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

By Cameron Thomson and JP Pelosi
Fact Checked
Advertiser disclosure
piggy banks against a yellow background

Rising living costs and inflationary pressures have squeezed household budgets in 2024, so maximising your savings has never been more important as the new year approaches. While the big four banks dominate the savings market, they sometimes offer less competitive interest rates. 

Understanding how these rates stack up against each other and those of smaller institutions can help you rethink where you park your hard-earned money. Let's explore whether loyalty to the banking giants is costing you more than you realise.

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 lags 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 Save
Max rate
5.00% p.a.
4.90% p.a.
5.00% p.a.
5.00% p.a.
Base rate
1.85% p.a.
0.40% p.a
0.35% p.a.
0.50% p.a.
Monthly deposit requirement
Any amount
Any amount
Any amount
$100
Everyday transaction account
Required
Not required
Not required
Required
Monthly balance growth
Required
Required
Required (no withdrawals allowed)
Not required

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.

Great Southern Bank Goal Saver
ING Savings Maximiser
Move Bank Growth Saver
ubank High Interest Save Account
Account Type
Bonus 
Bonus
Bonus
Introductory
Max rate
5.35% p.a.
5.50% p.a.
5.50% p.a.
5.50% p.a.
Base rate
0.50% p.a.
0.55% p.a.
0.10% p.a
0.00% p.a.
Monthly deposit requirement
At least $500
At least $1,000
At least $200
At least $500
Everyday transaction account
Required (make 5 transactions a month)
Not required
Not required
A linked transaction account required
Monthly balance growth
Required
None
Required ( no withdrawals allowed)
None

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. Alternatively, an introductory rate account might also be worth considering for short term savers.

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
Macquarie Savings Account
Bank of Queensland Simple Saver Account
Interest rate
5.25% p.a.
5.10% 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
Must have a Macquarie Transaction Account to link with.
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 250 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 251 savings accounts using the filters.
Last updated 13 December 2024 Important disclosures

Savings account comparisons on Mozo

  • Promoted

    High Interest Savings Account

    Maximum rate
    5.60 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    4.35 % p.a.
    (for $0 to $250,001)
    Go to site

    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.

  • Promoted

    Savings Accelerator

    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers 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
    2.85 % p.a.
    (for $0 to $50,000)
    Go to site

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • Promoted

    Savings+Bonus

    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Promoted

    Smart Saver Account

    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Increase account balance by any amount and make no more than two withdrawals
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site

    Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.

  • High Interest Savings Account

    Maximum rate
    5.60 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    4.35 % p.a.
    (for $0 to $250,001)
    Go to site

    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.

  • Savings Maximiser

    Maximum rate
    5.50 % 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
    0.55 % p.a.
    (for $0 and over)
    Go to site

    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.^

  • Savings Accelerator

    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers 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
    2.85 % p.a.
    (for $0 to $50,000)
    Go to site

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • PremiumSaver

    Maximum rate
    5.35 % p.a.
    (for $0 to $250,001)
    Increase balance by $200 by the end of each month
    Standard rate
    1.45 % p.a.
    (for $0 and over)
    Go to site

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

  • Savvy Saver Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site

    Earn a great variable rate each month when you meet the criteria. No need to lock your savings away. Move your money in and out and still earn interest. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

  • Savings+Bonus

    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Bonus Saver

    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    Go to site

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

  • Hi Saver

    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Bonus rate for the first 4 months from account opening
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    Go to site

    Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

  • Bonus Saver Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $250,000)
    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site

    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

  • MoneyMAX Account

    Maximum rate
    4.70 % p.a.
    (for $1 and over)
    Standard rate
    4.70 % p.a.
    (for $1 and over)
    Go to site

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

  • Smart Saver Account

    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Increase account balance by any amount and make no more than two withdrawals
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site

    Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.

  • SwiftSaver Account

    Maximum rate
    4.50 % 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 by depositing $10 or more and making no withdrawals. A great on-going rate. No monthly fees to pay. Open up to five accounts to make saving for different goals simple. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

  • EasySaver Account

    Maximum rate
    3.70 % p.a.
    (for $0 and over)
    Standard rate
    3.70 % p.a.
    (for $0 and over)
    Go to site

    Enjoy a straight-forward variable savings rate with the Bendigo Bank EasySaver Account. Watch your savings grow without any monthly service fees to pay. Minimum opening balance of just $1. e-banking and phone banking anywhere, anytime. Branch access Australia wide, with 2 free branch withdrawals per month. No card access but transact online via e-banking or the Bendigo Bank app, through phone banking or at any branch.

Showing 13 results from 251 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