ANZ vs CommBank Savings Accounts (2026)
A side-by-side, data-driven comparison of two of Australia’s most-compared savings accounts, using live Open Banking rates (5 September 2026).
ANZ
3.74%
- Rate typeBonus (conditional)
- Base rate0.01%
- ConditionsMonthly conditions
- Bonus cap—
- FeeNo fee
CommBank
4.90%
- Rate typeBonus (conditional)
- Base rate0.10%
- ConditionsMonthly conditions
- Bonus cap$50,000
- FeeNo fee
On the headline maximum rate, CommBank leads today (4.90% vs 3.74%) — but the right pick depends on whether you can meet monthly conditions and how long you’ll hold the balance. ANZ requires monthly conditions; CommBank requires monthly conditions.
ANZ or CommBank: how they differ
Both the ANZ Progress Saver and CommBank GoalSaver rely on ongoing conditional bonus structures rather than time-limited introductory rates. To achieve the top variable rate shown in the comparison table above, each account requires specific monthly banking activity. The ANZ Progress Saver conditions mandate a minimum deposit of at least $10 and zero withdrawals within a calendar month. In contrast, the CommBank GoalSaver requires the account balance to grow by a set amount (excluding interest earned) by the end of the calendar month.
The structural difference centres on withdrawal flexibility. CommBank allows withdrawals during the month as long as compensating deposits are made to achieve net balance growth by the final day of the cycle. With ANZ, any withdrawal—regardless of size or subsequent deposits—immediately forfeits bonus interest for that month, leaving the balance to earn only a nominal base rate. For both accounts, savings interest is treated as assessable income and taxable at your marginal tax rate.
Both institutions are licensed Authorised Deposit-taking Institutions (ADIs), meaning deposits are protected under the Australian Government Financial Claims Scheme (FCS) up to $250,000 per person, per institution. Balance limits and tier thresholds apply to bonus interest calculations; these rates are indicative and subject to change, so review the comparison table above and confirm terms directly with each provider.
Consider ANZ if you maintain a strict savings routine with regular deposits of at least $10 and do not require access to your funds, as any withdrawal forfeits the bonus rate for that calendar month.
Consider CommBank if you occasionally need to move funds out of your account during the month but can still deposit enough to ensure your closing balance grows relative to the start of the month.
Frequently asked questions
Which account allows withdrawals without losing bonus interest?
CommBank GoalSaver permits withdrawals during the month provided the net balance still grows by the required threshold (excluding interest) by the end of the calendar month. ANZ Progress Saver does not permit withdrawals; a single withdrawal forfeits the conditional bonus rate for that entire month.
Are deposits in both accounts protected by the Australian Government?
Yes. Both ANZ and Commonwealth Bank are licensed Australian ADIs. Eligible deposits up to $250,000 per account holder, per licensed institution, are protected under the Australian Government Financial Claims Scheme (FCS).
Can you hold multiple bonus saver accounts to manage separate savings goals?
Both institutions permit customers to open multiple savings accounts. However, each individual account must satisfy its specific monthly deposit and withdrawal criteria independently to secure the bonus interest rate for that month.