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
$0 monthly account fees.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.
- Account keeping fee: $0.00
- Linked debit card: Visa
- ATM withdrawal fee: $0.00
- Overseas EFTPOS fee: 3%
Compare bank accounts from the Big Four below
Understanding the details of term deposits is important when comparing accounts to help you reach a specific goal. The minimum deposit amount is typically $5,000, but if you are thinking about investing less, other Australian financial institutions may allow term deposits with a minimum of $1,000.
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.
| Bank | Market 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.
| Bank | Share in Big Four banks |
|---|---|
| HSBC | 6.91% of Westpac; 16.83% of NAB; 18.48% of ANZ; 14.80% of CommBank |
| JPMorgan | 12.75% of Westpac; 12.03% of NAB; 14.40% of ANZ; 11.57% of CommBank |
| National Nominees Limited | 9.93% of Westpac; 10.14% of NAB; 11.76% of ANZ; 8.5% of CommBank |
| Citicorp | 4.94% 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 Bank | Phone | Live Chat |
|---|---|---|
| CommBank | Available 24/7 | Yes |
| NAB | Mon-Fri 8am - 7pm (AEST/AEDT)Sat-Sun 9am - 6pm (AEST/AEDT) | Yes |
| Westpac | 8am - 8pm, 7 days a week from anywhere in Australia | Yes |
| ANZ | 7am - 10pm your local time in Australia | Yes |
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 0.80% p.a. |
| ANZ Online Saver | Maximum variable rate of 2.55% | First 3 months only, then reverting to 0.50% |
| NAB Reward Saver | Maximum variable interest rate of 2.50% | Must make no withdrawals and at least one deposit a month. |
| CommBank NetBank Saver | Maximum variable interest rate of2.51% p.a. | First 3 months only, reverting to 0.80% |
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.
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
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
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?
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
Which banks, both the big 4 and outside the big 4, are the best for home-loans?
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
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.
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
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.
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
what bank is best out of the top 4 to open up a securities account?
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
Is ING cover by Financial Claims Scheme FCS
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
Which banks in big 4 will support samsung pay?
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
How can anyone offer e.g .01%-1.5% int on deposits?
When credit cards charges are from 10%-20% its daylight robbery. Do you think it’s fair?
Hi Alfio,
Thank you for your question.
Unfortunately, finder.com.au can only provide general advice regarding the products we display and we cannot comment on the interest rates charged by financial institutions.
It’s good to note though that interest rates set by banks and lenders are influenced by the monetary policy imposed by Reserve Bank of Australia which aims to achieve strong and sustainable growth in the economy as a whole.
Cheers,
Liezl
I want to rationale my retirement savings to one provider but still with an emphasis in diversification. Where am I am able to find a comparison of ANZ and Westpac funds for growth and balanced investments and private banking return rates.
With thanks
Hi Stuart,
Thanks for your question.
Unfortunately that is beyond the scope of what provide on our site, however you can compare potential interest earned with different savings accounts from each of those banks using our savings account comparison table. If you would like to discuss your situation in further detail, you can speak to a financial planner.
Regards,
Clarizza