Big Four banks savings accounts

Big Four bank savings accounts

Commonwealth Bank, Westpac, NAB and ANZ are known as Australia's "Big Four" banks, and together they dominate the market. Here are the savings accounts offered by the Big Four.

Do the Big Four banks have the best savings rates?

The Big Four banks do offer very competitive savings account interest rates. However, you'll often find the best rates with some of the smaller banks.

Here are the best 4 banks for savings account rates in the market at the moment.

Ubank Save Account

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5%
Max variable rate p.a.

0%
Base interest rate p.a.

$500
Minimum deposit

• Info
• Pros & cons

Deposit $500 into any ubank account each month to activate bonus interest. 4.6% p.a. available on total savings up to $1,000,000. No need to grow your balance or make card transactions to activate bonus interest. TMDs at ubank.com/tmd

• $0 Account keeping fees
• Ongoing bonus rate of 4.6% p.a.
• Can setup savings targets

• You earn no interest if you don't meet the bonus criteria each month

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

Rabobank High Interest Savings Account

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5.15%
Max variable rate p.a.

3.7%
Base interest rate p.a.

$0
Minimum deposit

• Info
• Pros & cons

The Rabobank High Interest Savings Account is the best savings intro rate account. This account has a maximum variable rate of 5.15% p.a. for the first 4 months. After that it reverts to a rate of 3.7% This account has no deposit or withdrawal conditions. Available on balances below $250,000.

• Introductory rate of 5.15% 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 3.7% 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

ING Savings Maximiser

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5%
Max variable rate p.a.

0.05%
Base interest rate p.a.

$1,000
Minimum deposit

• Info
• Pros & cons

Earn an ongoing, variable rate of 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.

• $0 Account keeping fees
• Ongoing bonus rate of 5% p.a. is one of the highest in market
• Make withdrawals and still earn bonus interest (as long as you replace the money by end of month)
• Linked ING Orange Everyday account offers rebates on international fees

• More monthly conditions to meet to earn the bonus rate than other accounts
• 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

Bank of Queensland Future Saver Account - 14 to 35 years

More info

5.1%
Max variable rate p.a.

0.05%
Base interest rate p.a.

$1,000
Minimum deposit

• Info
• Pros & cons

The Bank of Queensland Future Saver Account is the best savings account for under 35s. You can get an ongoing variable rate of 5.1% p.a. when you deposit $1,000+ per month and make 5 eligible transactions. Available on balances up to $50,000.

• High ongoing bonus rate available
• Make withdrawals and still earn bonus interest
• Set personal savings goals and track your progress
• Deposit condition to achieve bonus interest is lower than some other savings accounts

• Age restrictions
• The $1000 monthly deposit condition may be challenging for some people to meet
• The total bonus rate isn't available in balances over $50,000

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

Compare over 180 savings accounts and find the best one for you

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What is the best bank in Australia?

Biggest doesn't necessarily mean best. And 'best' means different things to different people, depending on what you're looking for in a bank.

Best bank for consumer trust

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

• 24% of Australians say they trust the Big Four banks.
• 23% of Australians say they do not trust the Big Four banks.
• 23% of Australians say they trust small banks.
• 9% of Australians say they do not trust small banks.

Best bank accounts for customer satisfaction

Bank	Overall satisfaction	Trustworthy/reliable
	★★★★★ 4.63/5	97%
	★★★★★ 4.48/5	100%
	★★★★★ 4.39/5	91%
	★★★★★ 4.31/5	97%
	★★★★★ 4.23/5	91%

The Finder Customer Satisfaction Awards ask Australians which brands and products they trust and love the most. We surveyed hundreds of Australians to rate their bank accounts, with Up Bank coming out as number one.

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.

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.

How to find the best bank in Australia for your needs

You'll have to decide for yourself what the best bank is for your specific needs. Here are some factors to consider when making a decision:

• Compare rates, fees and features. When you're looking to get a new bank account, loan or credit card, you should always compare rates and fees to make sure the product is competitive (high rate for a saving account, low rate for a loan). Make sure the product has features that suit your needs.
• What level of service are you looking for? If you want a personal touch and branch support, a Big Four bank with a local branch might be your best option. If you want really fast online support or don't have a Big Four bank branch near you, then you might look at other banks.
• Customer reviews. Reading online reviews can help you get a sense for a bank's level of customer service. This is particularly true for smaller and newer banks.
• Convenience. The Big Four banks have useful smartphone apps that let you manage your bank, card and loan accounts easily. Many other banks have good apps too, but some simply don't. You might also decide that the convenience of having all your accounts in one place outweighs the benefits that come with a higher savings rate or lower fees.
• Awards. You can check the winning banks at Finder's annual banking awards.

FAQs

• Which banks and lenders are owned by the Big Four?

  The Big Four aren't just competing with other banks. They own or invest in many other familiar financial institutions:

  • Commonwealth Bank owns Unloan, an online lender, and Bankwest. The bank is also a major investor in Aussie Home Loans.
  • Westpac owns St.George, Bank of Melbourne, BankSA and RAMS.
  • NAB owns digital bank ubank, which itself merged with smaller digital lender.
  • ANZ is unusual among the Big Four as it doesn't own many other financial brands in the banking and lending space.

• Should I have all my cards, bank accounts and loans with the same bank?

  Having all your financial products in one place makes managing your money very easy. Especially if your bank has a good online banking service or a well-designed app.

  Doing all your banking with one bank means you can transfer money between accounts almost instantly. This makes it easier to move cash from your savings account into your transaction account when you're running low. It makes it easier to manage your credit card and pay it off on time.

  For some, this convenience might even outweigh the benefits of getting a better deal on specific products.

• Which bank accounts are great for students?

  Several banks offer bank accounts specifically designed for students, providing features and benefits tailored to their needs.

  Most students have very basic requirements of a bank account: the ability to make purchases and track their spending on an app are key, along with low or no monthly fees or minimum balance requirements. When comparing different options, look for accounts that provide fee waivers, free ATM access and student discounts.

  1. Student savings accounts: These accounts are designed to help students start saving and often offer competitive interest rates. Look for accounts with no or minimal fees, no minimum balance requirements and easy accessibility.

  Some banks also provide additional perks for student accounts, such as discounts on shopping or entertainment, or special interest rates that only students can access. Check out some of the options for bank accounts designed for those under the age of 18.

• Do smaller banks have better home loan rates?

  In recent years online lenders and smaller credit unions have had the lowest interest rates. There are times when the Big Four has offered comparable rates, and it's always worth comparing the big banks when looking for a home loan. It is also worth noting that you should consider home loan fees and rates, as they can end up making the rate less competitive with other banks that have lower home loan fees.

  It's worth pointing out that Unloan has some of the market's lowest rates and is owned by CommBank.

• Is it safer to bank with one of the Big Four?

  The size of a bank doesn't necessarily make it safer. But Australia's Big Four are highly profitable and well capitalised. These banks are regulated by the Australian Prudential Regulation Authority (APRA), which requires all banks to maintain a buffer of capital to meet sudden unexpected withdrawals from customers. The biggest banks are subject to stronger requirements than other banks.

  But for the ordinary consumer all Australian banks are relatively safe. If you bank with any authorised deposit-taking institution (ADI), which includes big banks, small banks and credit unions, money in your savings accounts is protected by the Financial Claims Scheme.

  This scheme protects up to $250,000 of your savings, per ADI, per account holder, if the institution collapses.

• What are the best benefits of the Big Four banks?

  While it's hard to measure a bank's convenience, it's undeniable that the Big Four banks have the most extensive network of ATMs and physical bank branches. Westpac for example has 997 bank branches across the country.

  Major bank call centres can operate for longer hours (typically 8am–8pm) and you may have access to customer service 24/7 for financial emergencies or if you're overseas.

  Smaller Australian banks and credit unions cannot offer a similar level of service. Smaller banks are often entirely online (like ING) or have branches in specific regions only. But these banks also have call centres and generally deal with a lower volume of calls.

  If you value in-person banking support then you may prefer banking with one of the Big Four. But this depends on where you live. As even the biggest banks shut down branches in smaller towns, you may find your only in-person option is a local credit union.

Karen Eley is the founder of Women Talking Finance, which provides money coaching and financial literacy and education services. An experienced and former financial adviser who has worked in financial services industry for 22 years, Karen is a Certified Money Coach (CMC), holds a Bachelor of Accounting and an Advanced Diploma in Financial Planning and CFP.