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

By Cameron Thomson and JP Pelosi
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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 272 savings accounts using the filters.
Last updated 30 October 2024 Important disclosures

Savings account comparisons on Mozo

Promoted

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    Standard rate
    1.45 % p.a.
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    Maximum rate
    5.35 % p.a.
    (for $0 to $250,001)
    Increase balance by $200 by the end of each month
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** excluding age restricted accounts

^See information about the Mozo Experts Choice Savings Account Awards

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Today's savings account rates