Commonwealth Bank, Westpac, NAB and ANZ are known as Australia's "Big Four" banks. Together these institutions dominate the market. Most Australians have a bank account, credit card or home loan with one or more of the Big Four.
What is the best bank in Australia?
Biggest doesn't necessarily mean best, and there's no simple way to determine which is the best bank in Australia.
However, you can use Finder's monthly top picks and our annual Finder Awards to find some of the best bank accounts and loans on the market.
The Ubank Spend account is one of the best bank accounts for no fees. Pay no account keeping fees, no local ATM fees at all major bank ATMs, no overseas ATM fees and no foreign transaction fees plus see your other bank accounts, super and investments all within your ubank app for free.
The HSBC Everyday Global Account is one of the best bank accounts for travelling. It has no account keeping fees, no international transaction fees and access to free ATMs around the world. You can hold up to 10 different currencies in the one account, which allows you to top up on a currency while the exchange rate is good, then spend in that local currency while you're overseas. Plus, earn 2% cashback on tap and pay purchases (T&Cs apply). It won a Finder Banking Award for best travel debit card.
Earn 2% cashback on tap and pay purchases under $100, up to $50 in cashback per month (subject to terms and conditions)
$0 monthly account fees and international account fees
Buy, hold and spend in up to 10 currencies with the HSBC app
Apple Pay and Google Pay available
You can only pre-load up to 10 currencies
Fees apply to deposit foreign currency notes into the account
Rewards program
N/A
Annual Fee
$0
Purchase Rate
Welcome offer
Interest-free period
Up to days on purchases
Balance transfer
N/A
Bonus points
N/A
Rewards points per $ spent
N/A
Foreign currency conversion fee
Every month Finder analyses the bank accounts in our database to find the best bank accounts for different types of customer.
Deposit $500 into any ubank account each month to activate bonus interest. 5.5% p.a. available on total savings up to $100,000. 5.00% p.a applies to savings between $100,000 - $250,000. No need to grow your balance or make card transactions to activate bonus interest.
$0 Account keeping fees
Earn up to 5.5% p.a. on your balance
Can setup savings targets
You earn no interest if you don't meet the bonus criteria each month
Rewards program
N/A
Annual Fee
$0
Purchase Rate
Welcome offer
Interest-free period
Up to days on purchases
Balance transfer
N/A
Bonus points
N/A
Rewards points per $ spent
N/A
Foreign currency conversion fee
Best high interest savings account rate: Rabobank High Interest Savings Account
The Rabobank High Interest Savings Account is the best savings intro rate account. This account has a maximum variable rate of 5.6% p.a. for the first 4 months. After that it reverts to a rate of 4.35% This account has no deposit or withdrawal conditions. Available on balances below $250,000.
Introductory rate of 5.6% p.a. for first 4 months
Flexible, transfer funds in and out and still earn the bonus rate
$0 Account keeping fees
Interest rate drops to 4.35% after the introductory period
No branches available
Online or phone access only
Rewards program
N/A
Annual Fee
$0
Purchase Rate
Welcome offer
Interest-free period
Up to days on purchases
Balance transfer
N/A
Bonus points
N/A
Rewards points per $ spent
N/A
Foreign currency conversion fee
Every month Finder analyses the savings accounts in our database to find the best savings accounts for different types of savers.
Expert best bank account picks selected by Alison Banney – money editorial manager
Our expert says
"If you’re trying to decide between the big four banks or the smaller ones, why not both? Accounts cost nothing to open or maintain, so I like having a few; it means I can move my money around to wherever I can get the best interest rate in a given month."
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these
):
Finder survey: What is the most popular bank for Australian savings accounts?
Finder surveyed over 1,100 Australians about which bank they have a savings account with and found that nearly 30% of respondents have a Commonwealth Bank savings account.
Response
Commbank
29.65%
ANZ
14.2%
Other
11.23%
Westpac
10.6%
NAB
10.24%
ING
6.83%
St.George
4.13%
Bendigo Bank
3.41%
Macquarie
2.07%
BOQ
1.89%
I don't have a savings account
1.71%
Great Southern Bank
1.35%
Ubank
1.35%
HSBC
0.81%
Rabobank
0.36%
Up Bank
0.18%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023
How the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these
):
Just how big are the Big Four banks?
To get a sense of just how big the Big Four banks are, here's the dollar value of household deposits currently held by each bank.
CBA: $390.118 billion
Westpac: $303.394 billion
NAB: $204.034 billion
ANZ: $172.620 billion
Now compare that to the amount of household savings deposited at Australia's largest non-Big Four banks.
Macquarie Bank: $63.083 billion
ING: $49.655 billion
Bendigo & Adelaide Bank: $44.291 billion
Suncorp: $34.464 billion
Bank of Queensland: $34.811 billion
The Big Four hold $800 billion more than their 5 closest competitors combined.
Our expert says
"The vast majority of Australians are not comparing banks to find the best service and product for their needs. Most of us stick to the bank we had as kids. We're missing out on higher interest rates for the sake of convenience."
If you choose the account with the highest rate over the best Big Four account, you could get 90 more basis points on your account interest rate.
Best banks in Australia by consumer trust
Every month Finder surveys hundreds of Australians about their finances in our Consumer Sentiment Tracker.
24% of Australians say they trust the Big Four banks.
23% of Australians say they do not trust the Big Four banks.
23% of Australians say they trust small banks.
9% of Australians say they do not trust small banks.
Convenience and service
While it's hard to measure a bank's convenience, it's undeniable that the Big Four banks have the most extensive network of ATMs and physical bank branches. Westpac for example has 997 bank branches across the country.
Major bank call centres can operate for longer hours (typically 8am–8pm) and you may have access to customer service 24/7 for financial emergencies or if you're overseas.
Smaller Australian banks and credit unions cannot offer a similar level of service. Smaller banks are often entirely online (like ING) or have branches in specific regions only. But these banks also have call centres and generally deal with a lower volume of calls.
If you value in-person banking support then you may prefer banking with one of the Big Four. But this depends on where you live. As even the biggest banks shut down branches in smaller towns, you may find your only in-person option is a local credit union.
Is it safer to bank with one of the Big Four?
The size of a bank doesn't necessarily make it safer. But Australia's Big Four are highly profitable and well capitalised. These banks are regulated by the Australian Prudential Regulation Authority (APRA), which requires all banks to maintain a buffer of capital to meet sudden unexpected withdrawals from customers. The biggest banks are subject to stronger requirements than other banks.
But for the ordinary consumer all Australian banks are relatively safe. If you bank with any authorised deposit-taking institution (ADI), which includes big banks, small banks and credit unions, money in your savings accounts is protected by the Financial Claims Scheme.
This scheme protects up to $250,000 of your savings, per ADI, per account holder, if the institution collapses.
Which banks and lenders are owned by the Big Four?
The Big Four aren't just competing with other banks. They own or invest in many other familiar financial institutions:
Commonwealth Bank owns Unloan, an online lender, and Bankwest. The bank is also a major investor in Aussie Home Loans.
Westpac owns St.George, Bank of Melbourne, BankSA and RAMS.
NAB owns digital bank ubank, which itself merged with smaller digital lender 86 400.
ANZ is unusual among the Big Four as it doesn't own many other financial brands in the banking and lending space.
How to find the best bank in Australia for your needs
You'll have to decide for yourself what the best bank is for your specific needs. Here are some factors to consider when making a decision:
Compare rates, fees and features. When you're looking to get a new bank account, loan or credit card, you should always compare rates and fees to make sure the product is competitive (high rate for a saving account, low rate for a loan). Make sure the product has features that suit your needs.
What level of service are you looking for? If you want a personal touch and branch support, a Big Four bank with a local branch might be your best option. If you want really fast online support or don't have a Big Four bank branch near you, then you might look at other banks.
Customer reviews. Reading online reviews can help you get a sense for a bank's level of customer service. This is particularly true for smaller and newer banks.
Convenience. The Big Four banks have useful smartphone apps that let you manage your bank, card and loan accounts easily. Many other banks have good apps too, but some simply don't. You might also decide that the convenience of having all your accounts in one place outweighs the benefits that come with a higher savings rate or lower fees.
There are 5 main factors to consider when comparing term deposits:
Interest rates: Look for the highest interest rate for the timeframe that best suits you.
Term length: Determine the length of time you are willing to invest your money. If you end a term early to withdraw your funds, fees may be payable, so if you think you may need to access the money for any reason, a shorter term may be more suitable.
Fees and charges: Check the fees or charges associated with the term deposit so you can compare apples with apples. A higher rate on a term deposit with high fees may be less profitable for you than a slightly lower rate with no fees.
Interest payment frequency: You can receive interest payments monthly, quarterly, annually or at maturity, and those funds can be paid to you or added to the term deposit balance. Which suits you best?
Reinvestment options: Some banks make it really easy to reinvest your funds automatically, without applying for the product again or visiting a branch.
By reviewing these 5 aspects of term deposits, you can effectively compare different term deposit options and make an informed decision suited to your specific requirements and financial objectives.
Having all your financial products in one place makes managing your money very easy. Especially if your bank has a good online banking service or a well-designed app.
Doing all your banking with one bank means you can transfer money between accounts almost instantly. This makes it easier to move cash from your savings account into your transaction account when you're running low. It makes it easier to manage your credit card and pay it off on time.
For some, this convenience might even outweigh the benefits of getting a better deal on specific products.
Several banks offer bank accounts specifically designed for students, providing features and benefits tailored to their needs.
Most students have very basic requirements of a bank account: the ability to make purchases and track their spending on an app are key, along with low or no monthly fees or minimum balance requirements. When comparing different options, look for accounts that provide fee waivers, free ATM access and student discounts.
Student savings accounts: These accounts are designed to help students start saving and often offer competitive interest rates. Look for accounts with no or minimal fees, no minimum balance requirements and easy accessibility.
Some banks also provide additional perks for student accounts, such as discounts on shopping or entertainment, or special interest rates that only students can access. Check out some of the options for bank accounts designed for those under the age of 18.
In recent years online lenders and smaller credit unions have had the lowest interest rates. There are times when the Big Four has offered comparable rates, and it's always worth comparing the big banks when looking for a home loan. It is also worth noting that you should consider home loan fees and rates, as they can end up making the rate less competitive with other banks that have lower home loan fees.
It's worth pointing out that Unloan has some of the market's lowest rates and is owned by CommBank.
Karen Eley is the founder of Women Talking Finance, which provides money coaching and financial literacy and education services. An experienced and former financial adviser who has worked in financial services industry for 22 years, Karen is a Certified Money Coach (CMC), holds a Bachelor of Accounting and an Advanced Diploma in Financial Planning and CFP.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio
Alison's expertise
Alison has written 625 Finder guides across topics including:
As an authority on all things personal finance, Sarah Megginson is passionate about helping you save money and make money. She is an editor and money expert with 20 years’ experience and an extensive background in property and finance journalism. Sarah holds ASIC RG146-compliant Tier 1 Generic Knowledge certification, and she's a regular media commentator, appearing weekly on TV (Sunrise, Channel 7 news, Nine news), radio (KIIS FM, Triple M, 3AW, 2GB, 6PR) and in digital and print media. See full bio
Sarah's expertise
Sarah has written 192 Finder guides across topics including:
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See some of the best savings accounts in Australia right now with high interest rates and no fees, plus tips to help you find the best savings account for you.
We live in a real world, how about some list of how the banks answer the telephone, whether their call centres are in Australia or overseas? I am currently with Westpac who have carried out a very underhand move and not publicised it, how do I choose a new bank that cares about its customers?
Our CBA business bank account has been cmpromised by online fraud more than once and I am not satisfied with the bank. Which bank is the most secure in this area please?
Finder
JeniAugust 4, 2019Finder
Hi David,
Thank you for getting in touch with Finder.
Sorry to hear about your experience with CBA. Each bank has its own unique way of securing its customers’ accounts. While the chances of a major Australian bank going bust are a lot rarer than they may have been in the past, the Australian Government Guarantee Scheme even guarantees deposits of up to $250,000 in authorised deposit-taking institutions.
In a world where online-only banks and lenders are on the rise, it’s just as important as ever to make sure you deal with a bank you can trust. I suggest that you contact your chosen bank about their security feature to help you decide on changing banks then.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
TecmanarthurMarch 3, 2019
I am now resident in the UK but have inherited funds in Australia – presently sitting in an account at 0.5%. I have relatives in Australia but no permanent residential address. Are there any accounts that will give a better return for a non-resident? Term deposits are not allowed by my present bank.
Finder
JohnMarch 4, 2019Finder
Hi Tecmanarthur,
Thank you for reaching out to Finder.
You may compare savings accounts for ex-pats or temporary residents. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
RsibsOctober 25, 2018
Hi, we want to invest $150,000 in a term deposit to give us the best interest rate, prefer 6 monthly, don’t mind if it is an advance notice etc.
Finder
JohnOctober 25, 2018Finder
Hi Rsibs,
Thank you for leaving a question.
You may refer to our list of 6-month term deposit account. You may also compare the different interest rates that each bank provides via this page. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
LynSeptember 3, 2018
I’m referring to the NAB’s savings interest rate, this appears to be an introductory rate for 4 months. Can’t find what it reverts to after.
Finder
JhezelynSeptember 3, 2018Finder
Hello Lyn,
Thank you for your comment.
You may be referring to the NAB iSaver wherein the maximum variable rate is 2.55% p.a. (combined standard variable rate of 0.50% p.a. and bonus variable rate of 2.05% p.a.) for the first 4 months on balances up to $20,000,000. This will revert to 0.50% p.a. after the introductory period.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn
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Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
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We live in a real world, how about some list of how the banks answer the telephone, whether their call centres are in Australia or overseas? I am currently with Westpac who have carried out a very underhand move and not publicised it, how do I choose a new bank that cares about its customers?
Hi Dave,
I understand that customer service is one of the deciding factors in choosing a bank. You can explore your options by checking Finder’s list of banks with the highest satisfaction ratings for 2022.
Best,
Alison
Our CBA business bank account has been cmpromised by online fraud more than once and I am not satisfied with the bank. Which bank is the most secure in this area please?
Hi David,
Thank you for getting in touch with Finder.
Sorry to hear about your experience with CBA. Each bank has its own unique way of securing its customers’ accounts. While the chances of a major Australian bank going bust are a lot rarer than they may have been in the past, the Australian Government Guarantee Scheme even guarantees deposits of up to $250,000 in authorised deposit-taking institutions.
In a world where online-only banks and lenders are on the rise, it’s just as important as ever to make sure you deal with a bank you can trust. I suggest that you contact your chosen bank about their security feature to help you decide on changing banks then.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
I am now resident in the UK but have inherited funds in Australia – presently sitting in an account at 0.5%. I have relatives in Australia but no permanent residential address. Are there any accounts that will give a better return for a non-resident? Term deposits are not allowed by my present bank.
Hi Tecmanarthur,
Thank you for reaching out to Finder.
You may compare savings accounts for ex-pats or temporary residents. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
Hi, we want to invest $150,000 in a term deposit to give us the best interest rate, prefer 6 monthly, don’t mind if it is an advance notice etc.
Hi Rsibs,
Thank you for leaving a question.
You may refer to our list of 6-month term deposit account. You may also compare the different interest rates that each bank provides via this page. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
I’m referring to the NAB’s savings interest rate, this appears to be an introductory rate for 4 months. Can’t find what it reverts to after.
Hello Lyn,
Thank you for your comment.
You may be referring to the NAB iSaver wherein the maximum variable rate is 2.55% p.a. (combined standard variable rate of 0.50% p.a. and bonus variable rate of 2.05% p.a.) for the first 4 months on balances up to $20,000,000. This will revert to 0.50% p.a. after the introductory period.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn