Are ANZ savings rates your best bet?

Woman comparing ANZ savings rates with other deals

Given it’s one of the big banks, you might be thinking of stashing your hard-earned cash with ANZ. It has a few different savings accounts right now, whether you’re looking to build your nest egg or you’re just after a temporary place to park your money. But also keep in mind that ANZ is currently behind some competitors when it comes to interest rates, according to Mozo data.

So how does ANZ compare to the rest of the market? Let’s take a closer look.

Kickstart savings: ANZ Online Saver

The ANZ Online Saver might attract new customers who want to kickstart their savings journey. With this account, you can earn an introductory rate of 0.80% on balances from $0 and you won’t have to worry about any monthly account fees or conditions (like a minimum deposit or number of card transactions). 

The catch is that as with any intro savings offer, this bonus interest is available for a limited time only (in this case, three months), after which your rate drops to 0.05%. 

In total, 25 providers in the Mozo database have savings accounts with introductory rates. But among those kickstarter accounts, the ANZ Online Saver’s intro rate isn’t near the top. In fact, there is a 140 basis point difference between ANZ and the highest intro rate in the Mozo database, which is 2.20% over four months.*

That means on a balance of $10,000, you would earn about $35 more than the ANZ Online Saver over the three introductory months.

Long-term savings: ANZ Progress Saver

Meanwhile, if you’re a more committed saver, then you may have turned your attention to the ANZ Progress Saver.

This account has an ongoing maximum rate of 0.85% on balances from $0. To achieve this rate, you must tick a couple of boxes each month: deposit at least $10 and make no withdrawals. 

The upside is, this rate is 17 basis points higher than the average ongoing savings rate in the Mozo database, which sits at 0.68% right now.**

Despite all the recent cuts to at-call savings rates, 10 providers in the Mozo database still offer ongoing maximum rates of 1.60% or more - quite a bit more than that of the ANZ Progress Saver. 

So what difference does that make exactly? 

Let’s say you stash $10,000 inside a savings account with an ongoing maximum rate of 1.60%, making a $500 deposit every month and no withdrawals. In one year, you would have earned $96 more in interest than if you had opted for the ANZ Progress Saver - given that rates stay the same and all monthly conditions are met.

Top savings accounts - editors’ picks

So it’s clear that on the savings rate front, there are some other options to consider. That’s why, to help with the next step of your search, our Mozo editors have handpicked a few savings accounts with generous rates to keep on your watchlist:


Citi Online Saver
  • 1.55% intro rate for four months
  • Zero monthly account fees
  • Can link to any bank account
Find out more

Looking for an easy way to boost your balance? Then the Citi Online Saver is a worthy contender, as it comes with a special rate of 1.55% for the first four months on balances of up to $500k (reverts to 0.35% after). This account also offers plenty of flexibility - you can bid farewell to monthly conditions, pesky account fees and minimum balance requirements. And unlike many other savings accounts where you must link to a transaction account from the same bank, the Citi Online Saver lets you choose any bank account you’d like.


MyState Bank Bonus Saver Account
  • 1.75% maximum ongoing rate
  • No account fees whatsoever
  • 2020 Mozo Experts Choice Award winner^

There’s a lot to love about the MyState bank Bonus Saver Account. Customers can snag a stellar 1.75% interest rate, just by depositing at least $20 and making five transactions using their linked Everyday or Glide transaction account every month. And don’t worry, you won’t lose a cent of that money to monthly account fees. Plus, this savings sanctuary was also a 2020 Mozo Experts Choice Award winner for best Regular Saver, so you know you’re getting great value.

Bank of Queensland Fast Track Saver Account
  • 1.65% maximum ongoing rate
  • Branch access available
  • 2020 Mozo Experts Choice Award winner^
Find out more

The Bank of Queensland knows how to reward its savers. With the Fast Track Saver Account, you can earn a great ongoing rate of 1.65%. All you need to do is deposit $1,000 every month to your linked Day2Day Plus account and make five transactions (BOQ has hit pause on this second condition until 31 August 2020). Plus, you can say hello to no account fees and plenty of banking options, whether it’s online, over the phone or at a branch. If that’s not enough, the Bank of Queensland Fast Track Saver Account also snatched up a 2020 Mozo Experts Choice Award for best Regular Saver.

Still keen to shop around? Compare even more deals over at our savings accounts comparison table. 

*This introductory rate belongs to the Heritage Bank Online Saver, on balances of up to $100k.
**Mozo data, as of 5 August 2020.
^For a full list of winners, head over to the 2020 Mozo Experts Choice Savings Account Awards page.

^See information about the Mozo Experts Choice Savings Account Awards

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