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Use the table below to compare bank accounts, savings accounts and term deposit rates from the Big Four as well as accounts from other major banks in Australia like Suncorp, MyState, CUA, HSBC, UBank, ME, ING and Citi.
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$0 monthly account fee.
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- Monthly account fee: $0
- Linked debit card: Visa
- ATM withdrawal fee: $0
- Overseas EFTPOS fee: 3%
See how Big Four bank accounts compare with other Australian banks
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 (mainly home loans) 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.
However, just because they're the biggest doesn't mean they're the best bank for you.
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.
|Commonwealth Bank of Australia (CBA)||$149.11 billion|
|Westpac Banking Corporation.||$90.65 billion|
|Australia and New Zealand Banking Group (ANZ)||$72.68 billion|
|National Australia Bank (NAB)||$75.8 billion|
*As of January 2020. Source: ASX200 List
How do the big 4 differ from one another?
Here's some points of difference among the Big Four that may help you decide which is right for you.
- CommBank. Largest ATM network in Australia and the largest bank in terms of market capitalisation. CommBank also has the most popular mobile banking app.
- NAB. Has the only bank account (out of The Big Four) that doesn't charge monthly account keeping fees. (Correct as of January 2020).
- Westpac. Has the largest overseas ATM network, allowing you to access more than 50,000 global ATMs fee-free through the Global ATM Alliance.
- ANZ. First Big Four bank to offer Apple Pay (although all Big Four banks now offer this feature).
How to compare Big Four bank savings accounts
When you are looking at savings accounts offered by The Big Four, make sure you take the following features into account:
The 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.
|Big Four savings account||Savings account variable interest rate||Account conditions|
|Westpac Life Account for 18-29s||Maximum variable rate of 3% p.a.||For customers aged between 18-29 each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.|
|ANZ Online Saver||Maximum variable rate of 0.45%||First 3 months only, then reverting to 0.05%|
|NAB Reward Saver||Maximum variable interest rate of 0.55%||Must make no withdrawals and at least one deposit a month.|
|CommBank NetBank Saver||Maximum variable interest rate of 0.55% p.a.||First 5 months only, reverting to 0.05%|
Bonus rate conditions (if there 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 simplest 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.
- Less competitive. Due to their popularity, The Big Four banks are not always as competitive with their rates as smaller banks.
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