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ANZ the second big bank to cut savings post RBA

ANZ the second big bank to cut savings post RBA

ANZ has today cut rates on its popular savings, term deposit and pensioner accounts by up to 0.20 per cent.

To date, 28 banks have cut savings rates on the back of the RBA cut on 3 November, including big four banks CBA and now ANZ.

The average ongoing savings rate on RateCity.com.au is now just 0.46 per cent and is set to fall further as cuts keep coming.

KEY ANZ CUTS

ANZ Online saver

BeforeTodayDifference
Intro Rate (3 mths)0.65%0.45%-0.20%
Ongoing rate0.05%0.05%0%

ANZ Progress Saver

BeforeTodayDifference
Max rate0.70%0.50%-0.20%
Base rate0.01%0.01%0%

Deposit $10+ and make no withdrawals per mth for max rate.

RateCity.com.au research director, Sally Tindall, said: “Today’s cuts from ANZ will be a hard pill to swallow for customers relying on the interest they earn from their savings accounts.”

“The bank has refrained from cutting its base rates, which is a small blessing, but regular savers who do the right thing to qualify for the maximum rates are going to find their interest has been slashed,” she said.

“It’s now only a matter of time before Westpac and NAB drop savings rates.

“It’s not easy operating in a low rate environment where profit margins are feeling the squeeze, but there aren’t many winners on the back of this month’s rate cut. Savers have taken a hit, most mortgage customers are unlikely to get relief and credit cards rates haven’t moved a muscle.

“If you have your savings with a big four bank, you’d do well to turn your back on their sinking rates and move to higher ground,” she said.

Big four banks conditional savings rates

BankAccountMax rate

(if conditions met)

CBAGoalSaver

0.45%

WestpacLife

0.75%

NABReward Saver

0.70%

ANZProgress Saver

0.50%

Source: RateCity.com.au. Note rates are for balances under $50K.

Big four bank: standard savings rates

BankAccountIntro rate Ongoing rate
CBANetBank Saver (5 mths)

0.60%

0.05%

WestpaceSaver (5 mths)

0.75%

0.05%

NABiSaver (4 mths)

0.75%

0.05%

ANZOnline Saver (3 mths)

0.45%

0.05%

Source: RateCity.com.au

Highest ongoing savings rates

BankMax rateConditions
MyState1.50%Deposit $20+ and make 5 trans per mth
ING1.35%Deposit $1,000+ and 5 card purchases per mth
UBank1.31%Deposit $200+ per mth

Source: RateCity.com.au
Note: Excludes accounts specifically for younger Australians.

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

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