ANZ chips away at savings rates ahead of November RBA meeting
22 Oct 2025
ANZ has today cut rates on its key savings accounts by 0.10 percentage points, despite the fact the cash rate has remained on hold since August.
- Progress Saver – the maximum rate has been cut from 3.15% to 3.05%. Savers need to deposit $10+ a month and make no withdrawals to qualify.
- Plus Growth Saver – the maximum rate has dropped from 4.25% to 4.15%. This rate is contingent on customers growing their balance by at least $100 each month.
- Plus Progress Saver – the maximum rate, available on balances up to $5,000, has dropped from 4.25% to 4.15%, while the rate for balances over this has dropped from 1.25% to 1.15%.
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| ANZ savings rate changes | |||
|---|---|---|---|
| Old max ongoing rate | New max ongoing rate | Change % pts | |
| Progress Saver | 3.15% | 3.05% | -0.10 |
| Plus Growth Saver | 4.25% | 4.15% | -0.10 |
| Plus Progress Saver | 4.25% up to $5k, then 1.25% | 4.15% up to $5k, then 1.15% | -0.10 |
| Online Saver | 0.65% | No change | – |
Source: Canstar. Notes: terms and conditions apply to qualify for max rate.
ANZ is not the only bank giving savings rates an unexpected haircut
Rate tracking shows in the last five weeks, a handful of banks have cut some savings rates, including:
- Bendigo Bank decreased its Reward Saver bonus rate by 0.05%-points.
- Westpac, St George, Bank of Melbourne, Bank SA cut the base rate on their bonus saver accounts by 0.15%-points, but boosted the bonus rate by the same amount, impacting customers who don’t meet the monthly terms and conditions.
- IMB cut the bonus rate on its main saving accounts by 0.25%-points, increasing the new customer 4-month introductory rate by the same amount instead.
In better news for savers, NAB increased the maximum ongoing rate on its Reward Saver by 0.05% and the introductory rate on its iSaver by the same amount.
Banks also pruning the fine print on savings
Tracking has found some banks have or are about to change the terms and conditions on their savings accounts. While these changes will set some savers ahead, others will likely miss out.
- Westpac: from 30 October, customers with the bank’s market leading Spend&Save account, which offers an ongoing rate of 5% on amounts up to $30k, will have to grow their savings balance and make 20+ purchases on their linked transaction account each month, up from the current 5+ purchases a month. The bank is, however, extending the eligibility age for the account from 18 to 29 years to 18 to 34 years.
- ubank: since 1 October, customers need to grow their savings balance by at least $1 each month. Previously, the requirement to qualify for the max rate was to deposit $500+ into their ubank transaction or savings account with no requirement to keep the money in there. Earlier in the year, however, the bank increased the balance cap on the maximum rate from $250k to $1 million.
- Up Bank: since 1 September, the bank increased the maximum rate by a full percentage point (currently 4.60%), however, customers must now make no withdrawals from their savings to qualify, otherwise their rate drops to 1.25%. This is in addition to the existing requirement to make 5+ purchases on a linked transaction account. If this isn’t met, the rate falls to 0%.
Top ongoing savings rates
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| Highest ongoing savings accounts on Canstar database | |||
|---|---|---|---|
| Account | Max ongoing rate | Monthly conditions | Base rate if not met: |
| Westpac Life
Spend&Save |
5.00% | Grow balance, make 5+ purchases /mth. For 18-29 year olds* | 0.25% |
| BOQ Future Saver | 4.85% | Deposit $1k and make 5+ transactions in linked bank acct. Balances up to $50k for 14-35yr olds | 0.05% |
| ING Savings Maximiser | 4.80% | Deposit $1k, make 5+ purchases in linked bank acct + grow savings balance. Balances up to $100k. | 0.05% |
| Great Southern Bank Goal Saver | 4.60% | Deposit $500 & make 5 eligible purchases on linked bank account each month. For 18-24yr olds. | 0.50% |
| Up | 4.60% | Make 5+ transactions on linked bank acct & no withdrawals from savings account. | 1.25% or 0.00% |
Source: Canstar. Notes: Excludes kids and intro rate accounts. Table sorted by max rate then base rate. *Changing from 30 October to 20+ purchases and for Australians aged 18-34.
Canstar’s data insights director, Sally Tindall says, “ANZ’s decision to trim savings rates ahead of the November RBA meeting is a timely reminder that even when the cash rate is on hold, banks can, and do, adjust their rates.”
“While the latest round of cuts from ANZ may disappoint many of its savings customers, across the banks that have recently changed rates, it’s more of a mixed bag.
“Some banks such as Westpac have shaved back their base rates, boosting their bonus ones instead, while others such as NAB have nudged headline rates up.
“The fine print has never mattered more. All of the highest ongoing savings rates on the Canstar database come with strings attached in order to qualify for the maximum rate, from making a certain number of transactions, to growing your savings balance – even a single withdrawal can tank some savings rates.
“These changes might be piecemeal but they serve as a great reminder to check your savings account. Make sure you understand exactly what your bank needs you to do to qualify for the maximum rate and check you’re achieving this on a regular basis.
“If you’re not, it could be time to shop around. For those that long for a less complicated savings account, know there are still some offering ongoing rates over 4 per cent with no strings attached.”
This article was reviewed by our Finance Editor Jessica Pridmore before it was updated, as part of our fact-checking process.
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