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ANZ has a change of heart and hikes some of its savings accounts
ANZ has had a change of heart, today hiking some of its savings accounts, after initially leaving them untouched following the August cash rate increase.
Earlier this month, ANZ announced it would be increasing its PLUS Save account by 0.50 percentage points, while leaving its other accounts under review, following the 0.50 percentage point RBA rate rise.
However, today ANZ has increased the bonus rate on the Progress Saver by 0.50 percentage points while existing Online Saver customers will see their rate rise by 0.30 per cent. The introductory rate on this account has gone up 0.50 percentage points for new customers for the first three months.
Today’s ANZ savings account changes
Old max rate | New max rate | Change | |
| Progress Saver | 1.15% | 1.65% | +0.50% |
| Online Saver | 1.05% for 3 mths then 0.30% | 1.55% for 3 mths then 0.60% | +0.50% for 3 mths +0.30% ongoing |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts.
Big four bank savings accounts – what’s changed following the August RBA hike
Following these rate increases from ANZ today, all big four banks have now passed on between 0.25 and 0.55 percentage points of hikes onto their savings accounts.
RateCity.com.au database analysis shows in total 67 banks have so far increased at least one savings account rate this month.
Big four banks – BONUS SAVERS
Bank | Account | Max rate |
| CBA | GoalSaver | 1.50% |
| Westpac | Life | 1.85% |
| NAB | Reward Saver | 1.75% |
| ANZ | Progress Saver | 1.65% |
Source: RateCity.com.au. Conditions for max rate apply.
Big four banks – ONLINE SAVERS
Bank | Account | Max intro rate | Ongoing rate |
| CBA | NetBank Saver | 1.80% for 5 months | 0.85% |
| Westpac | eSaver | 1.80% for 5 months | 0.85% |
| NAB | iSaver | 1.80% for 4 months | 0.85% |
| ANZ | Online Saver | 1.55% for 3 months | 0.60% |
| ANZ Plus | Save | N/A | 2.50% |
Source: RateCity.com.au.
RateCity.com.au research director, Sally Tindall, said: “ANZ has had a change of heart and finally decided to pass a rate hike onto its millions of savers this month.”
“It’s possible ANZ had some backlash from customers in the last few weeks, angry their savings rates hadn’t gone up an inch when the cash rate rose up by a half of one percent,” she said.
“However, even after today’s hike, existing Online Saver customers are earning just 0.60 per cent interest, a woeful offering when the cash rate is now at 1.85 per cent.
“ANZ has recently launched Plus Save, paying 2.5 per cent interest with no monthly conditions, but existing customers need to proactively switch to this account to benefit. A three-to-four minute application process it likely to be worth the effort, as the rate is four times higher than ANZ’s standard Online Saver.
“While it’s good to see all big four banks pass increases to their savers this month, many of their rates are still mediocre compared to the market leaders.
“At a bare minimum, savers should look for an account with a rate that’s above the cash rate. There are plenty of banks offering ongoing rates well above 2 per cent with a handful above 3 per cent, but you’ll have to jump through hoops to qualify,” she said.
Bonus savers – market leaders for all adults
Bank | Account | Max rate |
| ING | Savings Maximiser | 3.10% |
| Virgin Money | Boost Saver | 3.10% |
| Bank of Queensland | Smart Saver | 2.85% |
Source: RateCity.com.au. Conditions for max interest rate apply.
Bonus savers – market leaders for young adults
Bank + account | Max rate | Max balance |
| BOQ Future Saver (13-35) | 3.50% | $50K |
| Westpac Spend&Save (18-29) | 3.25% | $30K |
Source: RateCity.com.au. Conditions for max interest rate apply.
Highest savings rates for accounts with no monthly conditions
Bank | Account | Max rate |
| ANZ | Plus Save | 2.50% |
| Macquarie | Transaction account | 2.25% |
Source: RateCity.com.au
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Product database updated 20 May, 2024
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