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Savings accounts from the Big 4 banks

Compare savings accounts from Australia's big four banks - ANZ, Commonwealth Bank, NAB and Westpac - to find an option to help grow your wealth. Check out the interest rates, fees, features and other benefits the big four offer.

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What is a big four savings account?

As well as offering home loans, credit cards and personal loans, Australia’s four biggest banks – Commonwealth Bank, Westpac, NAB and ANZ – offer savings accounts for Australians to manage their wealth. According to the Australian Prudential Regulatory Authority (APRA), the big four banks hold over 70% of Australia’s household deposits. 

Many Australians choose a savings account with the big four because it’s a convenient option for them. After all, if you already have a transaction account, credit card or loan with one of the big four banks, why not deposit your savings with the same institution? 

However, while the big four banks offer competitive savings account options, alternative banks may offer savings accounts with higher interest rates, or with features, benefits, terms and conditions that better suit your needs. It’s important to compare the available savings account options before making any choices or changes to your household finances. 

Is my money safe with the big four banks?

Australia’s big four banks and many of the nation’s other financial institutions are Authorised Deposit-taking Institutions or ADIs. This means that they’re licensed with the Australian Prudential Regulatory Authority (APRA) to “carry on banking business, including accepting deposits from the public.” 

Depositing your money with an ADI means it is also covered under the Australian government’s Financial Claims Scheme up to $250,000 per person per ADI. This means that in the unlikely event that an ADI was to go out of business, the government would guarantee you get your money back. 

Your deposits may only be at risk if you’ve deposited over $250,000 with one ADI. To stay covered under the FCS, you could consider splitting larger balances between other banks so that no single ADI holds more than $250,000. Remember that some ADIs operate under multiple trading names! 

Do the big 4 have better savings interest rates?

As Australia’s biggest banks, the big four are often positioned to offer competitive interest rates on their savings accounts. However, it’s essential to carefully compare the available options before deciding where to deposit your money, as there’s more to a savings account than just the interest rate. 

You may not always be able to benefit from some of the highest savings account interest rates from the big four. For example, some of these savings accounts are limited to customers in a particular age bracket, such as between 18 and 29 years old. In this instance, older customers may need to look elsewhere to maximise their interest returns. 

Other big four savings accounts have a low base interest rate, but offer a higher bonus interest rate if you meet certain terms and conditions, such as making monthly deposits and no withdrawals. If you’re unlikely to be able to meet these conditions as part of your regular household budgeting, you may not enjoy the full benefits of these savings accounts. 

Finally, some savings accounts from the big four offer high introductory rates, but lower ongoing rates. This means that you’ll earn more interest immediately after opening the savings account, but less interest once this introductory period expires. 


  • Competitive interest rate options are available
  • Guaranteed by the Australian government
  • · For many, it would keep your savings in the same place as your other finances


  • Bonus interest may require fulfilling terms and conditions
  • Higher overheads (i.e. the money they require to manage their business) could mean interest not as high as some alternative competitors
  • Intro rate could apply

How do big 4 compare to smaller savings providers?

While the big four banks offer Australians a great deal of banking convenience, they’re not the only game in town. There are a wide variety of other retail banks and customer-owner mutual banks to consider when it comes to savings accounts. The best bank for you may not always be the one you expect.

While the big four offer extensive networks of branches and ATMs, this also means that they often have significant business overheads, which may keep them from being as competitive as they could be. Some smaller banks may be positioned to offer competitive savings interest rates, without too many extra bells and whistles. 

Some smaller banks are associated with certain cities or regions of Australia, or customers who work in specific professions, though most accept all customers. This can make some banks especially convenient for certain customers, which could give them an edge over their bigger competitors.

There are also online only fintechs to consider, which let you manage your savings digitally online and via smartphone apps. This could be a convenient option if you’re not worried about the lack of branches. Keep in mind that some of these newer fintechs may only hold a Restricted ADI licence, meaning they can accept deposits of up to $250,000 per account holder, and hold a maximum total balance of $2 million across all accounts, until they upgrade to a full ADI licence or exit the industry.

Be sure to consider all of the potential benefits and risks of big banks, smaller banks and online fintechs to work out the best bank accounts in Australia for your needs.

What are the requirements for a savings account from the big four?

The requirements for opening a savings account with one of Australia’s big four banks are often few - much like opening a savings account with any other bank.

If you’re already a customer, you can often open a new account online through the bank’s app, or call the bank or visit a branch to speak to someone to help you get the account set up.

If you’re not already a customer you’ll need to sign up with the bank to open the account. This will typically involve providing some basic personal information, such as your name, address and contact details.

You may be asked to provide your tax file number (TFN) when opening a savings account. While this isn’t a compulsory requirement, it allows the banks to withhold the right amount of tax on any interest you earn from the savings account.   

Some savings accounts also require you to deposit a minimum balance to get started. There could also be a maximum balance to consider.

Once you’ve successfully opened a savings account with the big four, you may need to fulfil certain requirements to benefit from a higher bonus interest rate. These requirements vary between different banks and savings accounts, though they often involve making minimum deposits each month and no withdrawals. You may also need to open a transaction account with the same bank.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.