ANZ cuts rates on savings

ANZ has slashed its savings rates in the latest of several cuts for depositors despite the cash rate not budging since November 2020.

The move by ANZ leaves the bank at the bottom of the pack for rates of return on savings among the big four banks.

ANZ cut its two main savings account by 0.05 per cent, the second time the bank has cut its savings rates this year.

The bank sliced the Bonus Interest Rate on its Progress Saver Account to 0.25 per cent.

This is well down on the 0.4 per cent ANZ was offering in June this year.

Savers only qualify for the bonus rate if they make at least one deposit of $10 each month and no withdrawals.

ANZ’s three-month bonus rate on the bank’s Online Saver account was cut by 0.1 per cent to 0.2 per cent for three months.

The move by ANZ makes it the 37th bank in the past two months to cut savings rates.

It also follows similar moves by CBA and Westpac to cut returns to savers.

Westpac and its three subsidiaries moved to cut returns across savings accounts in mid-September.

But NAB is yet to cut savings returns for depositors.

RateCity notes there are 12 banks still offering savings rates of 1 per cent or more.

ING offers the highest ongoing savings rate of return at 1.35 per cent.