ANZ, which cut savings rates by a substantial 35 basis points following the Reserve Bank of Australia's (RBA) rate cut on 3 March, has today lowered rates across selected savings accounts by a further 25 basis points. 

This means ANZ has passed on 60 basis points worth of cuts to its savings account products in the past 30 days alone.

Prior to mid-March it offered savings account customers up to 1.60% p.a. but now only offers up to 1.00% p.a.  

The latest rate cuts were made to both the non-introductory Progress Saver account and the introductory Online Saver account:

  • The Progress Saver has had its maximum interest rate reduced from 1.25% p.a. to 1.00% p.a. 
  • The Online Saver has had its maximum interest rate reduced to 0.95% p.a. 

The Progress Saver account now consists of a 0.01% p.a. base rate and a 0.99% bonus interest rate. To earn the bonus rate customers must make no withdrawals and deposit at least $10 in any given month. 

ANZ's Online Saver has an introductory rate of 0.95% p.a. for three months - after the three months, the interest rate on this account reverts to 0.05% p.a. 

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

Provider

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 $200 per month to activate bonus interest
010000$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

Boost Saver

    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.

    NAB has only reduced the interest rate on its introductory savings account product. 

    The NAB iSaver - which has an introductory period lasting four months - has had its interest rate reduced today by 25 basis points to 1.05%. 

    NAB's non-introductory account, the NAB Reward, has not been changed, and still has a maximum interest rate of 1.25% p.a. 

    To earn the 1.25% p.a. on the NAB Reward account, customers must make at least one deposit into the account and no withdrawals during the month. 

    With the current rate of inflation sitting at 1.80%, very few savings accounts on the market offer enough interest to earn savers a real return on their money.

    Meanwhile, customers could earn up to 2.65% p.a for a few months in an introductory savings account.

    Term deposits are a similar product to savings accounts, though they offer a fixed interest rate for a fixed term. If you want to earn a fixed interest rate on your cash, 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.

                                      Other banks to cut interest rates lately include the likes of AMP (which had only just increased rates a week earlier), WestpacCBA, 86 400, UpME and UBank, just to name a few. 

                                      ING announced last week it would be easing the requirements to earn its bonus interest rate of 1.80% p.a. on its Savings Maximiser account. 

                                      According to ING, if customers have previously met the eligibility criteria to earn bonus interest in any of the previous three months (January, February or March), then it will offer those same customers the bonus interest rate in the coming three months no matter what. 

                                      To earn this rate, customers would usually have to:

                                      • Deposit at least $1,000 into it per month, and 
                                      • Make five or more ING card purchases from a linked Orange Everyday account 

                                      If customers have met these conditions in any of the previous three months, then they are eligible to earn the 1.80% p.a. rate (on balances up to $100,000) in April, May and June regardless.