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:
what bank is best out of the top 4 to open up a securities account?
DanielleJuly 13, 2017
Hi David,
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
All 4 of these banks hold over 80% of loans in Australia and many borrowers perceive banking with them as completely safe. I would suggest ticking the boxes for all four options on the table and then click on “compare”, that way you can see a side-by-side comparison of all their features making it easier to choose which one would suit your needs.
How can anyone offer e.g .01%-1.5% int on deposits?
When credit cards charges are from 10%-20% its daylight robbery. Do you think it’s fair?
LiezlMay 2, 2017
Hi Alfio,
Thank you for your question.
Unfortunately, finder.com.au can only provide general advice regarding the products we display and we cannot comment on the interest rates charged by financial institutions.
It’s good to note though that interest rates set by banks and lenders are influenced by the monetary policy imposed by Reserve Bank of Australia which aims to achieve strong and sustainable growth in the economy as a whole.
Cheers,
Liezl
stuartFebruary 3, 2017
I want to rationale my retirement savings to one provider but still with an emphasis in diversification. Where am I am able to find a comparison of ANZ and Westpac funds for growth and balanced investments and private banking return rates.
With thanks
Finder
ClarizzaFebruary 6, 2017Finder
Hi Stuart,
Thanks for your question.
Unfortunately, that is beyond the scope of what is provided on our site. However you can compare potential interest earned with different savings accounts from each of those banks using our savings account comparison table. If you would like to discuss your situation in further detail, you can speak to a financial planner.
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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what bank is best out of the top 4 to open up a securities account?
Hi David,
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
All 4 of these banks hold over 80% of loans in Australia and many borrowers perceive banking with them as completely safe. I would suggest ticking the boxes for all four options on the table and then click on “compare”, that way you can see a side-by-side comparison of all their features making it easier to choose which one would suit your needs.
I hope this helps.
Cheers,
Danielle
Is ING cover by Financial Claims Scheme FCS
Hi Danny,
Thanks for reaching out!
Yes, ING is covered. To learn more, please read our guide about the banks included in the Australian Government Guarantee Scheme.
I hope this helps.
Cheers,
Danielle
Which banks in big 4 will support samsung pay?
Hi Anudeep,
Thanks for your question.
Westpac supports Samsung pay. You may also check out credit cards with Samsung Pay on our website.
I hope this helps.
Cheers,
Anndy
How can anyone offer e.g .01%-1.5% int on deposits?
When credit cards charges are from 10%-20% its daylight robbery. Do you think it’s fair?
Hi Alfio,
Thank you for your question.
Unfortunately, finder.com.au can only provide general advice regarding the products we display and we cannot comment on the interest rates charged by financial institutions.
It’s good to note though that interest rates set by banks and lenders are influenced by the monetary policy imposed by Reserve Bank of Australia which aims to achieve strong and sustainable growth in the economy as a whole.
Cheers,
Liezl
I want to rationale my retirement savings to one provider but still with an emphasis in diversification. Where am I am able to find a comparison of ANZ and Westpac funds for growth and balanced investments and private banking return rates.
With thanks
Hi Stuart,
Thanks for your question.
Unfortunately, that is beyond the scope of what is provided on our site. However you can compare potential interest earned with different savings accounts from each of those banks using our savings account comparison table. If you would like to discuss your situation in further detail, you can speak to a financial planner.
Regards,
Clarizza