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ANZ vs CommBank savings and bank accounts

We compare the different accounts offered by two of Australia's Big Four banks; ANZ and CBA.

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Australia’s “Big Four” banks often have a reputation for being virtually identical, but there are several key differences in the products and services they offer that can have a huge bearing on which bank is right for you. ANZ and Commonwealth Bank are two of the biggest players in Australia’s banking industry, each of them offering a range of transaction accounts, savings accounts and other financial products and services.

But which of these two banks is right for you? We compare ANZ and CommBank side by side to help you decide.

Meet the contenders: ANZ vs CommBank

ANZ began life as the Bank of Australasia in Sydney in 1835. Today, ANZ is one of the world’s top 50 banks, operating across more than 30 global markets and having more than 5 million customers. It provides bank accounts, home loans, credit cards and many more financial products to its customers. ANZ has around 2500 ATMS around the country, and around 700 branches.

Commonwealth Bank was established in 1911 and now boasts more than 15 million customers, making it the largest bank in Australia. CommBank has locations across Australia, New Zealand, Europe, Africa and the Asia-Pacific region. It offers a full range of banking services to its customers, including everything from savings and transaction accounts to credit cards and mortgages. CommBank has more ATMS than ANZ with about 4,000 around the country, as well as around 1000 branches.

ANZ and CommBank deposit products compared

ANZ or Commonwealth Bank: which bank is better for your day to day banking?

Transaction accounts

If you’re looking for a no-frills transaction account to help you take care of your day-to-day banking needs, ANZ offers the Access Advantage Account and CommBank provides the Smart Access Account.

ANZ Access Advantage AccountCommBank Everyday Account Smart Access
Monthly fee$5 (fee waived if you deposit at least $2,000 per month)$4 (fee waived if you deposit at least $2,000 per month)
Debit cardYes – VisaYes – Mastercard
Online banking access24/7 Internet banking24/7 Internet banking
Mobile banking access24/7 mobile banking via the ANZ App24/7 mobile banking via the CommBank app
ATM withdrawal fee$0$0
International transaction fee3%3%
Contactless smartphone purchasesApple Pay, Samsung Pay, Google PayApple Pay, Samsung Pay, Google Pay
Mobile app rating4.7 on App Store and 4.2 on Google Play2.8 on App Store and 4.1 on Google Play
1 - 2 of 2
Name Product Contactless Payments Instant Payments Own network ATM fee Monthly account fee
ANZ Access Advantage
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
Pay with Apple Pay, Google Pay & Samsung Pay.
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month, are under 25 or if you meet other eligibility criteria.
Commonwealth Bank Smart Access
Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
Get unlimited CBA electronic transactions using internet banking, phone banking, ATM and EFTPOS.

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Both banks also offer special transaction accounts for pensioners and retirees, including the ANZ Pensioner Advantage Account and the CommBank Pensioner Security Account.

Savings accounts: High interest bonus savings accounts

Both ANZ and CommBank offer bonus savings accounts, allowing customers to earn a higher bonus interest rate when they meet some account conditions. ANZ's bonus saver account is the ANZ Progress Saver, while ComBank's bonus savings account is the Goal Saver Account.

ANZ Progress SaverCommBank Goal Saver Account
Maximum interest rate0.65% p.a.0.75% p.a.
Standard variable rate0.01% p.a.0.05% p.a.
Bonus interest rate0.64% p.a.0.7% p.a.
Bonus interest conditionsEarn bonus interest each month you make a single deposit of $10 or more, and no withdrawals.Earn bonus interest each month you deposit $0.01 or more and make no withdrawals.
Account-keeping feesNoneNone
Minimum balance requiredNoneNone
Linked account requiredYes - you need to link to an ANZ bank accountYes - you need to link to a CBA bank account
Account accessInternet banking and mobile banking appInternet banking and mobile banking app

Introductory saver accounts (honeymoon savers)

Both banks also offer an introductory saver account, too. These accounts offer a bonus interest rate for the first few months after opening the account, which is then reduced to the standard ongoing variable rate after the 'honeymoon' period is over.

ANZ Online SaverCommBank NetBank Saver
Introductory interest rate0.4% for the first 3 months0.8% for the first 5 months.
Standard variable rate0.3%0.3%
Conditions to achieve bonus rateNew account holders will earn the bonus rate for the first 3 months. Not deposit conditions to meet.New account holders will earn the bonus rate for the first 5 months. Not deposit conditions to meet.
Monthly account feesNoNo
1 - 2 of 2
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
ANZ Online Saver
ANZ Online Saver
3 months
  • No conditions
No conditions.
Commonwealth Bank NetBank Saver
Commonwealth Bank NetBank Saver
5 months
  • N/A

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Term deposits

Term deposits provide safe and consistent returns on the money you invest. They allow you to deposit your money for a set time period and earn a fixed interest rate, meaning your balance is guaranteed to grow by a specified amount.

Both ANZ and Commonwealth Bank offer a range of term deposit accounts with terms ranging from 30 days through to five years. The interest rates on offer vary depending on the term you choose, as you can see in the table below.

1 - 2 of 2
Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
ANZ Term Deposit
Pay no account-keeping or application fees.
Invest your funds for up to 5 years and receive a competitive rate of interest.
Commonwealth Bank Term Deposit - $5,000 - $49,999
Choose between a range of term lengths from just one month to five years, and receive a fixed interest rate on your funds.
Invest from $5000 to $1,999,999.

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If you don't think ANZ or CommBank has the right account for you, you can compare bank accounts, savings accounts and term deposits from a range of different Australian banks instead.

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4 Responses

  1. Default Gravatar
    DrMarch 21, 2019

    At the moment I am signing for a loan request to build a house. I told the broker I’m taking a home loan for $ 480000. He advised me to go with Comm Bank with 3.84% interest rate. I looked at ANZ bank and the interest rate is 3.75%. Why did my broker told me to go to CommBank?

    • Avatarfinder Customer Care
      JoshuaMarch 21, 2019Staff

      Hi Donna,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      While I might not be able to specifically tell you why your broker chose CommbBank over ANZ, there might be other factors that he considered. He might have considered factors such as ongoing fees, application fees, features, and others.

      What I can suggest is for you to directly speak to your mortgage broker and discuss your concern with him/her.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  2. Default Gravatar
    QuentinJune 18, 2018

    I need to open a bank account – Do I need to go into the bank for this or is there an alternate way to do this?

    • Default Gravatar
      NikkiJune 19, 2018

      Hi Quentin,

      Thanks for getting in touch.

      To open a bank account, you can do this online or visit a branch near you.

      You can also check our guide in opening a bank account online. On the page is a comparison table you can use to see which account suits you. If you prefer to open an online account, press the “Go to site” button of your preferred bank to get started.

      Hope this clarifies.


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