Compare accounts from Australia’s big four banks

Banking with one of The Big Four gives you access to a large ATM network, but you could be losing out on your savings.

In Australia, ANZ, Westpac, CommBank and NAB are known as The Big Four. These banks hold over 80% of loans in Australia and many borrowers perceive banking with them as completely safe.

Banking with The Big Four gives you access to a large range of everyday bank accounts, savings accounts, term deposits, bonus savers and introductory savings accounts as well as nationwide access to ATMs. All offer online banking to help you manage your finances online.

The terms and conditions among The Big Four are similar and the common view is that their interest rates are not competitive.

Westpac Choice

Big Four Bank Account Offer

$0 ATM withdrawal fee at 50,000+ ATMs globally.
Via Westpac's Global ATM Alliance. Get Cash without your debit card (conditions apply).

  • $0 Account keeping fee if you deposit $2,000 per month
  • Linked Debit MasterCard
  • Online and mobile banking available

    Compare bank accounts from the Big Four below

    Rates last updated March 29th, 2017
    Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
    Westpac Choice
    $0 ATM withdrawal fee at 50,000+ ATMs globally.
    Via Westpac's Global ATM Alliance. Get Cash without your debit card (conditions apply).
    Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at St.George, Westpac, Bank of Melbourne and BankSA ATMs. Go to site More
    NAB Classic Banking
    $0 monthly account fees.
    Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.
    Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
    ANZ Access Advantage
    $100 voucher for new customers (conditions apply).
    Your new Visa debit card must be used three times before 4 June 2017 and opened before 30 April 2017.
    Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at ANZ ATMs. Go to site More
    Commonwealth Bank Smart Access
    Get unlimited CBA electronic transactions using internet banking, phone banking, ATM and EFTPOS.
    Mastercard $0 $2,000 Unlimited free CBA ATM transactions. No monthly service fee if you deposit a minimum of $2,000 per month otherwise $4 monthly fee applies. More
    Rates last updated March 29th, 2017
    Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
    ANZ Progress Saver
    Ongoing, variable 1.81% p.a. when you link to any Australian everyday bank account and deposit $10+ each month. Available on the entire balance.
    1.81% 0.01% 1.80% $0 $10 / $10 Go to site More
    ANZ Online Saver
    Introductory rate of 2.55% p.a. for 3 months, reverting to 1.15% p.a. Available on the entire balance.
    2.55% 1.15% 1.40% $0 $0 / $0 Go to site More
    Westpac Reward Saver
    Ongoing, variable 1.75% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
    1.75% 0.01% 1.74% $0 $0 / $0 Go to site More
    Westpac eSaver
    Introductory rate of 2.51% p.a. for 5 months, reverting to a rate of 1.05% p.a. Available on the entire balance.
    2.51% 1.05% 1.46% $0 $0 / $0 Go to site More
    NAB iSaver
    Introductory rate of 1.90% p.a. for 4 months, reverting to a rate of 1.20% p.a. Available on balances below $1,000,000.
    1.90% 1.20% 0.70% $0 $0 / $0 Go to site More
    NAB Reward Saver
    Ongoing, variable 2.55% p.a. when you link to NAB transaction account and deposit $200+ each month and make no withdrawals in the month . Available on balances up to $5,000,000.
    2.55% 0.50% 2.05% $0 $0 / $0 Go to site More
    Commonwealth Bank NetBank Saver
    Introductory rate of 2.50% p.a. for 3 months, reverting to a rate of 1.05% p.a. Available on balances up to $5,000,000.
    2.50% 1.05% 1.45% $0 $0 / $1 More
    Commonwealth Bank Goal Saver Account
    Ongoing, variable 1.80% p.a. rate when you deposit at least $200 p/m with no withdrawals. Available on balances up to $100,000.
    1.80% 0.01% 1.79% $0 $0 / $0 More

    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.

    Rates last updated March 29th, 2017
    3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
    Westpac Term Deposit
    Westpac Term Deposit
    2.05% 2.00% 2.10% 2.35% 2.40% 3.10% 2.70% 2.85% $5,000 More
    Commonwealth Bank Term Deposit
    Commonwealth Bank Term Deposit
    1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% $5,000 More
    NAB Term Deposit
    NAB Term Deposit
    2.10% 1.75% 2.10% 2.40% 2.60% 2.70% 2.75% 2.80% $5,000 More
    ANZ Term Deposit
    ANZ Term Deposit
    1.65% 1.40% 1.70% 1.80% 2.10% 2.15% 2.20% 2.40% $5,000 More

    The Big Four’s market share

    Commonwealth Bank currently has the largest market share out of The Big Four while ANZ currently has the smallest market share.

    Banks are required to pay the regular 30% tax rate. A Tax Justice Network report released in September 2014 revealed that in the 10 years from 2004-13, The Big Four banks had an average effective tax rate of 27%.

    Since The Big Four holds such a large market share, borrowers tend to think it's safer to apply for a home loan with one of them. They believe that they won’t have to worry about the bank defaulting on its obligations, which could cause them to potentially lose their home if they still have a mortgage.

    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.

    BankGross loans and acceptances 2015-2016 $AUD*
    Westpac (including St George)1,878,662

    *Source: pwc.com.au

    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 Big Four bank suits me best?

    BankBest for
    • Has the only bank account (out of The Big Four) that doesn't charge monthly fees and overdrawn fees
    • Has the only bank account that doesn't charge overseas ATM fees within their global network
    • At the time of writing had the highest maximum variable rate for savings

    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 right bank 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 better bank for you, consider the accounts and services you wish to use, for example, a no annual fee credit card 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.

    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?

    While your money may be secure with a savings account with The Big Four, you are not necessarily getting the most value. Take the following into account when choosing the right bank for your savings.

    • 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.
    • Competitiveness. Due to their popularity, The Big Four banks are not always as competitive with their rates as smaller banks.

    Which banks still issue deposit books?

    Many banks, including Westpac and Bendigo Bank, still issue deposit books. However, they have largely been phased out in the age of Internet banking, so you may need to contact your bank directly to request a deposit book.

    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.

    But wait, I have some more questions!

    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

    Learn about our information service
    ING DIRECT Savings Maximiser

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    ME Online Savings Account

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    Standard Variable Rate

    Bankwest Hero Saver

    Maximum Variable Rate


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    ANZ Progress Saver

    Maximum Variable Rate


    Standard Variable Rate


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    6 Responses to Compare accounts from Australia’s big four banks

    1. Default Gravatar
      stuart | February 3, 2017

      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

      • Staff
        Clarizza | February 6, 2017

        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.


    2. Default Gravatar
      alex | December 31, 2016

      what if I don’t have any income except my savings in my bank account. Do I have tp pay tax on that saving ?

      • Staff
        May | December 31, 2016

        Hi Alex,

        Thanks for your question.

        When you put your money into a savings product that is earning interest, you are making an investment. Any income that is derived from dividends, capital gains from the sale of an asset, or interest payments made to you is considered to be investment income. Interest earnings are considered to be the profit gained from your savings investments, making them a taxable earning. You can find valuable information on this page on how is your interest taxed on your savings account.

        Hope this helps.


    3. Default Gravatar
      Linda | October 11, 2016

      Is my money as safe in say….Citibank as it would be in one of the Big 4 banks ?

      • Staff
        Clarizza | October 12, 2016

        Hi Linda,

        Thanks for your question.

        Unfortunately, assessing Citibank’s capital structure compared to the big four is beyond the scope of our advice. However the Australian Government Guarantee which insures deposits of up to $250,000 provides some level of security and is something that applies to Citibank customers.

        Hope this has helped.


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