ANZ yesterday took the proverbial axe to its two main savings account products, the non-introductory Progress Saver account and the introductory Online Saver account.

These savings accounts had their maximum interest rates cut by 15 basis points, in a month where no Reserve Bank rate cut took place. 

ANZ also cut a huge number of term deposit interest rates by as much as 25 basis points yesterday. 

The moves come at a time when Australian Prudential Regulation Authority (APRA) statistics for April 2020 show all four major banks increased their deposit books by more than 4% compared to the same month in 2019, potential in response to financial uncertainty created by COVID-19. 

ANZ savings account rate cuts 

According to ANZ's website, both of these savings account products were cut by 15 basis points, both to below 1.00% p.a. 

ANZ's non-introductory account, the Progress Saver, has had its maximum interest rate reduced from 1.00% p.a. to 0.85% p.a: This change applies to the bonus interest rate, cut to 0.84% p.a, while the base interest rate is a miniscule 0.01% p.a. 

To earn the bonus rate customers must make no withdrawals and deposit at least $10 in any given month. 

ANZ's Online Saver meanwhile now has an interest rate of 0.80% p.a, down from 0.95% p.a, and is an introductory rate for three months before reverting to just 0.05% p.a. 

ANZ now has the second-lowest non-introductory rate among the big four banks' savings accounts:

  • The Westpac Life account has a total interest rate of 1.05% p.a. 
  • The NAB Reward Saver has a total interest rate of 1.00% p.a. 
  • The Commonwealth GoalSaver has a total interest rate of 0.50% p.a. 

Outside of the big four banks there are some introductory savings accounts on offer with much higher interest rates.

Macquarie Bank and Rabobank, for example, offer four-month introductory interest rates of 2.26% p.a and 2.25% p.a. respectively, before reverting to lower interest rates (rates that are still on par or higher than those of the big four). 

These types of accounts might not be the best choice for long-term savings, but they could be useful for savers that have a short-term savings goal, like saving for a holiday. 

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

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (<$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
010000$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 $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Goal Saver

    050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Young Saver Account

      000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Smart Saver Account (Under 25)

        00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Reward Saver Account($0-$100k)

          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Save up

            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver (<$1 Million)

              000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              ANZ Save

                01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Bonus Saver Account (Amounts < $100k)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

                    00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    Life (< 30 years) (Monthly deposit)

                      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Boost Saver

                        020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        HomeME Savings Account ($0 - $100,000)

                          02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Growth Saver ($1 - $25k)

                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            For customers aged 14-35 years
                            For customers aged 14-35 years

                            Future Saver Account ( < $50k)

                              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Reward Saver Kick Start (Amounts ≤ $1m)

                                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 August 21, 2024. View disclaimer.

                                Important Information and Comparison Rate Warning

                                The only other notable savings account rate changes to occur in the last few weeks is RAMS, which on Monday 1 June cut the maximum interest rate on its RAMS Saver account from 1.65% p.a. to 1.20% p.a - a whole 45 basis points. 

                                ANZ term deposit rate cuts 

                                ANZ also cut a swathe of term deposit rates on Thursday, by as little as 10 basis points and as much as 25 basis points. 

                                It's the only one of the major banks to make changes to term deposit rates so far in June, as far as Savings.com.au has managed to find. 

                                These cuts apply to pretty much every term ANZ offers, ranging from a few months to five years. 

                                Term deposits among the big four banks are extremely low at the moment, with the highest rate advertised on ANZ's website being just 1.00% p.a.for an eight-month term. 

                                The average term deposit rate among all the big four banks, when comparing a broad range of their term deposits, is just 0.80% p.a. 

                                But outside of the big four, there are some banks offering significantly higher term deposit rates than this. 

                                The table below features term deposits with some of the highest interest rates on the market for a six-month term.

                                Provider

                                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
                                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

                                    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"]]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"]]5000$product[$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

                                            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

                                                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

                                                  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

                                                      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) - 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

                                                                At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10007$product[$field["value"]]$product[$field["value"]]More details

                                                                Term Savings ($1000-$500000) - 6 months

                                                                  Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

                                                                  Term Deposit ($10000+) - 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 - 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 August 21, 2024. View disclaimer.

                                                                      Important Information and Comparison Rate Warning