ANZ yesterday took the proverbial axe to its two main savings account products, the non-introductory Progress Saver account and the introductory Online Saver account.

These savings accounts had their maximum interest rates cut by 15 basis points, in a month where no Reserve Bank rate cut took place. 

ANZ also cut a huge number of term deposit interest rates by as much as 25 basis points yesterday. 

The moves come at a time when Australian Prudential Regulation Authority (APRA) statistics for April 2020 show all four major banks increased their deposit books by more than 4% compared to the same month in 2019, potential in response to financial uncertainty created by COVID-19. 

ANZ savings account rate cuts 

According to ANZ's website, both of these savings account products were cut by 15 basis points, both to below 1.00% p.a. 

ANZ's non-introductory account, the Progress Saver, has had its maximum interest rate reduced from 1.00% p.a. to 0.85% p.a: This change applies to the bonus interest rate, cut to 0.84% p.a, while the base interest rate is a miniscule 0.01% p.a. 

To earn the bonus rate customers must make no withdrawals and deposit at least $10 in any given month. 

ANZ's Online Saver meanwhile now has an interest rate of 0.80% p.a, down from 0.95% p.a, and is an introductory rate for three months before reverting to just 0.05% p.a. 

ANZ now has the second-lowest non-introductory rate among the big four banks' savings accounts:

  • The Westpac Life account has a total interest rate of 1.05% p.a. 
  • The NAB Reward Saver has a total interest rate of 1.00% p.a. 
  • The Commonwealth GoalSaver has a total interest rate of 0.50% p.a. 

Outside of the big four banks there are some introductory savings accounts on offer with much higher interest rates.

Macquarie Bank and Rabobank, for example, offer four-month introductory interest rates of 2.26% p.a and 2.25% p.a. respectively, before reverting to lower interest rates (rates that are still on par or higher than those of the big four). 

These types of accounts might not be the best choice for long-term savings, but they could be useful for savers that have a short-term savings goal, like saving for a holiday. 

The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.20%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.20%
Disclosure
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Score $20 using code SWIPE20
  • Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. *See terms on the app store
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure
*Score $20 using code SWIPE20

Save Account

  • Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. *See terms on the app store
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Hi Saver

    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Bonus Saver

      4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Online Saver

        001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Up Saver Account

          00$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Qsaver

            01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver

                3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Maxi Saver

                  01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Bonus Saver Account

                    4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    Netsave Account

                      02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Growth Saver

                        400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Simple Saver

                          01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Virgin Money Boost Saver

                            020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            HomeME Savings Account (<$100k)

                              02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Online Savings - Premium Saver

                                0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                mySaver

                                  3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                  Online Savings Account

                                    Important Information and Comparison Rate Warning

                                    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 12, 2025. View disclaimer.

                                    Important Information and Comparison Rate Warning

                                    The only other notable savings account rate changes to occur in the last few weeks is RAMS, which on Monday 1 June cut the maximum interest rate on its RAMS Saver account from 1.65% p.a. to 1.20% p.a - a whole 45 basis points. 

                                    ANZ term deposit rate cuts 

                                    ANZ also cut a swathe of term deposit rates on Thursday, by as little as 10 basis points and as much as 25 basis points. 

                                    It's the only one of the major banks to make changes to term deposit rates so far in June, as far as Savings.com.au has managed to find. 

                                    These cuts apply to pretty much every term ANZ offers, ranging from a few months to five years. 

                                    Term deposits among the big four banks are extremely low at the moment, with the highest rate advertised on ANZ's website being just 1.00% p.a.for an eight-month term. 

                                    The average term deposit rate among all the big four banks, when comparing a broad range of their term deposits, is just 0.80% p.a. 

                                    But outside of the big four, there are some banks offering significantly higher term deposit rates than this. 

                                    The table below features term deposits with some of the highest interest rates on the market for a six-month term.

                                    Provider

                                    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
                                    Manage your term deposit online
                                    • $0 monthly account fee
                                    • Choose your own term with options from one month to five years.
                                    • Guaranteed rate of return
                                    Manage your term deposit online

                                    Term Deposit - 6 months

                                    • $0 monthly account fee
                                    • Choose your own term with options from one month to five years.
                                    • Guaranteed rate of return
                                    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                                    Fixed Term Deposit - 6 months

                                      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                                      ME Bank Term Deposit - 6 months

                                        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                                        Term Deposit - 6 months

                                          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                                          Term Deposit - 11 months

                                            Important Information and Comparison Rate Warning

                                            All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 12, 2025. View disclaimer.

                                            Important Information and Comparison Rate Warning