Big 4 Banks
CommBank, ANZ, Westpac and NAB dominate Australian banking with the most branches and ATMs. They are the easiest to open an account with as a new migrant (passport-only ID accepted). However, their savings rates are typically lower and fees can be higher than digital alternatives.
| Bank | Monthly Fee | Savings Rate | Branches |
|---|---|---|---|
| CommBank | $4 (waived conditions) | 4.50% | 1,000+ |
| ANZ Plus | $0 | 4.90% | 500+ |
| Westpac | $5 (waived under 30) | 4.50% | 800+ |
| NAB | $0 | 4.65% | 600+ |
Neobanks
Digital-only banks like Up, ING, and Ubank offer higher savings rates, zero fees, and slick mobile apps. The trade-off is no physical branches. Perfect as a second account for savings once you are settled.
Verdict
Start with a Big 4 (CommBank or ANZ recommended) for easy setup and branch access. Once settled, open a neobank savings account (ING or Ubank) for the best interest rates. Use both — Big 4 for everyday transactions, neobank for savings.