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ANZ cuts savings rates
Big four bank, ANZ, has today cut its two main savings accounts by 0.05 per cent. This is the second time ANZ has cut its savings rates this year, despite the fact the cash rate has not moved since November 2020.
Today’s cuts by ANZ
| Old max rate | New max rate | Difference |
0.40% | 0.35% | -0.05% |
Deposit $10+ and make no withdrawals per mth for max rate. Base rate is 0.01%. ANZ’s Kids Progress Saver is the same rate.
| Old rate | New rate | Difference | |
| Intro rate (3 mths) | 0.35% | 0.30% | -0.05% |
| Ongoing rate | 0.05% | 0.05% | 0.0% |
RateCity.com.au research director, Sally Tindall, said ANZ savings customers should consider switching to a bank willing to pay them more for their money.
“ANZ isn’t the only bank offering next to nothing on their savings rates. The average ongoing savings rate on our site is now just 0.33 per cent. That’s less than one third of the current inflation rate,” she said.
“If you’re earning less than half a percent from your savings account, it’s time to shop around.
“There are still 13 banks offering ongoing savings rates over 1 per cent.
“ING is offering 1.35 per cent if you meet its terms and conditions, while Westpac and BOQ are still offering up to 3 per cent for young adults, which are astounding rates in this market.
“The big four banks are practically falling over themselves to get new mortgages onto their books, but when it comes to savings customers, it’s a completely different story.
“The banks are stuffed full of cash from households and they don’t want to pay any more than they have to for it,” she said.
The latest APRA Monthly Banking Statistics show that deposits from households have risen by $106.1 billion year-on-year.
According to the RateCity.com.au database, 55 banks have cut savings rates since March 1 this year.
Big four bank: conditional savings rates
| Bank | Account | Max rate |
| CBA | GoalSaver | 0.35% |
| Westpac | Life | 0.40% |
| NAB | Reward Saver | 0.30% |
| ANZ | Progress Saver | 0.35% |
Source: RateCity. Data accurate as of 04.06.21.
Big four banks standard savers
| Bank | Product | Intro rate (3-5 mths) | Ongoing rate |
| CBA | NetBank Saver | 0.40% | 0.05% |
| Westpac | eSaver | 0.40% | 0.05% |
| NAB | iSaver | 0.35% | 0.05% |
| ANZ | Online Saver | 0.30% | 0.05% |
Source: RateCity. Data accurate as of 04.06.21. Intro rate terms - CBA & Westpac 5 months, NAB 4 months, ANZ 3 months.
Highest ongoing savings accounts on RateCity.com.au
| Bank | Account | Max rate |
| Westpac | Life Account * ages 18 to 29 * balances up to $30K | 3.00% |
| BOQ | Fast Track Saver * ages 14 to 24* balances up to $10K | 3.00% |
| ING | Savings Maximiser | 1.35% |
| AMP Bank | AMP Saver Account | 1.25% |
| MyState Bank | Bonus Saver Account | 1.20% |
| Virgin Money | Virgin Money Boost Saver | 1.20% |
| 86 400 | Save Account | 1.20% |
Source: RateCity. Data accurate as of 04.06.21. Conditions apply for max interest rate
Highest introductory savings rates
| Bank | Product | Intro rate (4 mths) | Ongoing rate |
| Rabobank Australia | High Interest Savings Account | 1.50% | 0.25% |
| Macquarie Bank | Macquarie Savings Account | 1.10% | 0.95% |
| Citi | Online Saver | 1.10% | 0.35% |
Source: RateCity. Data accurate as of 04.06.21.
Disclaimer
This article is over two years old, last updated on June 4, 2021. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.
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Product database updated 28 Nov, 2024
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