As the fourth of the big four banks, ANZ's deposit products have been losing ground to their big bank rivals and Australia's 'fifth big bank' Macquarie, which has seen rapid growth in its deposit market share. Nonetheless, ANZ maintains its fourth-place ranking with its holdings of Australian household deposits.
Here's a rundown of ANZ's current deposit products:
ANZ Bank Savings Accounts & Interest Rates
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.10% p.a. | 5.10% p.a. | $20 | – | $0 | $99,999,999 | $0 | $0 | $0 | |||||||||||
5.10% p.a. | 5.10% p.a. | $1,044 | – | $0 | $4,999 | $0 | $0 | $0 | |||||||||||
0.01% p.a. Bonus rate of 3.74% Rate varies on savings amount. | 3.75% p.a. | $763 | – | $0 | $99,999,999 | $10 | $10 | $0 | |||||||||||
2.50% p.a. | 2.50% p.a. | $506 | – | $50,000 | $99,999,999 | $0 | $0 | $0 | |||||||||||
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 |
ANZ offers digital-only savings accounts, largely through its ANZ Plus platform, as well as traditional savings and deposit products. Let's run through them.
ANZ Plus Growth Saver
ANZ Plus products offer a fully digital banking service accessed only through the ANZ Plus app. ANZ Plus Growth Saver offers the bank's highest interest rate, made up of a low standard rate and a bonus rate.
See also: The different types of savings account interest rates
To achieve the bonus rate, account holders need to grow their Growth Saver account balance by $100 or more each month. Growth Saver accounts are only available if they are linked to an ANZ Plus Everyday transaction account.
See also: What is the difference between savings accounts & transaction accounts?
The balance growth condition was introduced from 1 October 2024, sparking some consternation among ANZ Plus customers at the time. Yet, compared to some big bank savings accounts, the condition is relatively achievable with some oversight. The Growth Saver product comes with no monthly account fees.
ANZ Plus Flex Saver add on
Growth Saver account holders can also choose to add ANZ Plus's Flex Saver to their accounts which, as the name suggests, allows a little more flexibility. The Flex Saver add-on comes without the monthly balance growth qualifier to earn interest or the need to make a minimum deposit.
The catch is you can only achieve the top interest rate on the first $5,000 of your account balance and the rate drops considerably for every dollar over $5,000. It's designed to be used as a holding facility for everyday expenses, regular bills, or short-term savings goals, offering accessibility while still earning interest.
ANZ Online Saver
The ANZ Plus Growth Saver is not to be confused with ANZ's Online Saver account that earns a relatively low standard variable interest rate with interest paid monthly. It's available to eligible ANZ everyday account holders with ANZ Internet or Phone Banking access.
If you're after an online savings account, you can earn far better interest through the app-based Growth Saver product, provided you meet the balance growth requirement.
ANZ Progress Saver
ANZ's proprietary Progress Saver offers a better rate of interest than its Online Saver product, but only if you meet the monthly conditions.
It features a negligible base interest rate and a bonus rate that's paid if account holders:
deposit at least $10 in the account in one transaction
don't make any withdrawals or transfers from the account in a calendar month
don't incur any fees or charges during a calendar month
It's ANZ's recommendation for a kids' bank account where children require little access and small automated monthly deposits can earn interest.
See also: High interest savings accounts for kids and youth
See also: Should you open a savings account for a new baby?
But, be warned, a monthly transfer into the account counts as the one free transaction for the month. Any subsequent transaction after that (withdrawal or transfer) incurs a fee - at the time of writing, $1.00 for an electronic transaction and $2.50 for a staff-assisted one.
It's fair to say there are better products on the market paying better interest and offering unlimited free access without a balance growth requirement.
ANZ Advance Notice Term Deposits
ANZ offers a range of Advance Notice term deposits which offer a range of terms and fixed interest rates for investment amounts between $5,000 and $1,999,999, with interest paid at maturity.
Like many ADIs, ANZ's Advance Notice product comes with a 31-day notice period, meaning if you want access to your funds earlier, you won't be able to receive them for 31 days after your request. Early access fees will also apply.
Like many of the big banks, ANZ's term deposit interest rates aren't as attractive as those offered by many smaller players in the market.
See also: Compare high-interest term deposit rates
And anyone potentially needing instant access to their cash is advised that other deposit products, such as a savings account, may pay higher interest and better suit their needs.
What makes ANZ savings accounts different?
User-friendly app
ANZ Plus's app, launched in 2022, generally ranks favourably among its users. The app features money management tools, predictions for upcoming bills and payments, and offers user-friendly and secure banking services that you'd expect from a big four bank.
It also has the ability to add and view eligible bank accounts from other providers to give users a consolidated view of their finances. But it's worth noting the ANZ Plus app won't automatically show any other proprietary ANZ accounts customers may be holding. App users need to add those in, but for viewing access only.
The app doesn't service transactions for those accounts so customers will still need to use other ANZ channels, such as Internet Banking, if they have ongoing banking needs with those products. If that sounds confusing, users can book one-on-one coaching sessions with ANZ Plus Coaches to help them best use the app's features.
ANZ Plus will eventually be the front-end platform for all ANZ customers, including those still being integrated from Suncorp's banking segment which ANZ acquired in 2024.
Flex Saver add-on
ANZ's Flex Saver add-on to its main Growth Saver product provides access to an interest-earning, flexible side feature that comes without the growth balance requirement of its parent account. It allows account holders to pay bills and make transfers from the same savings account. The catch is the best rate of interest is only paid on the first $5,000 before being considerably reduced for any amount over that. This may not suit all customers' needs.
(Mostly) fee-free
Most - but not all - of ANZ's savings offerings come with no monthly account fees and fee-free withdrawals at major Australian bank ATMS. But ANZ's Progress Saver allows only one fee-free withdrawal or transfer per month. Any subsequent transaction will not only see the account holder miss out on bonus interest, but they'll also have to pay for each extra transaction they make. This account could work for disciplined types setting cash aside for a long-term goal but will sting for those forced to dip into their accounts, even now and again.
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ANZ savings account: Expert review
"ANZ shook up the market when it introduced 'ANZ Plus' - a new, app-only way to bank with ANZ.
In terms of interest rates, we can basically ignore the proprietary ANZ channel because the rates are flat-out uncompetitive, even among the major banks.
If you want a competitive savings rate with ANZ, you might need to look at ANZ Plus.
If you're willing to go app-only, you can get pretty competitive interest rates with relatively attainable monthly criteria for earning that interest.
In an age of never-ending deposit conditions and interest rate cuts, ANZ's competitive Plus platform is a breath of fresh air.
You'll just need to put up with everything done 'in the app' - don't be surprised to see the whole of ANZ going this way soon."
Sharp savings account offers from other banks
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 | |||||||||||
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 |
