The Big Four banks are Australia's largest banks. But are they Australia's best banks? Here's how their savings accounts stack up compared to smaller banks.
Commonwealth Bank, Westpac, NAB and ANZ are known as Australia's "Big Four" banks, and together they dominate the market. Here are the savings accounts offered by the Big Four.
We currently don't have that product, but here are others to consider:
How we picked these
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?
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.
Make withdrawals and still earn interest
Open up to 10 Save accounts and create personal savings targets
If you don't meet the monthly deposit you'll earn no interest that month
The maximum bonus rate only applies to the first $100,000
The Rabobank High Interest Savings Account is the best savings intro rate account. This account has a maximum variable rate of 5.45% p.a. for the first 4 months. After that it reverts to a rate of 4% This account has no deposit or withdrawal conditions. Available on balances below $250,000.
Introductory rate of 5.45% 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% after the introductory period
Earn an ongoing, variable rate of 5.4% p.a. if you deposit $1000 into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow your nominated Savings Maximiser balance (excluding interest) each month. The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser account.
$0 Account keeping fees
Ongoing bonus rate of 5.4% p.a. is one of the highest in market
Make withdrawals and still earn bonus interest (as long as you replace the money by end of month)
Linked ING Orange Everyday account offers rebates on international fees
More monthly conditions to meet to earn the bonus rate than other accounts
Bonus interest rate only applies up to balances of $100,000
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
Bank of Queensland Future Saver Account - 14 to 35 years
The Bank of Queensland Future Saver Account is the best savings account for under 35s. You can get an ongoing variable rate of 5.25% p.a. when you deposit $1,000+ per month and make 5 eligible transactions. Available on balances up to $50,000.
High ongoing bonus rate available
Make withdrawals and still earn bonus interest
Set personal savings goals and track your progress
Deposit condition to achieve bonus interest is lower than some other savings accounts
Age restrictions
The $1000 monthly deposit condition may be challenging for some people to meet
The total bonus rate isn't available in balances over $50,000
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
Compare over 180 savings accounts and find the best one for you
"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."
Biggest doesn't necessarily mean best. And 'best' means different things to different people, depending on what you're looking for in a bank.
Best bank for 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.
Best bank accounts for customer satisfaction
Bank
Overall satisfaction
Trustworthy/reliable
★★★★★ 4.63/5
97%
★★★★★ 4.48/5
100%
★★★★★ 4.39/5
91%
★★★★★ 4.31/5
97%
★★★★★ 4.23/5
91%
The Finder Customer Satisfaction Awards ask Australians which brands and products they trust and love the most. We surveyed hundreds of Australians to rate their bank accounts, with Up Bank coming out as number one.
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
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."
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.
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.
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.
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.
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.
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.
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 is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio
Alison's expertise
Alison has written 638 Finder guides across topics including:
With over 20 years of experience in property, finance and investment journalism, Sarah is a trusted expert whose insights regularly appear across television, radio, and print media, including Sunrise, ABC News, and Yahoo! Finance. She has previously served as managing editor for Your Investment Property and Australian Broker, and her expert advice has been shared over 2,500 times in 2023-2024 alone. Sarah holds a Bachelor’s degree in Communications and a Tier 1 Generic Knowledge certification, which complies with ASIC standards. See full bio
Sarah's expertise
Sarah has written 198 Finder guides across topics including:
Hi
Which one of the big 4 banks offers easiest bank opening procedure, with no service service charges on having a current (no interest ) account? I only wish to open an account with no long list of documents requirement, a debit card and no fee for keeping current account . Thanks
Finder
MayApril 6, 2018Finder
Hi MN,
Thanks for your inquiry.
Typically, opening a bank account is free and simple. You can either do it online and in-person. Just be prepared with the docs like proof of identification and TFN. But best to check with the bank first the full requirements so you can open the account quickly. As to bank accounts with no fees, please refer to our comparison table to compare your options and click on the ‘Go to site’ button to find out the requirements.
Cheers,
May
AnneNovember 17, 2017
How do I find out which banks and building societies covered by the ADI are the same brand. For example I want to invest $200,000 in 4 places in term deposits or savings accounts so that the $800,000 will be covered by the ADI. Would it be ok to go for Commonwealth Bank, Ing, Bankwest and St George or are some of these the same brand?
Finder
HaroldNovember 17, 2017Finder
Hi Anne,
Thank you for your inquiry.
We have a handy guide that might help find out if your bank is owned by another bank. This guide explains which brands are owned by the big 4 banks in Australia. As for ownership of building societies, it’s not common for multiple credit union brands to be owned by the one holding company. Acquisitions and mergers are common, but usually, one company rebrands as the other.
I hope this information has helped.
Cheers,
Harold
KimOctober 17, 2017
Which banks, both the big 4 and outside the big 4, are the best for home-loans?
LiezlOctober 17, 2017
Hi Kim,
Thanks for your question.
As a comparison website, we are unable to name a bank that stands out for its home loan products since banks, as well as non-bank lenders, have different home loan offers packed with benefits and features. It’s up to you to decide which one works best for you based on the features you are looking for, the purpose of your home loan, your eligibility, and the costs that you have to pay.
You can learn more about comparing home loans. You can use our comparison table to help narrow down your options. You can click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’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. You can also contact the provider if you have specific questions. Alternatively, you can speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options.
Cheers,
Liezl
EmAugust 7, 2017
I currently have an account with ANZ, but speaking with various people, apparently, there are other banks that offer higher interest rates for accounts such as progress savers.
Upon arriving at the page, you can search for the best option by filling in information such as initial deposit, monthly deposit and period. Do this so you can further personalise our comparison table. You may now hit the calculate button to view the results of your search.
Once you’re done comparing, you can then select the “Go to site” button to be redirected to your chosen provider’s official website. Before you use any financial product, please read through its terms, conditions, and features to see if they are the right choice or not.
Hope this information helped.
Cheers,
Arnold
AndyJuly 19, 2017
HI there
I am thinking to buy a house in 3-4 years time and want to change bank but now sure which bank is best for small money.
Finder
HaroldJuly 20, 2017Finder
Hi Andy,
Thank you for your inquiry.
Should you have long term plans you may want to consider a long term deposit.
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.
The ING Savings Maximiser is a high interest savings account with a competitive interest rate when you meet the account conditions. Here's how to earn the top bonus rate with this account.
Our range of simple calculators can help you plan your finances and compare potential interest earned.
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Hi
Which one of the big 4 banks offers easiest bank opening procedure, with no service service charges on having a current (no interest ) account? I only wish to open an account with no long list of documents requirement, a debit card and no fee for keeping current account . Thanks
Hi MN,
Thanks for your inquiry.
Typically, opening a bank account is free and simple. You can either do it online and in-person. Just be prepared with the docs like proof of identification and TFN. But best to check with the bank first the full requirements so you can open the account quickly. As to bank accounts with no fees, please refer to our comparison table to compare your options and click on the ‘Go to site’ button to find out the requirements.
Cheers,
May
How do I find out which banks and building societies covered by the ADI are the same brand. For example I want to invest $200,000 in 4 places in term deposits or savings accounts so that the $800,000 will be covered by the ADI. Would it be ok to go for Commonwealth Bank, Ing, Bankwest and St George or are some of these the same brand?
Hi Anne,
Thank you for your inquiry.
We have a handy guide that might help find out if your bank is owned by another bank. This guide explains which brands are owned by the big 4 banks in Australia. As for ownership of building societies, it’s not common for multiple credit union brands to be owned by the one holding company. Acquisitions and mergers are common, but usually, one company rebrands as the other.
I hope this information has helped.
Cheers,
Harold
Which banks, both the big 4 and outside the big 4, are the best for home-loans?
Hi Kim,
Thanks for your question.
As a comparison website, we are unable to name a bank that stands out for its home loan products since banks, as well as non-bank lenders, have different home loan offers packed with benefits and features. It’s up to you to decide which one works best for you based on the features you are looking for, the purpose of your home loan, your eligibility, and the costs that you have to pay.
You can learn more about comparing home loans. You can use our comparison table to help narrow down your options. You can click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’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. You can also contact the provider if you have specific questions. Alternatively, you can speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options.
Cheers,
Liezl
I currently have an account with ANZ, but speaking with various people, apparently, there are other banks that offer higher interest rates for accounts such as progress savers.
Hi Em,
Thanks for your inquiry.
Please feel free to explore and compare high interest saving accounts.
Upon arriving at the page, you can search for the best option by filling in information such as initial deposit, monthly deposit and period. Do this so you can further personalise our comparison table. You may now hit the calculate button to view the results of your search.
Once you’re done comparing, you can then select the “Go to site” button to be redirected to your chosen provider’s official website. Before you use any financial product, please read through its terms, conditions, and features to see if they are the right choice or not.
Hope this information helped.
Cheers,
Arnold
HI there
I am thinking to buy a house in 3-4 years time and want to change bank but now sure which bank is best for small money.
Hi Andy,
Thank you for your inquiry.
Should you have long term plans you may want to consider a long term deposit.
I hope this information has helped.
Cheers,
Harold