CommBank, NAB, Westpac or ANZ – how do the big four savings accounts stack up?
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:
- 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 - 4.25% p.a.
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 27 April 2024
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Mozo experts choice awards won:
- Kick Start Savings - 2024
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.
CompareCompareHigh Interest Savings Account
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.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- Standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Account fee per month
- $0.00
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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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.
CompareCompareSavings Account
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.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- Standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Account fee per month
- $0.00
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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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.
CompareCompareHigh Interest Save Account
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.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- Standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0.10% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Account can only be opened through iOS or Android app, but may be accessed through internet banking.
Read our Mozo Review to learn more about the ubank High Interest Save Account
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Mozo experts choice awards won:
- High Interest Savings - 2024
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.
CompareCompareAMP 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.
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- Standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Account fee per month
- $0.00
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate up to 5.40% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Bank AMP Saver Account
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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.
CompareCompareReward Saver Account
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.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- Standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
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Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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^See information about the Mozo Experts Choice Savings Account Awards
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