ANZ has made some changes to its savings account interest rates, allowing customers to grow their wealth more quickly, provided they make regular deposits.
According to ANZ, the Progress Saver account is intended for customers wanting to save for specific goals, rewarding those who make regular deposits with a maximum rate of 2.40% – an increase from the previous maximum rate of 1.71%.
To be eligible for this interest rate, ANZ customers must make a minimum deposit of $10 per month, and make no withdrawals, fees or charges from the account in the month. Users who don’t fulfil the conditions will instead earn interest at the base rate of 0.01%, which ANZ has kept the same.
According to RateCity calculations, if an ANZ customer started with $5000 in savings, and made monthly deposits of $10 for 12 months, they could earn $123 in total interest over the year – an increase from the $87 a user could earn in the same circumstances on the previous rate.
ANZ also adjusted the interest on its Online Saver account, lowering its maximum interest rate from 2.55% to 2.30%. This maximum rate is available for the introductory 3 months, followed by a base rate of 0.50%, which ANZ has kept the same.