NAB Classic Banking
- No minimum deposits
- Not ATM fees
- Apple Pay & Google Pay
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The table below allows you 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 HSBC, UBank, ME, ING, Citi and CUA.
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.
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
Here's some points of difference among the Big Four that may help you decide which is right for you.
|Big Four Bank||Phone||Live Chat|
|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|
Choosing the right 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 bank that suits your needs, 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.
When you are looking at savings accounts offered by The Big Four, make sure you take the following features into account:
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 0.55%||First 5 months only, then reverting to 0.05% p.a.|
|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%|
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.
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.
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