ANZ unexpectedly drops savings rates amid cost cutting quest
ANZ has sliced 10 basis points off the top rates on a raft of its deposit products, including its high-interest ANZ Plus Growth Saver and Flex Saver accounts.
The best rate on Growth Saver is now 4.15% p.a., with 0.10% coming off the bonus rate while the base rate remains unchanged at 0.05%, as follows:
| Old rate | Change | New rate | |
| Base | 0.05% p.a. | 0.00% p.a. | 0.05% p.a. |
| Bonus | 4.20% p.a. | -0.10% p.a. | 4.10% p.a. |
| Total | 4.25% p.a. | -0.10% p.a. | 4.15% p.a. |
To achieve the bonus rate, Growth Saver customers must growth their account balances by $100 or more a month (on top of any interest earned).
See also: The different types of savings interest rates explained
The top rate on ANZ Plus's Flex Saver account has also been cut to 4.15% p.a. on the first $5,000.
The rate on every dollar over $5,000 is now 1.15% p.a., down from 1.25% p.a.
| Old Rate | Change | New rate | |
| First $5,000 | 4.25% p.a. | -0.10% p.a. | 4.15% p.a. |
| every dollar over $5,000 | 1.25% p.a. | -0.10% p.a. | 1.15% p.a. |
Retail deposit product rate also cut
ANZ has also dropped the top rate on its Progress Saver product, also down 0.10% p.a. to 3.05% p.a.
That's made up of a bonus rate of 3.04% p.a. (down from 3.14% p.a.) while the base rate remains unchanged at 0.01% p.a.
| Old rate | Change | New rate | |
| Bonus rate | 3.14% p.a. | -0.10% p.a. | 3.04% p.a. |
| Base rate | 0.01% p.a. | 0.00% | 0.01% p.a. |
| Maximum rate | 3.15% p.a. | -0.10% p.a. | 3.05% p.a. |
To qualify for the maximum Progress Saver rate, customers must deposit at least $10 in one transaction and make no withdrawals or transfers, or incur any fees or charges, during a calendar month.
How do ANZ rates compare to other savings rates?
Of the big four banks, ANZ Plus's top Growth Saver rate of 4.15% p.a. falls back in line with the best rate on NAB's Reward Saver product.
Both CommBank and Westpac are offering a bonus rate of 4.25% p.a. on their Goal Saver and Life accounts respectively.
But bear in mind, all the big four's best deposit rate offerings come with conditions attached and feature low base rates if they are not met.
Australia's fifth big bank Macquarie also offers an ongoing rate of 4.25% p.a. on balances up to $2 million, but with no conditions.
See also: Quick guide to Macquarie Savings Account
AMP Bank also offers a no-conditions 4.25% p.a. on its online Go Save product.
See also: Guide to AMP's savings accounts
In recent months, popular deposit products, including Up Saver and NAB's online Ubank Save, have added hoops to achieving their best interest rates.
See also: Compare high-interest savings accounts up to 5%
Why is ANZ dropping savings rates now?
There are any number of reasons banks adjust their interest rates outside of cash rate movements.
But they could coincide with new CEO Nuno Matos' ambitious cost-cutting plans.
These include the cancellation of an $800 million share buyback program and a commitment to cutting at least 3,500 jobs over the next year.
Mr Matos is also instigating a 'no external consultants' policy.
Another of his strategies is not to operate ANZ Plus as a separate brand although it will be absorbed as a "digital front end" for all customers by September 2027.
He is also prioritising the full incorporation of Suncorp's banking segment, acquired in 2024, into ANZ's operations.
In an address to ANZ shareholders last week, Mr Matos promised to slash $800 million of annual pre-tax costs in the 2026 financial year.
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| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount. | 5.35% p.a. | $1,097 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $1,134 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Promoted | Disclosure | |||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $936 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
