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 rate||New rate||Change|
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
Source: RateCity.com.au. Conditions apply for max rate.
Big four banks standard savers
|Bank||Product||Intro rate (3-5 mths)||Ongoing rate|
Source: RateCity.com.au. Intro rate terms - CBA & Westpac 5 months, NAB 4 months, ANZ 3 months.
Highest ongoing savings accounts (no age restrictions)
Source: RateCity.com.au. $25k balance. Conditions apply for max interest rate.
Young Adults: highest ongoing savings rates
|Westpac Life||Ages 18 to 29 (up to $30K)|
|BOQ Fast Track Starter||Ages 14 to 24 (up to $10K)|
Source: RateCity.com.au. Conditions apply for max interest rate.