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

piggy banks against a yellow background

The cost of living crisis has brought household budgets down, with the bite of rapid interest rate rises still taking their toll. In times like these, it’s important to protect your savings with a high savings account interest rate that grows your cash while rates remain high. 

Since the RBA's been holding rates the past couple of months, savings account providers have kept rates steady. Right now, the Mozo database puts the average ongoing rate at 3.51% p.a. for all savings accounts we track. 

While savings rates have seen some downward adjustments, the highest rate savings accounts are still sitting above 5.00%. Currently, Westpac and NAB have savings accounts at this level while Commbank and ANZ's highest rate savings accounts are close at only 10 basis points below.

Check out which big four accounts have the highest rates:

What requirements do the big banks’ savings accounts have?

Not all savings accounts are created equal though. Higher rate accounts tend to take the form of bonus rate accounts. This kind of account usually has strict requirements that you must meet before receiving the bonus rate. If you don’t meet the conditions, then you’ll receive a much lower base rate.

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 Save
Max rate
5.00% p.a.
4.90% p.a.
5.00% p.a.
4.90% p.a.
Base rate
2.00% p.a.
0.40% p.a
0.35% p.a.
N/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
Not required
Required
Required ( no withdrawals allowed)
Not required

How do the big four compare to smaller savings providers?

It’s easy to get comfortable and keep the same bank for all your financial needs. However, comparing savings accounts can be helpful when trying to augment your savings.  

Remember, when it comes to savings, where you park your money matters – so always try to get more bang for your buck and compare providers. Plus, most savings accounts these days are 100% online so it’s easy to transfer money between accounts and open new accounts from the comfort of your couch. So, don’t let branch location get in the way of getting a good rate. 

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

Rabobank High Interest Savings Account
Move Bank Growth Saver
ME HomeME Savings Account
ING Savings Maximiser
Account Type
Introductory
Bonus
Bonus 
Bonus
Max rate
5.75% p.a.
5.50% p.a.
5.55% p.a.
5.50% p.a.
Base rate
4.20% p.a.
0.10% p.a
0.55% p.a.
4.20% p.a.
Monthly deposit requirement
None
At least $200
At least $2,000
At least $1,000
Everyday transaction account
A linked transaction account required
Not required
Required
Not required
Monthly balance growth
None
Required ( no withdrawals allowed)
Required
None

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

If that is the case, you may want a base rate account. With this kind of savings account, you won’t need to fulfil extra conditions to maintain the advertised rate.

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

Police Bank U30 Super Charge Account
Australian Unity Freedom Saver
ANZ Plus Save
Bank of Queensland Simple Saver Account
Interest rate
5.25% p.a.
5.20% p.a.
4.90% 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.

Savings account comparisons on Mozo - last updated 20 April 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

    Compare
    Details
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

    Compare
    Details
  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend, Bills or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

    Compare
    Details
  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

    Compare
    Details
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    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.

    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.

    Compare
    Details

^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.