ANZ adjusts online saver rates: What it means for savers

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.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 253 savings accounts using the filters.
Last updated 8 February 2025 Important disclosures

Savings account comparisons on Mozo

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    5.50 % p.a.
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    Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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    Earn a great variable rate each month when you meet the criteria. No need to lock your savings away. Move your money in and out and still earn interest. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

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    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

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    5.50 % p.a.
    (for $0 to $100,000)
    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site

    Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
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    2.85 % p.a.
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    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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    Bonus rate for the first 3 months from account opening.
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    5.10 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.55 % p.a.
    (for $0 and over)
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    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

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    Maximum rate
    5.10 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site

    Earn a great variable rate each month when you meet the criteria. No need to lock your savings away. Move your money in and out and still earn interest. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

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    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

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    Standard rate
    0.50 % p.a.
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    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

  • Hi Saver

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    5.00 % p.a.
    (for $0 and over)
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    Standard rate
    0.50 % p.a.
    (for $0 and over)
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    Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

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    0.05 % p.a.
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    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

  • MoneyMAX Account

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    4.70 % p.a.
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    Standard rate
    4.70 % p.a.
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    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

  • SwiftSaver Account

    Maximum rate
    4.50 % p.a.
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    Minimum deposit of $10 and no withdrawals in the month
    Standard rate
    0.05 % p.a.
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    Earn bonus interest each month by depositing $10 or more and making no withdrawals. A great on-going rate. No monthly fees to pay. Open up to five accounts to make saving for different goals simple. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

Showing 12 results from 253 savings accounts. Use the filters to see more

^See information about the Mozo Experts Choice Savings Account Awards

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