RateCity.com.au
powering smart financial decisions

ANZ gives savings rates a haircut

ANZ gives savings rates a haircut

Australia’s fourth largest bank, ANZ, has today cut the interest rate on its popular savings accounts by 0.05 per cent.

ANZ Progress Saver and Progress Saver for Kids

Old rateNew rateChange
Max rate

0.25%

0.20%

-0.05%

Base rate

0.01%

0.01%

0.00%

Source: RateCity.com.au. Savers must deposit $10+ and make no withdrawals per month to qualify for max rate.

RateCity.com.au research director, Sally Tindall, said the move rounds out a year of minor cuts from the banks as savings rates inch closer to rock bottom.

“While today’s cut from ANZ is minor, it hasn’t happened in isolation. Most banks have made multiple micro-cuts to their savings rates over the course of 2021,” she said.

“The banks have been quietly chipping away at their savings rates this year, slowly inching closer to a sum total of nothing.

“Anyone earning less than half a percent on their hard-earned cash should shop around. There are still 10 banks offering ongoing savings rates of 1 per cent or more,” she said.

Big four bank: conditional savings rates

BankAccountMax rate
CBAGoalSaver

0.25%

WestpacLife

0.25%

NABReward Saver

0.30%

ANZProgress Saver

0.20%

Source: RateCity.com.au. Conditions apply for max rate.

Big four banks standard savers

BankProductIntro rate (3-5 mths)Ongoing rate
CBANetBank Saver

0.29%

0.05%

WestpaceSaver

0.25%

0.05%

NABiSaver

0.35%

0.05%

ANZOnline Saver

0.20%

0.05%

Source: RateCity.com.au. Intro rate terms - CBA & Westpac 5 months, NAB 4 months, ANZ 3 months.

Highest ongoing savings accounts (no age restrictions)

BankMax rate
ING

1.35%

Virgin Money

1.20% 

86 400

1.20%

Source: RateCity.com.au. $25k balance. Conditions apply for max interest rate.

Young Adults: highest ongoing savings rates

BankAccountMax rate
Westpac LifeAges 18 to 29 (up to $30K)

2.50%

BOQ Fast Track StarterAges 14 to 24 (up to $10K)

2.00%

Source: RateCity.com.au. Conditions apply for max interest rate.

Did you find this helpful? Why not share this news?

This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.

Advertisement

RateCity

Related news

More news? Read more here