ANZ vs CommBank savings and bank accounts
We compare the different accounts offered by two of Australia's Big Four banks; ANZ and CBA.
Australia’s “Big Four” banks often have a reputation for being virtually identical, but there are several key differences in the products and services they offer that can have a huge bearing on which bank is right for you. ANZ and Commonwealth Bank are two of the biggest players in Australia’s banking industry, each of them offering a range of transaction accounts, savings accounts and other financial products and services.
But which of these two banks is right for you? We compare ANZ and CommBank side by side to help you decide.
Meet the contenders: ANZ vs CommBank
ANZ began life as the Bank of Australasia in Sydney in 1835. Today, ANZ is one of the world’s top 50 banks, operating across more than 30 global markets and having more than 5 million customers. It provides bank accounts, home loans, credit cards and many more financial products to its customers. ANZ has around 2500 ATMS around the country, and around 700 branches.
Commonwealth Bank was established in 1911 and now boasts more than 15 million customers, making it the largest bank in Australia. CommBank has locations across Australia, New Zealand, Europe, Africa and the Asia-Pacific region. It offers a full range of banking services to its customers, including everything from savings and transaction accounts to credit cards and mortgages. CommBank has more ATMS than ANZ with about 4,000 around the country, as well as around 1000 branches.
Our expert says
"I didn't choose between ANZ and CBA - I bank with both of them. In fact, I have accounts with 5 different banks. I spread my accounts (home loans, credit cards and savings) across multiple banks to spread my risk. If I ever get scammed or hacked, I don't have my entire financial situation tied up with one bank so it will be easier to manage. I also prefer to stay loyal to the best deal for me personally, rather than being loyal to any single bank. "
ANZ and CommBank deposit products compared
ANZ or Commonwealth Bank: which bank is better for your day to day banking?
Transaction accounts
If you’re looking for a no-frills transaction account to help you take care of your day-to-day banking needs, ANZ offers the Access Advantage Account and CommBank provides the Smart Access Account.
| ANZ Access Advantage Account | CommBank Everyday Account Smart Access | |
|---|---|---|
| Monthly fee | $5 (fee waived if you deposit at least $2,000 per month) | $4 (fee waived if you deposit at least $2,000 per month) |
| Debit card | Yes – Visa | Yes – Mastercard |
| Online banking access | 24/7 Internet banking | 24/7 Internet banking |
| Mobile banking access | 24/7 mobile banking via the ANZ App | 24/7 mobile banking via the CommBank app |
| ATM withdrawal fee | $0 | $0 |
| International transaction fee | 3% | 3% |
| Contactless smartphone purchases | Apple Pay, Samsung Pay, Google Pay | Apple Pay, Samsung Pay, Google Pay |
| Mobile app rating | 4.7 on App Store and 4.2 on Google Play | 4.7 on App Store and 3.5 on Google Play |
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Both banks also offer special transaction accounts for pensioners and retirees, including the ANZ Pensioner Advantage Account and the CommBank Pensioner Security Account.
Savings accounts: High interest bonus savings accounts
Both ANZ and CommBank offer bonus savings accounts, allowing customers to earn a higher bonus interest rate when they meet some account conditions. ANZ's bonus saver account is the ANZ Progress Saver, while ComBank's bonus savings account is the Goal Saver Account.
| ANZ Progress Saver | CommBank Goal Saver Account | |
|---|---|---|
| Maximum interest rate | 4.1% p.a. | 4.9% p.a. |
| Standard variable rate | 0.01% p.a. | 0.4% p.a. |
| Bonus interest rate | 4.09% p.a. | 4.5% p.a. |
| Bonus interest conditions | Earn bonus interest each month you make a single deposit of $10 or more, and no withdrawals. | Earn bonus interest each month you deposit $0.01 or more and make no withdrawals. |
| Account-keeping fees | None | None |
| Minimum balance required | None | None |
| Linked account required | Yes - you need to link to an ANZ bank account | Yes - you need to link to a CBA bank account |
| Account access | Internet banking and mobile banking app | Internet banking and mobile banking app |
Introductory saver accounts (honeymoon savers)
Both banks also offer an introductory saver account, too. These accounts offer a bonus interest rate for the first few months after opening the account, which is then reduced to the standard ongoing variable rate after the 'honeymoon' period is over.
| ANZ Online Saver | CommBank NetBank Saver | |
|---|---|---|
| Introductory interest rate | 3.65% for the first 3 months | 5.1% for the first 5 months. |
| Standard variable rate | 1.4% | 2.35% |
| Conditions to achieve bonus rate | New account holders will earn the bonus rate for the first 3 months. Not deposit conditions to meet. | New account holders will earn the bonus rate for the first 5 months. Not deposit conditions to meet. |
| Monthly account fees | No | No |
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Compare alternatives
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
Term deposits
Term deposits provide safe and consistent returns on the money you invest. They allow you to deposit your money for a set time period and earn a fixed interest rate, meaning your balance is guaranteed to grow by a specified amount.
Both ANZ and Commonwealth Bank offer a range of term deposit accounts with terms ranging from 30 days through to five years. The interest rates on offer vary depending on the term you choose, as you can see in the table below.
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Of course, there are many more banks you can choose from and you don't need to do all of your own banking with one specific bank. You can choose to spread your banking around a number of banks: have a high interest savings account with one bank, a credit card with another bank, and a home loan with a third bank. Other than the "ease" of having all of your banking with one institution, there's no need to be loyal and do all your banking with one institution. There can even b risk benefits of spreading your banking out – for instance, if you get hacked, you don't have all of your eggs in one basket. If you don't think ANZ or CommBank has the right account for you, you can compare bank accounts, savings accounts and term deposits from a range of different Australian banks instead.
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Ask a question
We are looking at ANZ progressive savings a/c versus Comm. Bank goal savers a/c .
Are these accounts available to have within a super account?.
We are retired and in pension mode. Which is best?Thanks.
Hi Elizabeth, both the ANZ Progress Saver account and the CommBank Goal Saver account are only available for personal use and cannot be opened as part of your super/SMSF.
At the moment I am signing for a loan request to build a house. I told the broker I’m taking a home loan for $ 480000. He advised me to go with Comm Bank with 3.84% interest rate. I looked at ANZ bank and the interest rate is 3.75%. Why did my broker told me to go to CommBank?
Hi Donna,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
While I might not be able to specifically tell you why your broker chose CommbBank over ANZ, there might be other factors that he considered. He might have considered factors such as ongoing fees, application fees, features, and others.
What I can suggest is for you to directly speak to your mortgage broker and discuss your concern with him/her.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I need to open a bank account – Do I need to go into the bank for this or is there an alternate way to do this?
Hi Quentin,
Thanks for getting in touch.
To open a bank account, you can do this online or visit a branch near you.
You can also check our guide in opening a bank account online. On the page is a comparison table you can use to see which account suits you. If you prefer to open an online account, press the “Go to site” button of your preferred bank to get started.
Hope this clarifies.
Regards,
Nikki