Who the big four are

The big four are Australia's four largest banks: Commonwealth Bank, Westpac, NAB and ANZ. Each also runs other brands that sell savings accounts under their own name, so the major banking groups reach further than the four logos suggest.

The table above shows accounts from the four parent brands, plus ANZ Plus, which sells its own savings range alongside ANZ's. The other brands set their own rates and are listed as banks in their own right.

How big four savings rates work

Most savings accounts from the majors pay in two layers. The base rate is what you earn regardless, and on many accounts it is a fraction of a percent. The bonus rate is added on top in any month you meet the account's conditions, and it is the rate the advertising leads with.

The conditions differ by bank and by account, but they tend to follow a few patterns:

  • Balance growth of a set amount each month, not counting interest.
  • No withdrawals during the month.
  • A minimum deposit, or a linked everyday account with the same bank.
  • An introductory rate for the first few months, after which the account drops to its ongoing rate.

A missed condition means the base rate for that month, which is why the base rate column matters as much as the headline. Some accounts also cap the balance the bonus applies to, or limit it to customers in a set age range.

What a big four savings account gives you

The case for a major bank is mostly convenience. If your salary already lands in a big four transaction account, a savings account at the same bank sits in the same app, moves money across instantly and often meets the linked-account condition without any extra effort. You also get the largest branch and ATM networks in the country.

What it can cost you

The trade-off is usually rate. The majors' best bonus rates often sit a little below the market leaders, and the base rate you fall back to in a month you miss the conditions can be close to nothing. As a rough guide, on a $20,000 balance every 0.50% of rate difference is worth about $100 a year in interest, so the gap grows with the balance and with every year it runs.

Your money is protected the same way

Every bank in this table is an authorised deposit-taking institution (ADI) supervised by APRA, and the Financial Claims Scheme guarantees deposits up to $250,000 per account holder, per ADI. The same guarantee covers smaller banks, customer-owned banks and online banks, so for balances under the cap the size of the bank does not change how safe your savings are.

One detail matters with the majors: brands that operate under the same banking licence share a single $250,000 cap. Bankwest is part of Commonwealth Bank, St.George Bank, Bank of Melbourne and BankSA are part of Westpac, ubank is part of NAB, and ANZ Plus is part of ANZ. Suncorp Bank, although owned by ANZ, still holds its own banking licence and so has its own cap for now. Its customers are due to move to ANZ by June 2027, after which the two may share a single cap. APRA's register of ADIs shows which brands are separate institutions.

Big four or a smaller bank?

Smaller banks, customer-owned banks and online banks often pay higher rates, partly because they run fewer branches, and some pay their ongoing rate without monthly conditions. The trade is keeping everything with one bank against a new app and a new login. For savings under $250,000, the guarantee is the same either way.

Where the majors sit against the rest of the market shows in high interest savings accounts and bonus saver accounts across every bank, and in the full market on the savings accounts hub.

How big four savings accounts compare

The conditions decide the rate earned more than the headline does. An account's monthly rules, the bonus rate realistically earned and the base rate underneath are the figures that matter, along with any balance cap and any introductory rate that ends after a few months.

For money not needed for a set period, our big four term deposits table shows what the same banks pay at a fixed rate, and accounts can be compared side by side.

Already with a major? Older accounts

Savings rates are variable, and a bank can change them at any time. An account opened years ago may be an older product that now pays well below the bank's current range, or its introductory rate may have quietly ended. A newer account at the same bank can often be opened in the app in a few minutes.

This is general advice only, not personal advice. We are a comparison service, not a bank.