<PAGE>

                                                            EXHIBIT 12.1


                             GREAT WESTERN FINANCIAL CORPORATION
                      Computation of Ratios of Earnings to Fixed Charges
<TABLE>
<CAPTION>

                                      Twelve Months Ended  Twelve Months Ended  Twelve Months Ended
(Dollars in thousands)                  Decmeber 31, 1995    December 31, 1994    Decmeber 31, 1993
                                      -------------------  -------------------  -------------------
<S>                                           <C>                  <C>                   <C>       

EARNINGS
  Net earnings                                 $  261,022           $  251,234           $   62,047
  Accounting changes                                                                              -
  Taxes on income                                 161,100              155,300               30,000
                                               ----------           ----------           ----------
  Earnings before taxes and
    accounting changes                         $  422,122           $  406,534           $   92,047
                                               ==========           ==========           ==========
INTEREST EXPENSE
  Customer accounts                            $1,217,085           $  950,299           $  939,081
  Borrowings                                      734,670              370,004              370,761
                                               ----------           ----------           ----------
    Total                                      $1,951,755           $1,320,303           $1,309,842
                                               ==========           ==========           ==========
RENT EXPENSE
  Total                                        $   46,433           $   55,011           $   53,638
  1/3 thereof                                      15,478               18,337               17,879

Capitalized interest                           $        -           $      196           $      777
Preferred stock dividends                      $   25,015           $   25,015           $   25,015

Ratio of earnings to fixed charges
  and preferred stock dividends

  Excluding customer accounts
    Earnings before fixed charges              $1,172,270           $  794,875          $   480,687
    Fixed charges                                 790,602              429,015              426,526

    Ratio                                            1.48                 1.85                 1.13

  Including customer accounts
    Earnings before fixed charges              $2,389,355            $1,745,174          $1,419,768
    Fixed charges                               2,007,687             1,379,314           1,365,607

    Ratio                                            1.19                  1.27                1.04

Ratio of earnings to fixed charges

  Excluding customer accounts
    Earnings before fixed charges              $1,172,270            $  794,875          $  480,687
    Fixed charges                                 750,148               388,537             389,417

    Ratio                                            1.56                  2.05                1.23

  Including customer accounts
    Earnings before fixed charges              $2,389,355            $1,745,174          $1,419,768
    Fixed charges                               1,967,233             1,338,836           1,328,498

    Ratio                                            1.21                  1.30                1.07
/TABLE
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<PAGE>

                                                  EXHIBIT 12.1 (continued)

                          GREAT WESTERN FINANCIAL CORPORATION
                  Computation of Ratios of Earnings to Fixed Charges
<TABLE>
<CAPTION>

                                           Twelve Months Ended  Twelve Months Ended
(Dollars in thousands)                       Decmeber 31, 1992    December 31, 1991
                                           -------------------  -------------------
<S>                                                <C>                  <C>        

EARNINGS
  Net earnings                                      $   85,006           $  298,130
  Accounting changes                                   (31,094)                   -
  Taxes on income                                       41,600              207,300
                                                    ----------           ----------
  Earnings before taxes and
    accounting changes                              $   95,512           $  505,430
                                                    ==========           ==========
INTEREST EXPENSE
  Customer accounts                                 $1,333,473           $1,968,205
  Borrowings                                           344,823              493,757
                                                    ----------           ----------
    Total                                           $1,678,296           $2,461,962
                                                    ==========           ==========
RENT EXPENSE
  Total                                             $   57,823           $   51,440
  1/3 thereof                                           19,274               17,147

Capitalized interest                                $    2,071           $    6,859
Preferred stock dividends                           $   15,543           $    7,023

Ratio of earnings to fixed charges
  and preferred stock dividends

  Excluding customer accounts
    Earnings before fixed charges                   $  459,609           $1,016,334
    Fixed charges                                      393,704              529,669

    Ratio                                                 1.17                 1.92

  Including customer accounts
    Earnings before fixed charges                   $1,793,082           $2,984,539
    Fixed charges                                    1,727,177            2,497,874

    Ratio                                                 1.04                 1.19

Ratio of earnings to fixed charges

  Excluding customer accounts
    Earnings before fixed charges                   $  459,609           $1,016,334
    Fixed charges                                      366,168              517,763

    Ratio                                                 1.26                 1.96

  Including customer accounts
    Earnings before fixed charges                   $1,793,082           $2,984,539
    Fixed charges                                    1,699,641            2,485,968

    Ratio                                                 1.05                1.20

</TABLE>