Savers squeezed again as ANZ cuts rates

Savers squeezed again as ANZ cuts rates
Savers squeezed again as ANZ cuts rates

Australia’s fourth largest bank, ANZ, has today cut its bonus savings rates by 0.15 per cent and some term deposit rates by up to 0.25 per cent.

Analysis from RateCity.com.au shows almost 40 banks have cut at least one savings account rate since May 1, despite no move to the cash rate since March 19, 2020.

Seventy-six per cent of all savings accounts on the RateCity.com.au database now have maximum rates under one per cent. 

ANZ savings account rate cuts

  • ANZ’s online saver’s introductory rate has been cut by 0.15 per cent to 0.80 per cent.
  • ANZ’s Progress Saver’s bonus rate has been cut by 0.15 per cent. The maximum ongoing rate is now 0.85%.
  • This is the third time ANZ has cut savings rates since March. 
     

 ANZ online saver

Old rate

New rate

Difference

Intro rate (3 months)

0.95%

0.80%

-0.15%

Ongoing rate

0.05%

0.05%

No change

       

 ANZ progress saver

Old rate

New rate

Difference

Max rate (if conditions are met)

1.00%

0.85%

-0.15%

Base rate

0.01%

0.01%

No change

Note: deposit $10+ and no withdrawals to qualify for max rate each month.

ANZ term deposit rate cuts

  • ANZ’s term deposit rates have been shaved today by up to 0.25 per cent.
  • ANZ’s maximum term deposit rate is now 1.00% per cent for 8 months.
  • A list of key cuts are outlined at the end of this release.

RateCity.com.au research director Sally Tindall said the banks are looking towards deposit rates to help balance their books. 

“The latest APRA monthly banking statistics recorded a notable rise in deposits from households as people in lockdown put the brakes on their spending. This puts less pressure on the banks to put competitive deposit rates on the table,” she said. 

“It’s disappointing to see deposit rates fall at a time when households are increasingly focused on building up rainy day funds, but the lack of competition between the bigger banks isn’t helping. 

“People can still find decent returns for their savings if they look for them.  The highest ongoing savings rate on RateCity.com.au is 1.85 per cent, offered by BOQ, 86 400 and Up.

“If enough people moved their savings to more competitive banks, the big four would probably be forced to take notice,” she said.

Big four bank standard savings accounts

Bank

Product

Intro rate 

Ongoing rate

Intro term

CBA

NetBank Saver

1.05%

0.05%

5 mths

Westpac

eSaver

1.05%

0.05%

5 mths

NAB

iSaver

1.05%

0.05%

4 mths

ANZ

Online Saver

0.80%

0.05%

3 mths

 
       
       

Big four banks conditional savings accounts

Bank

Product

Base rate 

Max rate

Conditions

CBA

Goal Saver

0.10%

0.50%

Deposit $200+/mth, no withdrawals.

Westpac

Life

0.40%

1.05%

Balance needs to be higher every mth

NAB

Reward Saver

0.05%

1.00%

1+ deposit and no withdrawals per mth

ANZ

Progress Saver

0.01%

0.85%

Deposit $10+/mth, no withdrawals

Note: based on a balance of less than $50K. CBA has higher rates for higher amounts.

Highest standard savings account rates on RateCity.com.au

Bank

Account

Intro rate

Intro term

Ongoing Rate

Notes

 

Macquarie Bank

Savings Account

2.26%

4 months

1.35%

On balances up to $250K

 

Rabobank

High Interest Savings

2.25%

4 months 

0.80%

On balances up to $250K

 

AMP Bank

Saver Account 

2.20%

6 months 

1.05%

On balances up to $250K

 

Source: RateCity.com.au Rates accurate as of 11.06.2020

Highest conditional savings account rates on RateCity.com.au

Bank

Max rate

Base rate

Conditions for max rate

Bank of Queensland

1.85%

0.20%

Deposit $1k+ per month and make at least 5 eligible transactions 

86 400

1.85%

0.25%

Deposit $1k+ per month

Up

1.85%

0.10%

Make at least 5 eligible transactions 

Source: RateCity.com.au Rates accurate as of 11.06.2020

ANZ advance notice term deposit changes (select changes only – contact us for a full list) 

Term

Old rate

New rate

Change

6m

0.90%

0.75%

-0.15%

12m

1.00%

0.85%

-0.15%

24m

1.00%

0.85%

-0.15%

36m

1.00%

0.85%

-0.15%

48m

1.00%

0.85%

-0.15%

60m

1.01%

0.90%

-0.11%


ANZ standard term deposit changes 
(select changes only – contact us for a full list)

Term

Old rate

New rate

Change

6m

0.40%

0.20%

-0.20%

12m

0.45%

0.25%

-0.20%

24m

0.70%

0.45%

-0.25%

36m

0.70%

0.45%

-0.25%

48m

0.70%

0.45%

-0.25%

60m

0.80%

0.55%

-0.25%

Tags: 
Anz Savings

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