The top rates on both the ANZ Plus Growth Saver and Flex Saver accounts will return to 4.25% p.a. from 14 January.
The base rate on the high-interest Growth Saver account will remain unchanged at 0.05% p.a. while the bonus rate will increase by 10 bps to 4.20% p.a.
See also: The different types of savings interest rates explained
This takes the total rate to 4.25% p.a. if customers grow their account balance by at least $100 a month on top of any interest earned.
The ANZ Plus Flex Saver will also see its top unconditional rate restored to 4.25% p.a. for the first $5,000 and 1.25% p.a. for every dollar thereafter - up from 1.15% p.a.
Rates restored after October cut
The changes follow an out-of-cycle 10 bps rate cut across of raft of ANZ deposit products in late October, including the high-interest ANZ Plus savings accounts.
At the time, there was no clear reason for the bank dropping deposit rates although ANZ's new CEO Nuno Matos has made his cost-cutting ambitions clear.
The restored rates once again see ANZ match it with the highest ongoing savings account rates among the big four banks, alongside Westpac's Life Saver and Commonwealth Bank's Goal Saver.
CommBank offers the higher rate of 4.30% p.a. on its Youth Saver, but it's available only to customers under 18.
Macquarie's unconditional Savings Account also offers an ongoing rate of 4.25% p.a. on balances up to $2 million.
Does ANZ's increase spell RBA hike?
ANZ's out-of-cycle rate moves are unusual given savings account rates are usually adjusted in line with the cash rate.
The latest hike may suggest Australia's fourth largest bank is expecting the Reserve Bank to lift rates at next month's monetary policy meeting, and is just getting in ahead of other banks following suit.
However, for now, ANZ continues to predict a hold at the February meeting, although its economists believe a hike will be "explicitly discussed".
"The Q4 trimmed mean inflation outcome is in our view likely to be close enough to the November Statement on Monetary Policy forecast for interest rates to remain unchanged," ANZ Head of Australian Economics Adam Boyton wrote.
Market share in ANZ sights?
However, the cash rate isn't the only reason banks adjust deposit rates - it can also be a bid to increase market share.
Per the most recent APRA data, ANZ had just over 11% of the $1.6 trillion worth of household deposits in Australia.
That's considerably less than the other three major banks, so the rate hike may be more of a strategic move to try to gain ground on NAB (13.8% market share), Westpac (20.7%) and Commonwealth Bank (26.6%).
Australia's 'fifth bank' Macquarie is also fast closing in on ANZ's deposits position, more than tripling its household deposit holdings over the past four years.
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Not sure about ANZ? Check out these other savings account offers on the market:
| 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 | 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 |
