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

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • Deposit $200 per month to activate bonus interest

Save Account

  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • Deposit $200 per month to activate bonus interest
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

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

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver Account (31 years +) ($0-$100k)

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

            Bonus Saver Account (Amounts < $100k)

              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Reward Saver Kick Start (Amounts ≤ $1m)

                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Life (< 30 years) (Monthly deposit)

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

                  NetBank Saver

                    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    ANZ Save

                      050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Young Saver Account

                        0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Save up

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

                          Bonus Saver (<$1 Million)

                            000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Smart Saver Account (Under 25)

                              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 June 24, 2024. View disclaimer.

                              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

                              Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$field["value"]]$product[$field["value"]]More details
                              • Interest calculated daily and paid at end of term
                              • Monthly interest available for terms over 12 months
                              • For deposit amounts $5,000 - $2,000,000

                              Term Deposit - 6 Months

                              • Interest calculated daily and paid at end of term
                              • Monthly interest available for terms over 12 months
                              • For deposit amounts $5,000 - $2,000,000
                              At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
                              • Guaranteed rate of return
                              • Manage your term deposit online
                              • Choose your own term - Options range from one month to five years

                              Term Deposit - 6 months

                              • Guaranteed rate of return
                              • Manage your term deposit online
                              • Choose your own term - Options range from one month to five years
                              At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit - 6 months

                                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                                Term Deposit ($1000-$500001) - 6 months

                                  At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

                                  Online Term Deposit - 6 months

                                    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details
                                    • Deposits are protected up to a limit of $250,000 for each account
                                    • Added loyalty bonus of 0.10%

                                    Personal Term Deposit - 6 months

                                    • Deposits are protected up to a limit of $250,000 for each account
                                    • Added loyalty bonus of 0.10%
                                    At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

                                    Term Deposit ($25k-$5m) - 6 months

                                      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000$product[$field["value"]]$product[$field["value"]]More details

                                      Term Investment ($100k-$200k) - 6 months

                                        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

                                        Term Deposit ($500 - $1mn) - 6 months

                                          Annually, Semi-Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                                          Term Deposit - 6 months

                                            At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                            Term Deposit ($5k-$25k) - 6 months

                                              Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                                              Term Deposit ($1000+) - 6 months

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

                                                Term Investment ($5k-$25k) - 6 months

                                                  At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                                  Term Deposit ($5k-$500k) - 6 months

                                                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000031$product[$field["value"]]$product[$field["value"]]More details

                                                    Term Deposit ($250k+) - 6 Months

                                                      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                                      Term Deposit ($5000-$999999) - 6 months

                                                        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                                                        Term Deposit (> $1000) - 6 months

                                                          At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                                          TDs Premier Investment ($5k - $250k) - 6 months

                                                            At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                                                            Term Deposit ($1000+) - 6 months

                                                              At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                                              Term Deposit - 6 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 June 24, 2024. View disclaimer.