Compare big four bank savings accounts

Enter your balance to see the interest 20 big four bank savings accounts would pay you, and what each asks of you to earn its bonus, so your savings earn more.

Savings accounts from Commonwealth Bank, Westpac, NAB and ANZ. Their higher rates often need you to meet conditions each month, so compare the base rate too.

Written byDavid Boyd

NAB ISaver
Bonus rateEligibility limits
Rate a year, with bonus
5.50%
Base rate
1.85%
Bonus rate
3.65%
Interest a month, at first
$46
Balance limit
None
Your balance in 1 year
$626 interest
Open account See details
ANZ Plus Growth Saver
Bonus rate
Rate a year, with bonus
5.35%
Base rate
0.10%
Bonus rate
5.25%
Interest a month, at first
$45
Balance limit
None
Your balance in 1 year
$608 interest
Open account See details
CommBank GoalSaver
Bonus rateEligibility limits
Rate a year, with bonus
5.25%
Base rate
0.10%
Bonus rate
5.15%
Interest a month, at first
$44
Balance limit
None
Your balance in 1 year
$596 interest
Open account See details
NAB Reward Saver
Bonus rate
Rate a year, with bonus
5.25%
Base rate
0.01%
Bonus rate
5.24%
Interest a month, at first
$44
Balance limit
None
Your balance in 1 year
$596 interest
Open account See details
Westpac Life
Bonus rate
Rate a year, with bonus
5.25%
Base rate
0.10%
Bonus rate
5.15%
Interest a month, at first
$44
Balance limit
None
Your balance in 1 year
$596 interest
Open account See details
Westpac Notice Saver 31, 60 & 90 days
No conditionsEligibility limits
Rate a year, with bonus
5.15%
Base rate
5.15%
Bonus rate
None
Interest a month, at first
$43
Balance limit
None
Your balance in 1 year
$585 interest
Open account See details
CommBank CommSec Notice Investor
No conditionsEligibility limits
Rate a year, with bonus
5.00%
Base rate
5.00%
Bonus rate
None
Interest a month, at first
$42
Balance limit
None
Your balance in 1 year
$567 interest
Open account See details
ANZ V2 Plus
No conditions
Rate a year, with bonus
4.35%
Base rate
4.35%
Bonus rate
None
Interest a month, at first
$36
Balance limit
None
Your balance in 1 year
$492 interest
Open account See details
ANZ Progress Saver
Bonus rate
Rate a year, with bonus
4.00%
Base rate
0.01%
Bonus rate
3.99%
Interest a month, at first
$33
Balance limit
None
Your balance in 1 year
$452 interest
Open account See details
ANZ Plus Flex Saver
No conditions
Rate a year, with bonus
2.35%
Base rate
2.35%
Bonus rate
None
Interest a month, at first
$20
Balance limit
None
Your balance in 1 year
$264 interest
Open account See details
CommBank NetBank Saver
No conditionsIntro rateEligibility limits
Rate a year, with bonus
2.30%
Base rate
2.30%
Bonus rate
None
Interest a month, at first
$19
Balance limit
None
Your balance in 1 year
$258 interest
Open account See details
CommBank Commonwealth Direct Investment Account
No conditionsEligibility limits
Rate a year, with bonus
2.15%
Base rate
2.15%
Bonus rate
None
Interest a month, at first
$18
Balance limit
None
Your balance in 1 year
$241 interest
Open account See details
ANZ Pensioner Advantage Account
No conditionsEligibility limits
Rate a year, with bonus
2.05%
Base rate
2.05%
Bonus rate
None
Interest a month, at first
$17
Balance limit
None
Your balance in 1 year
$230 interest
Open account See details
Westpac 55+ and Retired
No conditionsEligibility limits
Rate a year, with bonus
1.95%
Base rate
1.95%
Bonus rate
None
Interest a month, at first
$16
Balance limit
None
Your balance in 1 year
$218 interest
Open account See details
CommBank Pensioner Security Account
No conditionsEligibility limits
Rate a year, with bonus
1.85%
Base rate
1.85%
Bonus rate
None
Interest a month, at first
$15
Balance limit
None
Your balance in 1 year
$207 interest
Open account See details
Westpac ESaver
Bonus rateIntro rateEligibility limits
Rate a year, with bonus
1.80%
Base rate
1.25%
Bonus rate
0.55%
Interest a month, at first
$15
Balance limit
None
Your balance in 1 year
$201 interest
Open account See details
NAB Retirement Account
No conditionsEligibility limits
Rate a year, with bonus
1.75%
Base rate
1.75%
Bonus rate
None
Interest a month, at first
$15
Balance limit
None
Your balance in 1 year
$196 interest
Open account See details
ANZ Online Saver
No conditionsEligibility limits
Rate a year, with bonus
1.60%
Base rate
1.60%
Bonus rate
None
Interest a month, at first
$13
Balance limit
None
Your balance in 1 year
$179 interest
Open account See details
CommBank Commonwealth Private Bank Account
No conditionsEligibility limits
Rate a year, with bonus
0.70%
Base rate
0.70%
Bonus rate
None
Interest a month, at first
$6
Balance limit
None
Your balance in 1 year
$78 interest
Open account See details

Rates are variable and can change at any time. Balances are estimates before tax, at today's rates, with interest added monthly at the rate for the balance at the time. Some banks pay a balance band's rate only on the part of the balance inside it, and an introductory rate ends after its set time.

Big four bank savings accounts at a glance

Worked out from the 20 accounts from 5 banks we compare on this page.

Typical top rate

4.17%

Half the accounts pay between 2.66% and 5.25% at their best.

Typical base rate

2.38%

What you earn without meeting any bonus conditions.

With an intro rate

2 of 20

accounts pay a higher rate for the first few months only.

Bonus conditions

4 with conditions16 without

How top rates are spreadNumber of accounts in each band. The most common is 2–3%.

The short version

The big four are Commonwealth Bank, Westpac, NAB and ANZ.
Their higher rates often need conditions each month.
Compare them with smaller and online banks.

The big four banks' savings accounts

The big four are Commonwealth Bank, Westpac, NAB and ANZ. This page lists products under those four brands only. Brands they own, such as Bankwest, St.George, Bank of Melbourne, BankSA and ubank, have their own rates and are listed with the other banks.

Having savings with your everyday bank makes moving money quick. Big bank savings rates often need conditions, such as a monthly deposit or growing your balance, so check what you must do each month.

Pros

Money moves instantly to your everyday account.
One app for all your banking.
Covered by the Financial Claims Scheme up to $250,000.

Cons

Base rates can be low without the bonus.
Bonus conditions to meet every month.
Smaller and online banks often pay more.

Alternatives

Savings accounts from smaller and online banks.
A term deposit, to lock in a rate.

How to open one

You can open a big four savings account online with most banks in a few minutes.

Have your ID and tax file number ready. Without a TFN, the bank must hold back tax at the top rate.
Check who can open it. The bank's eligibility terms say who qualifies.

What to compare

The base rate, and the rate when you meet the conditions.
Whether the bonus rate stops above a set balance.
Introductory rates, and the rate when the intro period ends.

Questions people ask

Who are the big four banks?

Commonwealth Bank, Westpac, NAB and ANZ. They own other brands, such as Bankwest, St.George and ubank, which have their own products and rates and are listed with the other banks.

Is my money safe?

Deposits with an Australian bank, building society or credit union are covered by the government's Financial Claims Scheme, up to $250,000 per person per bank.

Do I need to bank with them already?

No, but most big four savings accounts work best linked to the same bank's everyday account, and some bonus rates need one.