Finder makes money from featured partners, but editorial opinions are our own.

Best bank in Australia: Big Four vs smaller banks

The Big Four banks are Australia's largest banks. But are they the best banks? Here's how they stack up.

Commonwealth Bank, Westpac, NAB and ANZ are known as Australia's "Big Four" banks. Together these institutions dominate the market. Most Australians have a bank account, credit card or home loan with one or more of the Big Four.

What is the best bank in Australia?

Biggest doesn't necessarily mean best, and there's no simple way to determine which is the best bank in Australia.

However, you can use Finder's monthly top picks and our annual Finder Awards to find some of the best bank accounts and loans on the market.

Best bank accounts

1 - Best no-fee bank account

Ubank Spend Account

$0
Monthly fee
$0
ATM withdrawal fees
Visa

Debit Card
The Ubank Spend account is one of the best bank accounts for no fees. Pay no account keeping fees, no local ATM fees at all major bank ATMs, no overseas ATM fees and no foreign transaction fees plus see your other bank accounts, super and investments all within your ubank app for free.

  • No account keeping fees
  • No overseas ATM fees or foreign transaction fees
  • Spending tracking tools
  • Access thousands of ATMs in Australia for free
  • Apple Pay and Google Pay available
Rewards program N/A
Annual Fee $0
Purchase Rate
Welcome offer
Interest-free period Up to days on purchases
Balance transfer N/A
Bonus points N/A
Rewards points per $ spent N/A
Foreign currency conversion fee

2 - Best bank account for travelling

HSBC Everyday Global Account

$0
Monthly fee
$0
ATM withdrawal fees
Visa

Debit Card
The HSBC Everyday Global Account is one of the best bank accounts for travelling. It has no account keeping fees, no international transaction fees and access to free ATMs around the world. You can hold up to 10 different currencies in the one account, which allows you to top up on a currency while the exchange rate is good, then spend in that local currency while you're overseas. Plus, earn 2% cashback on tap and pay purchases (T&Cs apply). It won a Finder Banking Award for best travel debit card.
  • Earn 2% cashback on tap and pay purchases
  • Hold up to 10 currencies in the one account
  • No international transaction fees
  • No international ATM fees
  • Apple Pay and Google Pay available
  • You can only pre-load up to 10 currencies
  • Fees apply to deposit foreign currency notes into the account
Rewards program N/A
Annual Fee $0
Purchase Rate
Welcome offer
Interest-free period Up to days on purchases
Balance transfer N/A
Bonus points N/A
Rewards points per $ spent N/A
Foreign currency conversion fee

Every month Finder analyses the bank accounts in our database to find the best bank accounts for different types of customer.

See our full best bank account picks and criteria.

Best savings accounts

Best savings account overall: ING Savings Maximiser

ING Savings Maximiser

5.5%
Max variable rate p.a.
0.55%
Base interest rate p.a.
$1,000
Minimum deposit
The ING Savings Maximiser is the best overall savings account. With this account you can earn an ongoing, variable rate of 5.5% p.a. if you deposit $1000 into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow your nominated Savings Maximiser balance (excluding interest) each month. The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser account.
  • Won Best Savings Account in 2023 Finder Awards
  • Competitive ongoing bonus rate of 5.5% p.a. is one of the highest in market
  • $0 Account keeping fees
  • Fee-free ATMs in Australia and no international transaction fees with the linked transaction account (conditions apply)
  • Several monthly conditions to meet to earn the bonus rate
  • Bonus interest rate only applies up to balances of $100,000
Rewards program N/A
Annual Fee $0
Purchase Rate
Welcome offer
Interest-free period Up to days on purchases
Balance transfer N/A
Bonus points N/A
Rewards points per $ spent N/A
Foreign currency conversion fee

Best high interest savings account rate: Rabobank High Interest Savings Account

Rabobank High Interest Savings Account

5.75%
Max variable rate p.a.
4.4%
Base interest rate p.a.
$0
Minimum deposit
The Rabobank High Interest Savings Account is the best savings intro rate account. This account has a maximum variable rate of 5.75% p.a. for the first 4 months. After that it reverts to a rate of 4.4% This account has no deposit or withdrawal conditions. Available on balances below $250,000.
  • Introductory rate of 5.75% p.a. for first 4 months
  • Flexible, transfer funds in and out and still earn the bonus rate
  • $0 Account keeping fees
  • Interest rate drops to 4.4% after the introductory period
  • No branches available
  • Online or phone access only
Rewards program N/A
Annual Fee $0
Purchase Rate
Welcome offer
Interest-free period Up to days on purchases
Balance transfer N/A
Bonus points N/A
Rewards points per $ spent N/A
Foreign currency conversion fee

Every month Finder analyses the savings accounts in our database to find the best savings accounts for different types of savers.

See our full best savings account picks and criteria.

Alison Banney
Expert best bank account picks selected by Alison Banney – money editorial manager

Do the Big Four banks have the best savings rates?

This table shows savings accounts rates from the Big Four and many smaller banks. You can sort these accounts from lowest to highest interest rate.

Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
MyState Bank Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • 5 debit card purchases
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
Go to siteView details
Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance
  • 5 debit card purchases
Go to siteView details
Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
0.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $200
Go to siteView details
Australian Unity Freedom Saver ($50,000 - $250,000)
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
5.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ME HomeME Savings Account
Maximum Variable Rate p.a.
5.55%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $2000
  • Grow balance
Go to siteView details
St.George Maxi Saver
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.10%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
Bankwest Hero Saver
Maximum Variable Rate p.a.
4.60%
Standard Variable Rate p.a.
1.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $200
  • No withdrawals
View details
AMP Saver Account
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
1.20%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1000 in previous month
View details
Great Southern Bank Home Saver Account
Finder Award
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.50%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $2,000
  • 5 Edge Account debit card purchases
View details
ANZ Online Saver
Maximum Variable Rate p.a.
3.65%
Standard Variable Rate p.a.
1.50%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
NAB iSaver
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Westpac Life
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance
View details
NAB Reward Saver
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.35%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • 1 deposit
  • No withdrawals
View details
HSBC Everyday Savings
Maximum Variable Rate p.a.
5.15%
Standard Variable Rate p.a.
3.30%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • No withdrawals
View details
ANZ Progress Saver
Maximum Variable Rate p.a.
4.25%
Standard Variable Rate p.a.
0.01%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $10 each month
  • No withdrawals
View details
loading
Showing 20 of 25 results
Name Monthly fee Govt. Guarantee Own network ATM fee Card type
Westpac Choice
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay Digital Card
Monthly fee
$5
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
Go to siteMore Info
Eligible cardholders can get discounts when shopping at partner brands.

HSBC Everyday Global Account
Finder AwardApple Pay Google Pay10 Currencies
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
Earn 2% cashback on tap and pay purchases.


Suncorp Everyday Options Account
Apple Pay Google Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
MyState Bank Glide Account
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
ING Orange Everyday Account
Apple Pay Google Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
1% cashback on utility bills (T&Cs apply)
St.George Complete Freedom Account
Apple Pay Google Pay Samsung Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
Get up to 4 $10 cashbacks when you spend $40 at Woolworths on your Visa Debit Card.
Great Southern Bank Everyday Edge Account
Apple Pay Google Pay Samsung Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Bendigo Bank Everyday Account
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$6
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
More Info
NAB Classic Banking
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
ANZ Access Advantage
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$5
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Commonwealth Bank Smart Access
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$4
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
More Info
loading
Showing 11 of 11 results
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.
Judo Bank Term Deposit
5.00%
5.25%
5.25%
5.20%
BCU Term Deposit
4.60%
3.70%
3.40%
4.70%
4.00%
4.50%
4.40%
ING Term Deposit
4.75%
4.75%
4.85%
4.65%
4.90%
4.50%
MyState Bank Online Term Deposit
2.50%
4.20%
4.40%
4.60%
3.50%
5.00%
3.95%
Great Southern Bank Term Deposit Account
4.90%
2.95%
2.95%
5.20%
3.05%
5.20%
4.40%
Bankwest Term Deposit
3.75%
3.00%
3.00%
4.25%
4.00%
4.75%
4.40%
Great Southern Bank Platinum Plus 55+
5.30%
4.50%
Macquarie Bank Term Deposit
4.80%
4.80%
4.80%
4.65%
4.35%
More Info
Rabobank Term Deposit
4.85%
5.00%
5.00%
4.50%
More Info
Newcastle Permanent Term Deposit 2 year
3.50%
3.50%
3.50%
4.90%
3.80%
4.80%
4.00%
More Info
Commonwealth Bank Term Deposit
3.45%
3.50%
3.60%
3.70%
3.75%
4.55%
3.95%
More Info
Westpac Term Deposit
3.50%
3.55%
3.65%
3.75%
3.80%
4.25%
4.00%
More Info
ANZ Term Deposit
0.05%
0.05%
0.05%
0.10%
0.10%
0.15%
0.15%
More Info
NAB Term Deposit
3.50%
3.60%
3.70%
3.80%
3.80%
4.70%
4.00%
More Info
Heartland Bank Term Deposit
4.80%
5.30%
5.35%
4.80%
More Info
loading
Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Principal & Interest20% min. depositOwner-occupier
Interest Rate
5.99%
Comparison Rate
5.90%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
Go to site
Principal & Interest20% min. depositInvestment
Interest Rate
6.29%
Comparison Rate
6.20%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
Go to site
Principal & Interest40% min. depositOwner-occupierOffset account
Interest Rate
6.14%
Comparison Rate
6.39%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
Go to site
Principal & Interest30% min. depositOwner-occupierOffset account
Interest Rate
6.14%
Comparison Rate
6.39%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
Go to site
Principal & Interest20% min. depositOwner-occupierOffset account
Interest Rate
6.19%
Comparison Rate
6.44%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
Go to site
Principal & Interest40% min. depositOwner-occupier
Interest Rate
6.14%
Comparison Rate
6.16%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
Go to site
Interest only20% min. depositOwner-occupierOffset account
Interest Rate
7.18%
Comparison Rate
7.25%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
Principal & Interest5% min. depositOwner-occupier
Interest Rate
6.84%
Comparison Rate
7.16%
Fees
Application: $0
Ongoing: $0 per month
Monthly Payment
Principal & Interest 3Y Fixed5% min. depositOwner-occupier
Interest Rate
6.59%
Comparison Rate
8%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
Principal & Interest 1Y Fixed5% min. depositOwner-occupier
Interest Rate
6.69%
Comparison Rate
8.35%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
Principal & Interest 2Y Fixed5% min. depositOwner-occupier
Interest Rate
6.84%
Comparison Rate
8.19%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
Principal & Interest 1Y Fixed20% min. depositOwner-occupier
Interest Rate
6.74%
Comparison Rate
7.05%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
Principal & Interest 1Y Fixed5% min. depositOwner-occupier
Interest Rate
6.59%
Comparison Rate
8.29%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
Principal & Interest 2Y Fixed30% min. depositOwner-occupier
Interest Rate
6.49%
Comparison Rate
7.57%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
Principal & Interest 2Y Fixed5% min. depositOwner-occupier
Interest Rate
6.59%
Comparison Rate
8.18%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
Principal & Interest20% min. depositOwner-occupierOffset account
Interest Rate
8.80%
Comparison Rate
8.94%
Fees
Application: $600
Ongoing: $8 per month
Monthly Payment
loading
Showing 16 of 16 results

We put every effort into ensuring information on Finder is accurate. This article was reviewed by Karen Eley from our Editorial Review Board as part of our fact checking process.

Finder survey: What is the most popular bank for Australian savings accounts?

Finder surveyed over 1,100 Australians about which bank they have a savings account with and found that nearly 30% of respondents have a Commonwealth Bank savings account.

Response
Commbank29.65%
ANZ14.2%
Other11.23%
Westpac10.6%
NAB10.24%
ING6.83%
St.George4.13%
Bendigo Bank3.41%
Macquarie2.07%
BOQ1.89%
I don't have a savings account1.71%
Great Southern Bank1.35%
Ubank1.35%
HSBC0.81%
Rabobank0.36%
Up Bank0.18%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023

Just how big are the Big Four banks?

To get a sense of just how big the Big Four banks are, here's the dollar value of household deposits currently held by each bank.

  • CBA: $390.118 billion
  • Westpac: $303.394 billion
  • NAB: $204.034 billion
  • ANZ: $172.620 billion

Now compare that to the amount of household savings deposited at Australia's largest non-Big Four banks.

  • Macquarie Bank: $63.083 billion
  • ING: $49.655 billion
  • Bendigo & Adelaide Bank: $44.291 billion
  • Suncorp: $34.464 billion
  • Bank of Queensland: $34.811 billion

The Big Four hold $800 billion more than their 5 closest competitors combined.

The vast majority of Australians are not comparing banks to find the best service and product for their needs. Most of us stick to the bank we had as kids. We're missing out on higher interest rates for the sake of convenience.

Richard Whitten

Richard Whitten
Money editor

How do the Big Four banks compare to the rest of the market?

Savings rates

Here is the highest savings rate you can get from each of the Big Four banks.

Savings accountsTotal interest rate p.a.
Commonwealth Bank GoalSaver Account4.9%
Commonwealth Bank NetBank Saver5.1%
ANZ Progress Saver4.25%
ANZ Save Account4.9%
ANZ Online Saver3.65%
NAB Reward Saver5%
NAB iSaver5%
Westpac Life5%
Westpac Bump Savings Account5%
Westpac eSaver5%

Here are the 5 highest savings account rates from smaller banks.

Savings accountsTotal interest rate p.a.
ME HomeME Savings Account5.55%
Rabobank High Interest Savings Account5.75%
ING Savings Maximiser5.5%
MOVE Bank Growth Saver5.5%
Bank of Queensland Future Saver Account - 14 to 35 years5.5%

If you choose the account with the highest rate over the best Big Four account, you could get 90 more basis points on your account interest rate.

Consumer trust

Every month Finder surveys hundreds of Australians about their finances in our Consumer Sentiment Tracker.

  • 24% of Australians say they trust