CommBank, NAB, Westpac or ANZ – how do the big four savings accounts stack up?
Cost-of-living pressures and inflation concerns continue to challenge consumers, so boosting savings is an important step we can all take. Fortunately, some banks still offer savings accounts with rates above 5% in July.
Among the Big 4, Westpac and NAB lead with 5% rates, while CommBank and ANZ lag behind. Challenger banks like Rabobank and Macquarie also offer rates exceeding 5%. However, be sure to check conditions, as they apply to most accounts.
Check out which Big 4 accounts have the highest rates:
- Westpac’s Life - 5.20% 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?
Keep in mind that higher rate savings products tend to be 'bonus rate accounts', which usually have strict requirements. In short, before receiving the bonus rate you need to meet some basic conditions such as a minimum deposit or zero withdrawals. If you don't meet these, you’ll get 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 | Required | Required | Required (no withdrawals allowed) | Not required |
How do the big four compare to smaller savings providers?
Keeping the same bank for all your financial needs might be comfortable, but it could mean you’re missing out on some of the best savings account rates. However, comparing savings accounts can be helpful when trying to augment your savings.
Remember, 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 ones from the comfort of your sofa. 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.
| ubank High Interest Save Account | Move Bank Growth Saver | ME HomeME Savings Account | ING Savings Maximiser | |
| Account Type | Introductory | Bonus | Bonus | Bonus |
| Max rate | 5.50% p.a. | 5.50% p.a. | 5.55% p.a. | 5.50% p.a. |
| Base rate | 0.00% p.a. | 0.10% p.a | 0.55% p.a. | 0.55% p.a. |
| Monthly deposit requirement | At least $500 | 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 want to park your savings in an account with a lot of conditions.
If that is the case, try 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
-
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 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 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 2024 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
-
Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- Standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0.55% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
-
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
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
-
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
CompareCompareBonus Saver Account
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- Standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0.05% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
-
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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- 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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** excluding age restricted accounts
^See information about the Mozo Experts Choice Savings Account Awards
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