ANZ vs CommBank: Which is the right bank for you?

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 at Big Four ATMs$0
International transaction fee3%3%
Contactless smartphone purchasesApple Pay, Samsung Pay, Google PayApple Pay, Samsung Pay, Google Pay
Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
ANZ Access Advantage
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
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 rate0.25% p.a.0.3% p.a.
Standard variable rate0.01% p.a.0.05% p.a.
Bonus interest rate0.24% p.a.0.25% p.a.
Bonus interest conditionsEarn bonus interest each month you make a single deposit of 10 ir more, and no withdrawals.Earn bonus interest each month you deposit 0.01 and make no withdrawals.
Account-keeping feesNoneNone
Transaction fees$0$0
Minimum deposits required10 a month to earn bonus interest.0.01 a month to earn bonus interest.
Minimum balance requiredNoneNone
Linked account requiredYesYes
Online accessYesYes
Mobile access YesYes

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, whoch is then reduced to the standard ongoing variable rate after the 'honeymoon' period is over.

ANZ Online SaverCommBank NetBank Saver
Introductory interest rate for the first 3 months for the first 5 months.
Standard variable rate0.05%0.05%
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
Electronic transaction fees$0$0
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
ANZ Online Saver
Introductory rate of 0.2% p.a. for 3 months, reverting to 0.05% p.a. Available on the entire balance.
Commonwealth Bank NetBank Saver
Introductory rate of 0.33% p.a. for 5 months, reverting to a rate of 0.05% p.a. Available on balances up to $5,000,000.

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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.

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
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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Online banking

The next factor you should look at when comparing ANZ with Commonwealth Bank is each bank’s online banking portal. With an ever-increasing percentage of day-to-day banking transactions now able to be carried out online, it’s important to know that your bank’s online platform will be easy and efficient to use.

ANZ Internet Banking is a digital self-service hub that allows you to perform a long list of tasks and transactions on your desktop or tablet device. You can:

  • Check account balances and statements
  • View and pay bills
  • Transfer funds in Australia and overseas
  • Update your details
  • Report lost and stolen cards, activate new cards

CommBank customers manage their accounts online through NetBank. This award-winning platform is designed to make it as convenient and easy as possible to manage your everyday banking. You can use NetBank to:

  • View online statements and account balances
  • Pay bills
  • Transfer money in Australia and overseas
  • See your full financial picture
  • Activate your card, report lost and stolen cards

The services and features of the Commonwealth Bank and ANZ online banking platforms are actually quite similar. With this in mind, it’s a good idea to check out some online reviews of the two platforms and even ask friends and family for their recommendations.

CommBank offers a demo NetBank account to help customers try out its Internet banking service, while ANZ offers a large selection of how-to videos that allow you to get a feel for how its online platform works. Use these tools to help you work out which bank’s online banking platform is the best for you.

Mobile banking

Do you like the convenience of being able to do your banking on the go? If you’ve got a smartphone or tablet, it’s also essential to compare the mobile banking solutions offered by ANZ and Commonwealth Bank.

Mobile banking with ANZ is conducted via their mobile banking app, which is available for Apple and Android smartphones. The app allows you to check balances, transfer funds and find your nearest branch or ATM, and is designed to help you quickly and easily manage your money anytime, anywhere.

Meanwhile, the CommBank app is also available for compatible Apple and Android devices. It allows you to transfer money and pay bills, access cardless cash and find your nearest branch or ATM.

Once again, the features and services of each app are quite similar, so check out online reviews for a clearer picture of which one is quicker and easier to use.

ANZ CommBank
PlatformANZ AppCommBank app
Available fromApple App Store, Google PlayApple App Store, Google Play
Available on tabletsYesYes
  • Send and receive mobile payments
  • Pay bills
  • View your account balances and transaction history
  • Tap to transfer money between your ANZ accounts
  • Find your nearest branch or ATM
  • Transfer money and pay bills
  • Send international money transfers
  • Tap and pay with your iPhone or Android
  • Withdraw up to $500 a day with Cardless Cash
  • Find your nearest branch or ATM

Customer service

Another important consideration when comparing two banks is the ease and speed with which you can access customer service. If you ever have a problem with your account or a question about any banking product or service, it’s essential that you can find the answers you need as quickly as possible. Take a look at the table below for a breakdown of the customer service options offered by ANZ and Commonwealth Bank.

Phone7am-10pm your local time24/7 support
Live chatYesYes
Online FAQsYesYes
Online help forumNoYes

It’s also a good idea to read online reviews and seek out recommendations from friends and family to form a clearer picture of how each bank performs in terms of customer support.

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The verdict

It’s impossible to provide a one-size-fits-all answer to the question of which bank is better, ANZ or CommBank? The truth is that the right bank for one person could be very different to the best financial institution for the next person – it all comes down to the type of account and the features you want, current deals and special offers, and even the number of ATMs or branches in your local area.

With this in mind, consider the products and services of a wide range of banks, credit unions and building societies before choosing any financial institution to look after your banking needs. And remember that you don’t have to keep all your accounts with one bank; you can mix and match products from different banks to make sure you always get the best value for money.

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4 Responses

    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!


    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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