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

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 $1,000 in the previous month
  • No account fees
  • Easy access to your money
020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest

Home Saver

  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
4000$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

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
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

      Target Saver

        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

                        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Savings Maximiser (<$100k)

                          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)

                                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 February 29, 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

                                At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
                                • Easy online application
                                • Interest can be paid to other institutions
                                • Maturity alert by email and phone

                                Term Deposit - 6 months

                                • Easy online application
                                • Interest can be paid to other institutions
                                • Maturity alert by email and phone
                                At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

                                Online Term Deposit - 12 months

                                  Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

                                  Term Deposit ($10000+) - 12 months

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

                                    Term Deposit - 12 months

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

                                      Term Deposit (Platinum Plus Club Members) - 12 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) - 12 months

                                          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                                          Term Deposit ($1000-$499999) - 12 months

                                            At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50001$product[$field["value"]]$product[$field["value"]]More details

                                            Term Deposit ($5k-$25k) - 12 months

                                              At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10007$product[$field["value"]]$product[$field["value"]]More details

                                              Term Savings ($1000-$500000) - 12 months

                                                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

                                                Term Deposit - 12 months

                                                  Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]More details

                                                  Term Deposit ($10k-$500k) - 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, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

                                                      Term Deposit - 12 months ($5000-$25000)

                                                        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]More details

                                                        Term Deposit ($10k-$500k) - 12 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+) - 9 month

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

                                                            Term Deposit - 12 months

                                                              At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                                                              Term Deposit ($1000+) - 12 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 February 29, 2024. View disclaimer.