ANZ adjusts online saver rates: What it means for savers

By Cameron Thomson · · 2 min read
Fact Checked

ANZ has announced changes to its Online Saver account rates. While the overall introductory rate remains unchanged, there are shifts in how this rate is structured that savers should be aware of.

The rate changes at a glance:

  • Base rate: Decreased by 0.10% to 1.40%
  • Bonus rate: Increased by 0.10% to 2.25%
  • Total introductory rate: Remains at 3.65% for the first 3 months

Impact on savers

While the bank has decreased the base interest rate by 10 basis points to 1.40% p.a., the reduction is offset by an increase to the bonus rate, up by 10 basis points to 2.25% p.a. 

For new savers and those still within their introductory period, the change will have no immediate impact as the total introductory rate remains steady at 3.65% p.a. for the first three months.

These small adjustments, both up and down, hint that banks such as ANZ are still operating in a wait and see mode for savings rates in 2024.

Shift towards ANZ Plus

While the changes to the Online Saver are modest, they appear to be part of a broader strategy. ANZ seems to be shifting focus towards promoting its ANZ Plus savings products rather than its traditional bank offerings.

For example, two new ANZ Plus products are set to launch on October 1, 2024:

  1. ANZ Plus Save:
    • Offers a bonus rate of 4.50% p.a.
    • Total maximum rate of 5.00% p.a.
    • Requires account holders to grow their balance by $100 a month
    • Base rate of 0.50% p.a. if conditions are not met.
  2. ANZ Plus Flex Saver:
    • Offers a 5.00% p.a. base rate
    • No minimum deposit amounts
    • Applies to the first $5,000 in the account.
    • Rate for accounts over $5,000 is 2.00% p.a.

These new offerings present significantly higher rates compared to the traditional Online Saver account, potentially incentivising customers to switch to ANZ's digital products.

Other savings accounts

While we’ve seen providers both big and small make adjustments to savings accounts, not all are offering the same rate. To check out some of the high interest savings accounts on offer, go to our savings hub page and compare providers.