Both accounts come with a free debit card and offer 24/7 online access via Internet banking or the bank's mobile app. Both accounts allow for free ATM withdrawals at all Big Four bank ATMs Australia-wide, and have no fees for electronic transactions.
Our expert says
"One major difference is the NAB Classic Banking Account has no monthly acconut fee and no minimum deposit requirement, while CBA charges a $4 fee. This fee is waived if you deposit $2,000 a month or you're under 30."
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?
Both the NAB iSaver Account and CommBank's NetBank Saver Account offer bonus interest rates for new customers for an introductory period. CBA's account offers the higher bonus rate for 5 months, while NAB offers it for 4 months.
Neither account has any ongoing monthly deposit conditions to meet.
Reward/bonus saver accounts
Reward saver accounts pay bonus interest to “reward” you for satisfying special terms and conditions, for example depositing a minimum amount into your account each month.
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?
Both acconuts offer quite similar interest rates, but the conditions to earn bonus interest does vary slightly.
The NAB Reward Saver pays bonus interest every month you make at least 1 deposit (of any amount) but do not make any withdrawals. You also need to make the deposit by the second last banking day of the month.
The CommBank GoalSaver Account paye bonus interest each month you make at least 1 deposit (of any amount) and grow your balance. So unlike with NAB, you can make withdrawals from CommBank's account, however you need to replace the money by the end of the month so your balance grows.
CommBank offers its YouthSaver Account to customers under 17 years of age. This provides a maximum variable rate of 4.75%
p.a. to account holders who make at least 1 deposit but do not make any withdrawals each month.
NAB vs CBA home loans
Both banks are two of the biggest lenders in the country, offering many different mortgage products for owner-occupiers and investors.
Both lenders offer competitive interest rates. In fact, their lowest rates are often identical. And the two lenders often have similar cashback offers for refinancers.
Compare CBA home loans
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We currently don't have that product, but here are others to consider:
How we picked these
NAB vs CBA credit cards
As with home loans, both banks have a range of credit cards, including low rate, low fee and rewards cards as well as business and corporate credit cards.
NAB credit cards
Low rate. NAB has several low-rate cards with 0% interest-free periods for balance transfers. The NAB StraightUp card charges no interest and instead has a monthly fee.
Points. NAB has frequent flyer cards that let you earn bonus Qantas points, and rewards credit cards as part of the NAB Rewards program.
Business cards. NAB offers multiple business credit cards, some that let you earn Qantas Points or NAB rewards.
Both NAB and CommBank offer term deposits for periods ranging from 1 month to 5 years, with different interest rates available depending on the amount you deposit and the term you select. There are no monthly account fees with either bank,and both banks require a minimum investment of $5,000.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Richard Whitten is Finder’s Money Editor, with over seven years of experience in home loans, property and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Graduate Certificate in Communications from Deakin University. See full bio
Richard's expertise
Richard has written 594 Finder guides across topics including:
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Our range of simple calculators can help you plan your finances and compare potential interest earned.
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These savings accounts offer high interest rates with minimal conditions or restrictions, making it easier for you to earn the most interest possible.
7+
Great
These savings accounts have quite competitive interest rates and relatively minimal conditions and restrictions.
5+
Standard
Usually these savings accounts offer average or slightly above average rates and require you to meet several conditions before you can get the maximum rate.
0+
Basic
These accounts have poor interest rates and make it much more difficult to qualify for the maximum interest rate.
