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Compare bank accounts from Australia’s Big Four banks

The Big Four offer a large range of savings and transaction accounts plus term deposits. Here's how to choose one that's right for you.

The Big Four banks include ANZ, Westpac, CommBank and NAB. Banking with The Big Four gives you access to a large range of everyday bank accounts, savings accounts including high interest savings accounts and bonus savers, and term deposits. This guide will allow you to compare transaction and savings accounts offered by the Big Four, and to compare term deposit rates offered by the Big Four also.

Bank Account Offer

NAB Classic Banking

Bank Account Offer

Enjoy convenient, unlimited access to your money. $0 monthly account fee. Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone. Temporarily block your card at the touch of a button if you lose it.

  • Account keeping fee: $0.00
  • Linked debit card: Visa
  • ATM withdrawal fee: $0.00
  • Overseas EFTPOS fee: 3%
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Compare bank accounts from the Big Four below

Rates last updated December 17th, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
NAB Classic Banking
Visa
$0
$0
Enjoy convenient, unlimited access to your money.
$0 monthly account fee.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone. Temporarily block your card at the touch of a button if you lose it.
NAB Classic Banking with Platinum Visa Debit Card
Visa
$0
$0
$10 cashback on contactless purchases, $0 foreign transaction fee and complimentary travel insurance.
$10 monthly account fee.
Receive $10 cashback when you spend $1000 on contactless purchases. Complimentary travel insurance, transport accident insurance, purchase protection insurance and more when you meet eligibility criteria.
Westpac Choice
Mastercard
$0
$2,000
Complimentary Student or Youth Discount Card
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria. Full-time students and those aged 31 and younger save thousands on travel and experiences through the complimentary Student Discount Card
ANZ Access Advantage
Visa
$0
$2,000
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
Mastercard
$0
$2,000
Get unlimited CBA electronic transactions using internet banking, phone banking, ATM and EFTPOS.

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Rates last updated December 17th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
ANZ Online Saver
2.30%
0.50%
1.80%
$0
$0 / $0
Introductory rate of 2.30% p.a. for 3 months, reverting to 0.50% p.a. Available on the entire balance.
Westpac eSaver
2.51%
0.50%
2.01%
$0
$0 / $0
Total introductory rate of 2.51% p.a. for 5 months, reverting to a rate of 0.50% p.a. Available on the entire balance.
NAB iSaver
2.55%
0.50%
2.05%
$0
$0 / $0
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 0.50% p.a. Available on balances below $20,000,000.
Commonwealth Bank NetBank Saver
2.55%
0.50%
2.05%
$0
$1 / $1
Introductory rate of 2.55% p.a. for 5 months, reverting to a rate of 0.50% p.a. Available on balances up to $5,000,000.

Compare up to 4 providers

Rates last updated December 17th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
HSBC Serious Saver
3.10%
1.40%
1.70%
$0
$0 / $0
Introductory rate of 3.10% p.a. for 4 months, reverting to a rate of 1.40% p.a. Available on balances below $1,000,000.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
4.00%
0.50%
3.50%
$0
$0 / $0
Only available to those aged 14-24. Ongoing, variable 4.00% p.a. when you link to an BOQ Day2Day Plus Account and deposit $200+ into the Day2Day account each month from an external account. Interest rate only applies for balances up to $10,000. Balances between $10,001 and $250,000 will earn an interest rate of up to 2.80% p.a. when deposit conditions are met.
Bankwest Hero Saver
2.60%
0.01%
2.59%
$0
$0 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
ING Savings Maximiser
2.80%
1.00%
1.80%
$0
$0 / $0
Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month and make 5+ card purchases a month. Available on balances up to $100,000.
Bank of Queensland Fast Track Saver Account
2.80%
0.50%
$0
$0 / $0
Ongoing, variable 2.80% p.a. when you link to an BOQ Day2Day Plus Account and deposit $1,000+ into the Day2Day account each month from an external account. Available on balances up to $250,000.
AMP Saver Account
2.55%
2.10%
0.45%
$0
$0 / $0
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
HSBC Flexi Saver Account
2.50%
1.25%
1.25%
$0
$0 / $0
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
AMP SuperEdge Saver Account
2.05%
2.05%
0.00%
$0
$0 / $0
Link to your SMSF. Ongoing, variable 2.05% p.a. when you link to AMP SuperEdge Cash Account or a different transaction account for your SMSF in another bank. Available on the entire balance.
CUA eSaver Boost Account
2.75%
0.25%
2.50%
$0
$1 / $1
Ongoing, variable 2.75% p.a. when you make a total deposit of at least $250 and no withdrawals in a calendar month. Available on balances up to $500,000.
MyState Bank Bonus Saver Account
2.60%
0.80%
1.80%
$0
$0 / $0
Ongoing, variable 2.60% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
AMP Bett3r Account
2.25%
1.50%
0.75%
$5
$0 / $0
With AMP's bundled Bett3r account, get three linked Pay, Spend and Save accounts. Earn a competitive, ongoing rate of up to 2.25% on your Save account balance when you deposit $2,000 into the Pay account each month from a source that is not another AMP Bank account.

Please note: The 2.25% maximum variable rate is earned only on your Save account balance. To calculate interest earned, enter your initial and monthly deposit amounts for the Save account only, not including any money that’ll be in your Spend or Pay account.

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Rates last updated December 17th, 2018
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. Min Deposit Interest Earned
Westpac Term Deposit
2.00%
1.85%
2.05%
2.30%
2.40%
2.50%
$5,000
Commonwealth Bank Term Deposit
1.75%
1.75%
1.75%
1.90%
1.90%
1.90%
$5,000
NAB Term Deposit
2.00%
2.00%
2.10%
2.40%
2.60%
2.60%
$5,000
ANZ Term Deposit
1.25%
1.10%
1.40%
1.40%
1.80%
1.75%
$5,000

Compare up to 4 providers

Rates last updated December 17th, 2018
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. Min Deposit Interest Earned
Citibank Term Deposit
2.60%
-
2.75%
2.45%
-
-
$100,000
ME Term Deposit
2.60%
2.60%
2.80%
2.80%
2.85%
3.00%
$1,000
AMP Term Deposit $100,000+
2.50%
2.40%
2.75%
2.75%
2.75%
2.85%
$100,000
RACQ Bank Term Deposit
2.35%
2.35%
2.60%
2.70%
2.80%
3.00%
$1,000
Firstmac Term Deposit
2.55%
-
2.75%
2.65%
2.75%
-
$5,000
AMP Term Deposit $25,000+
2.50%
2.40%
2.75%
2.75%
2.75%
2.85%
$25,000
AMP Term Deposit $5000+
2.30%
2.20%
2.55%
2.55%
2.55%
2.65%
$5,000

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What are the Big Four banks in Australia?

In Australia, ANZ, Westpac, CommBank and NAB are known as The Big Four banks. These four banks hold the largest majority of loans in Australia and many consumers choose to do some or all of their banking with one of them. The Big Four offer a wide range of deposit products including transaction accounts, savings accounts and term deposits and together offer the largest ATM network in Australia. CommBank is the largest bank, and Westpac is the oldest.

The Big Four’s market share

Commonwealth Bank currently has the largest market share out of The Big Four while NAB currently has the smallest market share. Since The Big Four hold such a large market share, borrowers tend to think it's safer to apply for a loan with one of them, or to deposit their savings with one of these banks. Even if you feel more comfortable with keeping your savings with one of The Big Four, keep in mind that most banks in Australia are covered by the Government Guarantee, insuring your savings up to $250,000 per person, per institution should there be a financial crisis.

BankMarket capitalisation* (2017)
Commonwealth Bank of Australia (CBA)$139.216 billion
Westpac Banking Corporation.$106.821 billion
Australia and New Zealand Banking Group (ANZ)$83.599 billion
National Australia Bank (NAB)$79.465 billion

*Source: ASX200 List

Who owns The Big Four banks in Australia?

HSBC, JPMorgan, National Nominees Ltd and Citicorp collectively own a minority share in each of The Big Four banks.

BankShare in Big Four banks
HSBC6.91% of Westpac; 16.83% of NAB; 18.48% of ANZ; 14.80% of CommBank
JPMorgan12.75% of Westpac; 12.03% of NAB; 14.40% of ANZ; 11.57% of CommBank
National Nominees Limited9.93% of Westpac; 10.14% of NAB; 11.76% of ANZ; 8.5% of CommBank
Citicorp4.94% of Westpac; 4% of NAB; 4.15% of ANZ; 4.47% of CommBank

*Source: Credit Card Compare

Which is the best bank in Australia?

There's no one bank that is 'best', and choosing which bank to go with with depend on you individual needs. Here's some points of difference among the Big Four that may help you decide which is best for you.

  • CommBank. Largest ATM network in Australia and the largest bank in terms of market capitalisation.
  • NAB. Has the only bank account (out of The Big Four) that doesn't charge monthly account keeping fees.
  • Westpac. Has the largest overseas ATM network, allowing you to access more than 50,000 global ATMs fee-free through the Westpac Global ATM Alliance.
  • ANZ. Only Big Four bank to offer Apple Pay (correct as of March 2018)

Availability of customer service

Big Four BankPhoneLive Chat
CommBankAvailable 24/7Yes
NABMon-Fri 8am - 7pm (AEST/AEDT)Sat-Sun 9am - 6pm (AEST/AEDT)Yes
Westpac8am - 8pm, 7 days a week from anywhere in AustraliaYes
ANZ7am - 10pm your local time in AustraliaYes

Comparing The Big Four

Choosing the best bank for you depends on your personal financial needs. The Big Four banks all offer a similar range of products and services but there are differences. To find the best bank for you, consider the accounts and services you wish to use, for example, a high interest savings account and a low-fee everyday transaction account, and then compare what each bank has to offer.

What are the features I should look for when comparing savings accounts from The Big Four?

When you are looking at savings accounts offered by The Big Four, make sure you take the following features into account:

Competitive interest rate

Interest rates will help determine how quickly your savings can grow. Look at the base variable rate of the account to determine which ones have the best value. With The Big Four, each one offers a savings account that pays bonus interest for meeting specific terms. Check this rate as well, and add it to the base to see how much interest you will really be earning.

Bank Account Savings account variable interest rate Account conditions
Westpac eSaver Maximum variable rate of 2.51%First 5 months only, then reverting to 0.50% p.a.
ANZ Online SaverMaximum variable rate of 2.30%First 3 months only, then reverting to 0.50%
NAB Reward Saver Maximum variable interest rate of 2.40%Must make no withdrawals and at least one deposit a month.
CommBank NetBank Saver Maximum variable interest rate of2.55% p.a.First 5 months only, reverting to 0.50%

Bonus rate conditions (if they are any)

The terms for earning the bonus rate should play a big role in the account you choose because if you don’t meet them, you will only earn the base rate for that month. For example, with Westpac, you need to make at least a $50 deposit and have no withdrawals to get the bonus rate, while CommBank requires that you grow your savings by at least $200 but allow one withdrawal. Since the base rates are typically very low, you will want to ensure that you are able to meet these terms before investing your savings.

24/7 online banking

The Big Four banks all have Internet and mobile access, so it comes down to who offers the best online or mobile banking experience. CommBank's NetBank has arguably been voted the best. Look into the apps as well to ensure that they are compatible with your mobile device if you like banking on the go.

What are the benefits of banking with The Big Four?

  • More access to your money. By choosing one of The Big Four, you will have easy access to your savings through their large number of branches, ATM networks and online banking. Our research shows that The Big Four currently hold the biggest ATM networks in Australia.
  • 24/7 customer service. Depending on The Big Four bank you choose, you're likely to have access to customer service 24/7 if you have a financial emergency.
  • Easily link your Big Four bank account. If your everyday account is already with one of The Big Four, you'll find it easy to link to other savings accounts (assuming you can link to any Australian financial institution).

What are the risks of banking with one of The Big Four?

  • Choosing a brand. The Big Four are all well-known brands in Australia, but you should still look at other banks when making your comparisons. This helps to ensure that your savings are working as hard as possible towards your financial future.
  • You are probably receiving lower interest rates. The Big Four have a reputation for having the lowest interest rates in the market for their savings accounts. You can compare some of the best high interest savings accounts here.
  • Competitiveness. Due to their popularity, The Big Four banks are not always as competitive with their rates as smaller banks.

But wait, I have some more questions!

How do I stop unsolicited phone calls from the banks?

The easiest way to stop receiving telemarketing phone calls from banks or any other company is by joining the Do Not Call Register. This service, run by the government, adds your home and/or mobile phone number to a blacklist that prohibits companies from calling them unsolicited.

Where can I find consolidated information on the savings accounts offered by The Big Four?

finder.com.au provides up-to-date reviews of these accounts, highlighting the features and benefits to help make your comparisons easier.

If I have a transaction account with one bank, will I be able to link my savings account from another bank?

That depends on the institutions and their policies.

How do you know the difference between the base rate and the bonus rate?

You have to look closely at the fine print. Some banks will lump the two together when advertising, but the base rate will usually be listed as a low variable rate, with the bonus rate significantly higher.

Savings Account Offers

Important Information*
ING Savings Maximiser

Maximum Variable Rate

2.80

Standard Variable Rate

1.00
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
HSBC Serious Saver

Maximum Variable Rate

3.10

Standard Variable Rate

1.40

Ask an Expert

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28 Responses

  1. Default Gravatar
    RsibsOctober 25, 2018

    Hi, we want to invest $150,000 in a term deposit to give us the best interest rate, prefer 6 monthly, don’t mind if it is an advance notice etc.

    • finder Customer Care
      JohnOctober 25, 2018Staff

      Hi Rsibs,

      Thank you for leaving a question.

      You may click on this link to compare a panel of banks that offer a 6 month term deposit account. You may also compare the different interest rates that each bank provides via this page. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!

      Cheers,
      Reggie

  2. Default Gravatar
    September 3, 2018

    I’m referring to the NAB’s savings interest rate, this appears to be an introductory rate for 4 months. Can’t find what it reverts to after.

    • finder Customer Care
      JhezelynSeptember 3, 2018Staff

      Hello Lyn,

      Thank you for your comment.

      You may be referring to the NAB iSaver wherein the Maximum Variable Rate is 2.55% p.a. (combined Standard Variable Rate of 0.50% p.a. and Bonus Variable Rate of 2.05% p.a.) for the first 4 months on balances up to $20,000,000. This will revert to 0.50% p.a. after the introductory period.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  3. Default Gravatar
    MNApril 6, 2018

    Hi
    Which one of the big 4 banks offers easiest bank opening procedure, with no service service charges on having a current (no interest ) account? I only wish to open an account with no long list of documents requirement, a debit card and no fee for keeping current account . Thanks

    • finder Customer Care
      MayApril 6, 2018Staff

      Hi MN,

      Thanks for your inquiry.

      Typically, opening a bank account is free and simple. You can either do it via online and in-person. Just be prepared with the docs like proof of identification and TFN. But best to check with the bank first the full requirements so you can open the account quickly. As to bank accounts with no fees, please refer to this page to compare your options and click on the ‘Go to site’ button to find out the requirements.

      Cheers,
      May

  4. Default Gravatar
    AnneNovember 17, 2017

    How do I find out which banks and building societies covered by the ADI are the same brand. For example I want to invest $200,000 in 4 places in term deposits or savings accounts so that the $800,000 will be covered by the ADI. Would it be ok to go for Commonwealth Bank, Ing, Bankwest and St George or are some of these the same brand?

    • finder Customer Care
      HaroldNovember 17, 2017Staff

      Hi Anne,

      Thank you for your inquiry.

      We have a handy guide that might help you. This guide explains which brands are owned by the big 4 banks in Australia. As for ownership of building societies, it’s not common for multiple credit union brands to be owned by the one holding company. Acquisitions and mergers are common, but usually one company rebrands as the other.

      I hope this information has helped.

      Cheers,
      Harold

  5. Default Gravatar
    KimOctober 17, 2017

    Which banks, both the big 4 and outside the big 4, are the best for home-loans?

    • Default Gravatar
      LiezlOctober 17, 2017

      Hi Kim,

      Thanks for your question. As a comparison website, we are unable to name a bank that stands out for its home loan products since banks as well as non-bank lenders have different home loan offers packed with benefits and features. It’s up to you to decide which one works best for you based on the features your looking for, purpose of your home loan, your eligibility and the costs that you have to pay. You may refer to our guide here for some tips on choosing a home loan that suits your needs.

      Cheers,
      Liezl

  6. Default Gravatar
    EmAugust 7, 2017

    I currently have an account with ANZ, but speaking with various people, apparently, there are other banks that offer higher interest rates for accounts such as progress savers.

    • Default Gravatar
      ArnoldAugust 8, 2017

      Hi Em,

      Thanks for your inquiry.

      You can find and compare High Interest Saving Accounts here. Upon arriving at the page, you can search for the best option by filling in information such as Initial Deposit, Monthly Deposit and Period. You may now hit the calculate button to view the results of your search.

      Hope this information helped.

      Cheers,
      Arnold

  7. Default Gravatar
    AndyJuly 19, 2017

    HI there

    I am thinking to buy a house in 3-4 years time and want to change bank but now sure which bank is best for small money.

    • finder Customer Care
      HaroldJuly 20, 2017Staff

      Hi Andy,

      Thank you for your inquiry.

      Should you have long term plans you may want to consider a long term deposit.

      I hope this information has helped.

      Cheers,
      Harold

  8. Default Gravatar
    DavidJuly 13, 2017

    what bank is best out of the top 4 to open up a securities account?

    • Default Gravatar
      DanielleJuly 13, 2017

      Hi David,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      All 4 of these banks hold over 80% of loans in Australia and many borrowers perceive banking with them as completely safe. I would suggest ticking the boxes for all four options on the table and then click on “compare”, that way you can see a side-by-side comparison of all their features making it easier to choose which one would suit your needs.

      I hope this helps.

      Cheers,
      Danielle

  9. Default Gravatar
    DannyJune 14, 2017

    Is ING cover by Financial Claims Scheme FCS

    • Default Gravatar
      DanielleJune 15, 2017

      Hi Danny,

      Thank you for contacting finder.com.au. We are a comparison website and general information service, we’re more than happy to offer general advice.

      Yes, ING is covered. You may refer to this page for more details.

      I hope this helps.

      Cheers,
      Danielle

  10. Default Gravatar
    AnudeepMay 21, 2017

    Which banks in big 4 will support samsung pay?

    • finder Customer Care
      LouMay 21, 2017Staff

      Hi Anudeep,

      Thanks for your question.

      Westpac supports Samsung pay. Other credit card brands that support Samsung pay are listed on this page.

      Cheers,
      Anndy

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