CommBank, NAB, Westpac or ANZ – how do the big four savings accounts stack up?
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:
- Westpac’s Life - 5.00% p.a.
- CommBank’s Goal Saver - 4.90% p.a.
- NAB’s Reward Saver - 5.00% p.a.
- ANZ Plus Save Savings Account (flex saver) - 5.00% p.a.
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.
Promoted
-
PremiumSaver
- Standard rate
-
1.45
%
p.a.
(for $0 and over)
- Maximum rate
-
5.35
%
p.a.
(for $0 to $250,001)
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.
- Standard rate
-
Balances from $0: 1.45% p.a.
- Maximum rate
-
Balances from $0: 5.35% p.a.
Balances from $250,001: 3.70% p.a.
Balances from $1,000,000.01: 3.70% p.a.
- Maximum rate conditions
-
Maximum rates apply when your closing balance on the last day of the month is at least $200 more than it was at the beginning of the first day of the month (excluding interest earned).
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account. Must hold and maintain a HISA.
- Other benefits
- -
Read reviews and learn more about Rabobank savings accounts
Go to site
-
Savings Account
- Standard rate
-
5.00
%
p.a.
(for $0 to $1,000,000)
- Maximum rate
-
5.50
%
p.a.
(for $0 to $250,000)
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
- Standard rate
-
Balances from $0: 5.00% p.a.
Balances from $1,000,000.01: 2.75% p.a.
- Maximum rate
-
Balances from $0: 5.50% p.a.
Balances from $250,000.01: 5.00% p.a.
Balances from $1,000,000.01: 2.75% p.a.
- Maximum rate conditions
-
Bonus variable rate is available for the first 4 months.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- BPay, Branch access, Phone banking, Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
- Other benefits
- Purchase retail discounts.
Read reviews and learn more about Macquarie savings accounts
Go to site -
Savings Maximiser
- Standard rate
-
0.55
%
p.a.
(for $0 and over)
- Maximum rate
-
5.50
%
p.a.
(for $0 to $100,000)
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.^
- Standard rate
-
Balances from $0: 0.55% p.a.
- Maximum rate
-
Balances from $0: 5.50% p.a.
Balances from $100,000: 0.55% p.a.
- Maximum rate conditions
-
For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- Phone banking, Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
- Other benefits
- No minimum deposits or transactions needed to receive bonus rate when linked with Orange Everyday Youth Account
Read reviews and learn more about ING savings accounts
Go to site -
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)
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.^
- Standard rate
-
Balances from $0: 2.85% p.a.
Balances from $50,000: 3.75% p.a.
Balances from $150,000: 4.70% p.a.
Balances from $5,000,000: 0.00% p.a.
- Maximum rate
-
Balances from $0: 3.55% p.a.
Balances from $50,000: 4.45% p.a.
Balances from $150,000: 5.40% p.a.
Balances from $500,000: 4.70% p.a.
Balances from $5,000,000: 0.00% p.a.
- Maximum rate conditions
-
New ING personal savings customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- Phone banking, Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
- Other benefits
- -
Read reviews and learn more about ING savings accounts
Go to site -
PremiumSaver
- Standard rate
-
1.45
%
p.a.
(for $0 and over)
- Maximum rate
-
5.35
%
p.a.
(for $0 to $250,001)
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.
- Standard rate
-
Balances from $0: 1.45% p.a.
- Maximum rate
-
Balances from $0: 5.35% p.a.
Balances from $250,001: 3.70% p.a.
Balances from $1,000,000.01: 3.70% p.a.
- Maximum rate conditions
-
Maximum rates apply when your closing balance on the last day of the month is at least $200 more than it was at the beginning of the first day of the month (excluding interest earned).
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account. Must hold and maintain a HISA.
- Other benefits
- -
Read reviews and learn more about Rabobank savings accounts
Go to site -
Life - 18-29 years old
- Standard rate
-
1.85
%
p.a.
(for $0 and over)
- Maximum rate
-
5.20
%
p.a.
(for $0 to $30,000)
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
- Standard rate
-
Balances from $0: 1.85% p.a.
- Maximum rate
-
Balances from $0: 5.20% p.a.
Balances from $30,000: 5.00% p.a.
- Maximum rate conditions
-
Make 5 eligible card purchases per month with a Westpac Choice account and min 1 eligible deposit and account balance must not fall below $0 and should have higher balance on the last business day than at the beginning of the month in Life savings account.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- Branch access, Phone banking, Internet banking
- Kids ages
- 18 - 29
- Minimum balance
- $0.00
- Other restrictions
- Must hold a Westpac Choice transaction account. If 5 eligible card purchases are made each month, but savings account balance has not increased, a 1.85% interest rate still applies.
- Other benefits
- -
Read reviews and learn more about Westpac savings accounts
Go to site -
Bonus Saver
- Standard rate
-
1.00
%
p.a.
(for $0 and over)
- Maximum rate
-
5.00
%
p.a.
(for $0 and over)
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.
- Standard rate
-
Balances from $0: 1.00% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
- Maximum rate conditions
-
Bonus rate for the first 4 months from account opening.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- BPay, Branch access, Phone banking, Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- -
- Other benefits
- -
Read reviews and learn more about BCU Bank savings accounts
Go to site -
Bonus Saver Account
- Standard rate
-
0.05
%
p.a.
(for $0 and over)
- Maximum rate
-
5.00
%
p.a.
(for $0 to $250,000)
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.
- Standard rate
-
Balances from $0: 0.05% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
Balances from $250,000: 0.05% p.a.
- Maximum rate conditions
-
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
- Other benefits
- -
Read reviews and learn more about MyState Bank savings accounts
Go to site
Your selected savings accounts
** 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.