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

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 banks dominate the savings market, they typically don't offer the absolute highest rates available.

How do the big four savings accounts compare?*

Looking at the highest rates currently offered by the big four banks, all have maintained rates above the current cash rate on high interest savings accounts. Only Westpac’s Life (18-29 years old) account are is at 5.00% p.a., while the other big four are in the 4% range.

These rates are also not as large as some smaller providers and major banks. For instance, Rabobank’s High Interest Savings Account continues to outpace the competition with its intro rate account exceeding 5% range up to 5.45% p.a. 

It's worth noting that these rates often come with specific conditions that must be met 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.

Here are some of the Big 4 rates:

• Westpac’s Life (18-29) - 5.00% p.a.
• CommBank’s Goal Saver - 4.65% p.a.
• NAB’s Reward Saver - 4.65% p.a.
• ANZ Plus Save Savings Account - 4.75% 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. To earn the higher interest rate, maintain a minimum balance and avoid making withdrawals. If you fail to do this, you may receive a 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.

How do the big four compare to smaller savings providers?

Most people stick with one bank for everything, 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.

Too many conditions can trip up some savers, however. If this is the case, you could try a base rate account. With this kind of savings account the advertised rate tends to come with fewer rules and may be easier to manage. If you're saving for a short time, you may want to consider an introductory rate account. It usually offers a higher interest rate for a limited period, but check the terms, as the rate will lower afterward.

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

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 over 250 savings accounts using the filters.

** excluding age restricted accounts