ANZ announces RBA hikes: how the big four now stack up

ANZ is the last of the big four banks to announce its November RBA rate increases, following yesterday’s 0.25 percentage point hike.

Australia’s fourth largest bank will increase variable home loan rates for new and existing customers by 0.25 percentage points on 11 November.

ANZ variable rates for owner-occupiers – effective 11 November

Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 debt and 25 years remaining. Lowest variable rate is for a loan-to-value ratio of up to 70%.

Unlike CBA and Westpac, which announced rate rises across the majority of their key savings accounts, ANZ will only increase its new Plus Save account by 0.25 percentage points, ignoring millions of existing customers with Progress Saver and Online Saver accounts at this stage.

ANZ’s announced savings changes – effective 10 November

Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts. 

Big four bank savings rates – what’s been announced

Westpac has put the biggest rate hikes on the table for select savers, with increases of up to 0.90 percentage points for existing customers.

CBA has also gone beyond the RBA in some cases, announcing hikes of up to 0.30 percentage points.

ANZ has only increased the rate on its relatively new Plus Save account, while NAB is yet to announce any saving rate increases for customers.

Big four bank savings accounts: how they now stack up

The current market leading ongoing savings rate for all adults is currently 4.05 per cent from ING which is yet to announce its RBA changes.

After these hikes, Westpac and ANZ, will have the highest savings rate for all adults out the big four banks, both offering an ongoing rate of 3.50 per cent.

Big four bank bonus saver rates – post Nov RBA announcements

Source: RateCity.com.au. Conditions for max rate apply. New rates effective 9 – 11 November.

Big four bank online saver rates – post Nov RBA announcements

Source: RateCity.com.au. New rates effective 9 – 11 November.

RateCity.com.au research director, Sally Tindall, said: “Westpac is the standout of the big four banks this month, hiking savings rates by up to 0.90 percentage points for existing customers.”

“CBA comes in second, with 0.25 to 0.30 percentage point rate rises for existing customers across all of its key savings accounts,” she said.

“ANZ has continued to only increase the rate on its new Plus Save account, while ignoring its millions of savers with Progress Saver and Online saver accounts.

"NAB customers are still in the dark as to whether the bank will pass this latest RBA hike on. If you’ve one of the millions of customers with a NAB Reward or iSaver account, call, email or tweet the bank to ask where your rate rise is.

“Wholesale mortgage funding is rising rapidly, making deposits an increasingly cost-effective option to the banks.

“What this ultimately means for savers is that they’re off the bench and in the game, provided they’re willing to chase a good rate,” she said.

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