.

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 271 savings accounts using the filters.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 250 savings accounts using the filters.
Last updated 23 November 2024 Important disclosures

Savings account comparisons on Mozo

Promoted

  • Savings+Bonus

    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Online Savings Account

    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.20 % p.a.
    (for $0 and over)
    Bonus rate for the first 3 months from account opening.
    Go to site

    Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.

  • Savings Accelerator

    Standard rate
    2.85 % p.a.
    (for $0 to $50,000)
    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Go to site

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • Reward Saver Account

    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.25 % p.a.
    (for $0 to $1,000,000)
    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
    Go to site

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

  • Savings Maximiser

    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Maximum rate
    5.50 % p.a.
    (for $0 to $100,000)
    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
    Go to site

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • PremiumSaver

    Standard rate
    1.45 % p.a.
    (for $0 and over)
    Maximum rate
    5.35 % p.a.
    (for $0 to $250,001)
    Increase balance by $200 by the end of each month
    Go to site

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

  • Reward Saver Account

    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.25 % p.a.
    (for $0 to $1,000,000)
    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
    Go to site

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

  • Online Savings Account

    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.20 % p.a.
    (for $0 and over)
    Bonus rate for the first 3 months from account opening.
    Go to site

    Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.

  • Savings+Bonus

    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Bonus Saver

    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Go to site

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

  • Bonus Saver Account

    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Maximum rate
    5.00 % p.a.
    (for $0 to $250,000)
    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.
    Go to site

    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

  • MoneyMAX Account

    Standard rate
    4.70 % p.a.
    (for $1 and over)
    Maximum rate
    4.70 % p.a.
    (for $1 and over)
    Go to site

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

  • Smart Saver Account

    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Increase account balance by any amount and make no more than two withdrawals
    Go to site

    Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.

  • Savings Accelerator

    Standard rate
    2.85 % p.a.
    (for $0 to $50,000)
    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Go to site

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

Showing 10 of 250 savings accounts. Use the filters to see more

** excluding age restricted accounts

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Today's savings account rates