Bad news for ANZ savers as interest rates are cut

Aussie savers can’t catch a break as banks across the country continue to slash rates on savings accounts. 

And yesterday was no exception. 

ANZ officially dropped interest rates on both the ANZ Progress Saver and ANZ Online Saver by 0.10%. 

The ANZ Progress Saver base rate will remain at 0.01% but the bonus rate will drop from 1.94% to 1.84%, leaving the new maximum rate at 1.85% for customers who are able to meet the bonus rate criteria. 

And for current customers using the ANZ Online Saver the base rate has been cut to 0.10% from 0.15%, while for new customers the introductory bonus rate has been chopped to 1.75%, meaning the new maximum rate is 1.85%.   

So if you’ve suffered from a savings cut and feel there is no hope for your hard earned cash, don’t give up just yet. 

Whether you make regular deposits or just want to take advantage of a killer introductory rate, there are still plenty of places to store your stash, so check out what some of these providers have to offer…


Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 19 July 2024 Important disclosures
UBank - USave with USpend Transaction Account
  • 2019 Mozo Savings Bank of the Year
  • 2.41% maximum interest rate
  • Innovative sweep technology
Find out more

Looking to get rewarded for your regular deposits? Introduce yourself to the UBank USaver with Ultra Transaction Account. For very minimal effort you could receive a competitive maximum interest of 2.41%, all it takes is a $200 monthly deposit into your USaver or linked Ultra Transaction Account, and there’s no minimum spend! Plus, this account comes with innovative sweep technology which automatically moves money from one account to another to ensure you always have money when you need it. No wonder UBank took home a 2019 Mozo Experts Choice Award^ and was crowned 2019 Mozo Savings Bank of the Year.

HSBC - Everyday Savings
  • 2.60% introductory rate
  • No account fees
  • Mobile, internet and phone banking
Find out more

If you want somewhere to keep your nest egg and take advantage of a competitive intro rate, the HSBC Serious Saver could be what you need. For the first four months you’ll receive an impressive 2.60% rate as long as it’s your first Serious Saver account, and you don’t make any withdrawals. After that, you’ll receive a maximum 1.10% rate as long as you connect a HSBC Everyday Global Account and deposit $2,000 per month. Just remember you can’t make withdrawals or the rate will plummet to 0%!

MyState Bank - Bonus Saver Account
  • 2.50% maximum interest rate
  • No account fees
  • Unlimited transactions

After a special interest rate without having to make a major deposit each month? Say hello to the MyStateBank Bonus Saver Account. To receive a competitive 2.50% maximum rate all you need to do is deposit a small $20 a month into your account and make five debit transactions. There are also no account keeping fees and you’ll be able to make unlimited transactions.

ING - Savings Maximiser
  • 2.20% maximum interest rate
  • 2019 Mozo Experts Choice Awards^ winner
  • No account fees

If you need to bump up your savings game, the ING Savings Maximiser might just do the trick. ING offer a solid 2.20% maximum rate for customers with a linked Orange Everyday Account, who deposit $1,000 and make at least five transactions every month. There is no minimum balance or limit on transactions with this account as well as no pesky monthly fees. It’s for these reasons that ING received a 2019 Mozo Experts Choice Award for best Regular Saver.

Want to know more about savings accounts? Head to our savings account comparison table for more providers or take a look at our helpful guides.

^Find out more about the 2019 Mozo Experts Choice Awards for Savings Accounts

^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.