ANZ adjusts online saver rates: What it means for savers

By Cameron Thomson · · 2 min read
Fact Checked
Advertiser disclosure

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.

Last updated 14 May 2025 Important disclosures
  • Promoted

    Reward Saver Kick Start Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $1,000,000)
    Bonus rate of 5% for balances up to $1,000,000. Minimum deposit of $20 and no withdrawals in the month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • Account for 13-17 year olds and students, trainees and apprentices under 30.
    • No monthly account keeping fees
    • Set up automatic transfers from your Everyday Account
  • Promoted

    Hi Saver

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Bonus rate for the first 4 months from account opening
    Standard rate
    0.25 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus interest for the first four months
    • No Minimum balance required
    • Transfer or make payments using the mobile app
  • Promoted

    High Interest Save Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,000)
    Deposit at least $500 to either Spend, Bills or Save account from an external source each month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • No monthly fees on any of your save accounts
    • Split your money with up to 10 Save accounts.
    • Set savings targets and track on the app

  • High Interest Savings Account

    Maximum rate
    5.45 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    4.00 % p.a.
    (for $0 to $250,001)
    Go to site
    • Easy set up, online and mobile banking app
    • No fees, no minimum balance, no minimum monthly deposit and no minimum term
    • Kick start your savings with the 4 month introductory variable rate

  • Savings Maximiser

    Maximum rate
    5.40 % 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
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Zero ING fees to pay
    • Move money easily via app
    • Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^

  • Savings Accelerator

    Maximum rate
    5.15 % p.a.
    (for $150,000 to $500,000)
    New customers who open an account by 30 June 2025 receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Standard rate
    2.60 % p.a.
    (for $0 to $50,000)
    Go to site
    • No monthly deposit requirements or lock-in terms
    • No ongoing fees
    • Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^

  • High Interest Save Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,000)
    Deposit at least $500 to either Spend, Bills or Save account from an external source each month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • No monthly fees on any of your save accounts
    • Split your money with up to 10 Save accounts.
    • Set savings targets and track on the app

  • Savvy Saver Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.45 % p.a.
    (for $0 and over)
    Go to site
    • No minimum balance required
    • Move money in and out and still earn interest
    • Transfer or make payments using the mobile app

  • Life - 18-29 years old

    Maximum rate
    5.00 % p.a.
    (for $0 to $30,000)
    Make 5 eligible card purchases per month with a linked Westpac Choice account, make one eligible deposit and grow the balance each month. Account balance must not fall below $0.
    Standard rate
    0.40 % p.a.
    (for $0 and over)
    Go to site
    • $0 monthly fees for account holders under 30 or full-time tertiary students
    • Separate spending and saving for simple money management
    • Use the debit card linked to your Choice account 5+ times per month for Spend&Save bonus interest on eligible purchases.

  • Reward Saver Kick Start Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $1,000,000)
    Bonus rate of 5% for balances up to $1,000,000. Minimum deposit of $20 and no withdrawals in the month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • Account for 13-17 year olds and students, trainees and apprentices under 30.
    • No monthly account keeping fees
    • Set up automatic transfers from your Everyday Account

  • Reward Saver Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $1,000,000)
    Intro bonus rate of 5% for balances up to $1,000,000 for the first 4 months, reverting to 3%. Minimum deposit of $50 and no withdrawals.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • Introductory bonus rate for balances up to $1,000,000 for the first 4 months
    • Minimum deposit of $50 and no withdrawals
    • No monthly account fees

  • Life

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Minimum one deposit and higher balance than at the beginning of the month
    Standard rate
    0.40 % p.a.
    (for $0 and over)
    Go to site
    • $0 monthly fees for account 18 years or older
    • Separate spending and saving for simple money management
    • Use the debit card linked to your Choice account 5+ times per month for Spend&Save bonus interest on eligible purchases.

  • Bonus Saver

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Standard rate
    0.25 % p.a.
    (for $0 and over)
    Go to site
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app

  • Hi Saver

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Bonus rate for the first 4 months from account opening
    Standard rate
    0.25 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus interest for the first four months
    • No Minimum balance required
    • Transfer or make payments using the mobile app

  • MoneyMAX Account

    Maximum rate
    4.35 % p.a.
    (for $1 and over)
    Standard rate
    4.35 % p.a.
    (for $1 and over)
    Go to site
    • Interest is calculated daily and paid monthly
    • No fees or penalties for withdrawing money.
    • Online access only

  • SwiftSaver Account

    Maximum rate
    4.25 % p.a.
    (for $0 to $250,000)
    Minimum deposit of $10 and no withdrawals in the month
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus interest each month (T&Cs apply)
    • Open up to five accounts
    • No monthly fees or minimum balance
Showing 13 results from 250 savings accounts. Use the filters to see more

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Today's savings account rates