ANZ's 'Progress Saver' account was cut by 20 basis points, for a maximum rate of 0.5% if $10 per month is deposited, with no withdrawals made.

Its standard five-month introductory rate was also cut by 20 basis points to 0.45%, which moves to an ongoing rate of just 0.05% after the introductory period ends.

ANZ also slashed various term deposits by 20 basis points, with the highest rates achievable 0.60% p.a. on a 60 month (5-year) term.

ANZ's savings account rate sits a full 100 basis points or more below some of the highest interest rates in the market, as seen below.

Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
2.00% p.a.
Bonus rate of 3.20%
Conditions apply.
5.20% p.a.
$1,065
$0
$30,000
$$formattedMinMonthlyDep.format("%,d",$!{product.minimumMonthlyDeposit})
$0
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 . View disclaimer.

The major bank was the only one of the big four to not introduce a home loan under 2% after the Reserve Bank's cash rate decision two weeks ago.

CBA, Westpac, and NAB all introduced home loans under 2% for borrowers willing to fix for four years on a packaged home loan.

The equivalent home loan ANZ offers is the 'Breakfree Package', fixed for four years at 2.29% p.a. (3.77% p.a. comparison rate*).

ANZ also has a one-year Breakfree Package at 2.09% p.a. (4.13% p.a. comparison rate*).

As it stands, this sits around 30 basis points higher than some of the more competitive home loan rates in the market, and its comparison rate is around a full 2 percentage points higher, as seen below.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
5.94% p.a.
5.95% p.a.
$2,383
Principal & Interest
Variable
$0
$0
90%
No hidden feesFree redraw facility
6.04% p.a.
6.04% p.a.
$2,408
Principal & Interest
Variable
$0
$150
70%
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

November's RBA rate cut caused concern for pensioners, as the deeming rates are still at 0.25% on the low end, and 2.25% on the high end.

They are the rates the government deems a pensioner's assets to be earning.

National Seniors Australia chief advocate Ian Henschke told Savings.com.au two weeks ago the "double whammy" forces retirees to look to the more volatile sharemarket.

“If the whole point of the Reserve’s decision today is to try to stimulate the economy, then why do we have pensioners and seniors still living with high deeming and PLS [pension loan scheme] rates?” Mr Henschke said.

ANZ noted in its end of financial year 2019-2020 report that it had drawn down $13 billion under the Reserve Bank's low-cost Term Funding Facility (TFF) in the year to September.

The TFF allows banks to use low cost funding from the Reserve Bank, previously at an interest rate of 0.25% over three years, now at 0.10%. 





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