ANZ Online Saver interest rate drops to lowest yet

Just months after shaving 25 basis points off the introductory bonus offer rate, ANZ has again made cuts to its ANZ Online Saver account. This time round slicing 5 basis points off the base interest rate to lower the maximum interest to be earned with this savings account from 1.60% to 1.55%.

With the Online Saver’s base rate dropping from 0.10% to 0.05% as of yesterday, ANZ now offers some of the lowest interest rates out of all the big four banks. In fact, 0.05% is the lowest base rate the ANZ Online Saver account has ever had and it’s especially stark considering just 12 years ago the same account offered a no-strings attached interest rate of 6.50%*.

That said, the bonus introductory rate is easy enough to achieve, i.e. there is no minimum deposit amount required and so forth, but and this is a pretty big but, the introductory rate is just that - an introductory rate. 

You can earn the full 1.55% interest rate that comes with the ANZ Online Saver on as little as $1, but only for the first three months and only as a new account holder. That means to be eligible, you will have to have not held an ANZ Online Saver account in the past six months.

Big four savings blues

Of course, Aussies trying to stash cash for a rainy day with any of the big four at the moment probably won’t be able to score a savings interest rate higher than 1.66%. This five month introductory rate can be earned with the Westpac eSaver and according to the Mozo database, is currently the highest savings rate to be earned with any of the big four.

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Where to find the most competitive savings rate in 2020

With further cuts to the official cash rate on the table in 2020, the question is: where can you find a decent interest rate for your savings in 2020?

Well the good news is, it is still possible to get yourself a savings rate well over 2.00%. Here are a few of the highest savings interest rates in the Mozo database right now:

Introductory rates

Macquarie Savings Account

With an introductory rate of 2.65%, the Macquarie Savings Account currently offers the highest savings interest rate in the Mozo database. This high rate is available for the first four months and can be earned on balances up to $250,000.

Heritage Bank Online Saver

If you haven’t banked with Heritage Bank before you might just be able to bag a sweet introductory rate of 2.50% with the Heritage Bank Online Saver. This interest rate is available to new customers for the first four months and can be earned on balances up to $250,000.

Bonus rates

86 400 Save Account

If you’re less inclined to chop and change bank accounts for the sake of a high introductory rate, then you might be more interested in checking out neobank 86 400’s Save Account. With a bonus savings rate of 2.25%, the 86 400 Save Account currently offers the highest ongoing bonus savings rate in the Mozo database (tied with fellow neobank Up). To achieve this high rate all you have to do is deposit $1,000 into either your Pay or Save account once a month.

Up Saver Account

Tied with fellow neobank 86 400 for the top bonus saver spot in the Mozo database, Up Bank also offers a maximum interest rate of 2.25% with its Up Saver Account. This high bonus rate is available for balances up to $50,000 and can be achieved by making five successful card purchases throughout the month, with your linked Up Everyday Account.

Base rates

Xinja Stash

New on the block, neobank Xinja’s Xinja Stash account currently offers the highest base rate available in the Mozo database. With this savings account you can earn a base interest rate of 2.25% on balances up to $245,000. And there really are no strings attached; to achieve the full 2.25% interest rate you don’t have to make any minimum deposits or withdrawals and there are no transaction requirements.

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While all of these interest rates are up for grabs right now in Australia, neobank Volt Bank’s Savings Account might be another one to look out for in the near future, if you’re in the market for a high savings rate.

Volt Bank promises to offer a base rate as high as 2.15%, meaning you won’t have to jump through any hoops to get it.

Feeling inspired to rejuvenate your savings account? Why not head to Mozo’s savings account comparison page for a more extensive list of savings rates available at the moment, or have a look at what’s on offer below.

*ANZ Online Saver statistic taken from the Mozo database.