CommBank, NAB, Westpac or ANZ – how do the Big Four savings accounts stack up?

By Peter Terlato · · 3 min read
Fact Checked
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Big Four banks Australia logos

Rising cost of living pressures have begun to ease as inflation slows, but household budgets remain tight in 2025. With the RBA's last 25 basis point cut bringing the cash rate down to 4.10%, being aware of good savings rates becomes more important. 

While the big four dominate the market, they typically don't offer the highest rates available.

Discover the highest savings rates

How do the big four savings accounts compare?

The Big Four banks all offer savings account interest rates well above the current cash rate.

However, these rates aren't as high as some other major banks and smaller providers. For instance, Rabobank’s High Interest Savings Account easily outpaces the leading Big Four rate.

Best savings rates offered by the Big Four – May 2025

It's worth noting that high interest savings rates often require customers to meet specific conditions in order to receive the full advertised rate. Common requirements include:

  • Monthly deposit minimums
  • Limited or no withdrawals
  • Maintaining minimum balances
  • Age restrictions for youth or senior accounts
  • New customer bonuses that expire after an introductory period.

What conditions do the Big Four impose?

Keep in mind that most of these high interest savings products are bonus saver accounts, with strings attached. To receive the bonus rate, you'll usually need to meet some eligibility criteria – such as maintaining a minimum balance and avoiding withdrawals. If you fail any of the requirements each month, you may receive a lower standard rate and earn far less interest.

Below you'll find a comprehensive breakdown of the requirements and conditions you must meet to qualify for the top rates offered by Westpac, CommBank, NAB and ANZ.

Westpac Life (18-29 years old)
 CBA NetBank Saver
 NAB iSaver
 ANZ Plus Save
Max rate
 5.00% p.a.
 4.90% p.a.
 4.90% p.a.
 4.75% p.a.
Standard rate
 0.40% p.a.
 2.15% p.a.
 1.75% p.a.
 0.40% p.a.
Monthly account fees None None None None
Everyday transaction account
 Required
 Required
 Required
 Required
Monthly balance growth
 Required, by at least $0.01
 Not required
 Not required
 Required, by at least $100
Minimum number of transactions 5 eligible purchases with Debit Mastercard linked to Westpac Choice account Not required Not required Not required
Withdrawals Permitted Permitted Permitted Permitted

How do the Big Four compare to smaller providers?

Many people stick with one bank for everything, but this could mean missing out leading rates. 

Shopping around for savings accounts can really boost your stash and it’s good practice to compare different providers against your current account. Plus, most savings accounts nowadays can be opened and operated online. This means you can shuffle money between accounts and set up new ones without ever having to visit a branch.

Below is a breakdown of the leading savings accounts on Mozo's database – conditions apply.

Best savings rates in Mozo's database – May 2025

Want to know how the Big Four compare to other savings accounts? Check out the table below for more options, or head over to our savings account comparison page for more information.

Last updated 23 May 2025 Important disclosures
  • Promoted

    Savvy Saver Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.45 % p.a.
    (for $0 and over)
    Go to site
    • No minimum balance required
    • Move money in and out and still earn interest
    • Transfer or make payments using the mobile app
  • Promoted

    Life

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Minimum one deposit and higher balance than at the beginning of the month
    Standard rate
    0.40 % p.a.
    (for $0 and over)
    Go to site
    • $0 monthly fees for account 18 years or older
    • Separate spending and saving for simple money management
    • Use the debit card linked to your Choice account 5+ times per month for Spend&Save bonus interest on eligible purchases.
  • Promoted

    High Interest Save Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,000)
    Deposit at least $500 to either Spend, Bills or Save account from an external source each month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • No monthly fees on any of your save accounts
    • Split your money with up to 10 Save accounts.
    • Set savings targets and track on the app

  • Savings Maximiser

    Maximum rate
    5.40 % 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.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Zero ING fees to pay
    • Move money easily via app
    • Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^

  • Savings Accelerator

    Maximum rate
    5.15 % p.a.
    (for $150,000 to $500,000)
    New customers who open an account by 30 June 2025 receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Standard rate
    2.60 % p.a.
    (for $0 to $50,000)
    Go to site
    • No monthly deposit requirements or lock-in terms
    • No ongoing fees
    • Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^

  • High Interest Save Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,000)
    Deposit at least $500 to either Spend, Bills or Save account from an external source each month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • No monthly fees on any of your save accounts
    • Split your money with up to 10 Save accounts.
    • Set savings targets and track on the app

  • Boss Saver

    Maximum rate
    5.00 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.45 % p.a.
    (for $0 and over)
    Go to site
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app

  • Savvy Saver Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.45 % p.a.
    (for $0 and over)
    Go to site
    • No minimum balance required
    • Move money in and out and still earn interest
    • Transfer or make payments using the mobile app

  • Life - 18-29 years old

    Maximum rate
    5.00 % p.a.
    (for $0 to $30,000)
    Make 5 eligible card purchases per month with a linked Westpac Choice account, make one eligible deposit and grow the balance each month. Account balance must not fall below $0.
    Standard rate
    0.40 % p.a.
    (for $0 and over)
    Go to site
    • $0 monthly fees for account holders under 30 or full-time tertiary students
    • Separate spending and saving for simple money management
    • Use the debit card linked to your Choice account 5+ times per month for Spend&Save bonus interest on eligible purchases.

  • Reward Saver Kick Start Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $1,000,000)
    Bonus rate of 5% for balances up to $1,000,000. Minimum deposit of $20 and no withdrawals in the month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • Account for 13-17 year olds and students, trainees and apprentices under 30.
    • No monthly account keeping fees
    • Set up automatic transfers from your Everyday Account

  • Reward Saver Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $1,000,000)
    Intro bonus rate of 5% for balances up to $1,000,000 for the first 4 months, reverting to 3%. Minimum deposit of $50 and no withdrawals.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    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
    • No monthly account fees

  • Life

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Minimum one deposit and higher balance than at the beginning of the month
    Standard rate
    0.40 % p.a.
    (for $0 and over)
    Go to site
    • $0 monthly fees for account 18 years or older
    • Separate spending and saving for simple money management
    • Use the debit card linked to your Choice account 5+ times per month for Spend&Save bonus interest on eligible purchases.

  • Bonus Saver

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Standard rate
    0.25 % p.a.
    (for $0 and over)
    Go to site
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app

  • Hi Saver

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Bonus rate for the first 4 months from account opening
    Standard rate
    0.25 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus interest for the first four months
    • No Minimum balance required
    • Transfer or make payments using the mobile app

  • SwiftSaver Account

    Maximum rate
    4.25 % p.a.
    (for $0 to $250,000)
    Minimum deposit of $10 and no withdrawals in the month
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus interest each month (T&Cs apply)
    • Open up to five accounts
    • No monthly fees or minimum balance
Showing 12 results from 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