ANZ hikes key savings rates to keep pace with big four peers
14 Jan 2026
ANZ has today hiked savings rates across key accounts by 0.10 percentage points in an unexpected out-of-cycle rate hike.
As a result, the rate on its highest ongoing savings account, ANZ Plus Growth Saver, is now 4.25%, putting it on par with big bank competitors CBA and Westpac. The base rate on this account remains unchanged at 0.05%
ANZ’s hike today reverses a previous decision in October to cut rates by 0.10 percentage points out of cycle with the RBA.
Westpac still leads the big four with an ongoing savings rate of 5% for eligible savers aged 18 to 34.
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| Big four banks’ highest ongoing savings rates | |||
|---|---|---|---|
| Bank | Account | Max ongoing rate | Conditions |
| CBA | Goal Saver | 4.25% | Grow balance |
| Westpac | Life (all adults)
Life (18-34 yrs) |
4.25%
5.00% |
Grow balance.
Make 20+ purchases on linked account for 18-34s. |
| NAB | Reward Saver | 4.15% | Grow balance and make no withdrawals |
| ANZ | ANZ Plus Growth Saver | 4.25% | Grow balance by $100/month |
Source: Canstar. Notes: Excludes kids and intro rate accounts.
Savers should not get hopes up for a raft of hikes
A big four bank hiking a savings rate out of cycle will be welcome news for its customers, however, ANZ is one of just two banks moving rates in the right direction.
Our analysis shows, aside from ANZ’s move, Bank of Us lifted the rate on its Save Up account by 0.25 percentage points on 1 January, while no banks have cut a savings rate so far this year.
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| Lenders that have adjusted at least one ongoing savings rate | ||
|---|---|---|
| Cuts | Hikes | |
| Oct 25 | 3 | 0 |
| Nov 25 | 1 | 2 |
| Dec 25 | 1 | 0 |
| Jan 26 – to date | 0 | 1 |
Source: Canstar. Notes: Excludes changes to intro accounts.
However, there are still decent ongoing savings rates on offer for those willing to shop around.
Our database shows:
- 76 savings accounts have an ongoing rate above the current inflation rate of 3.4%, excluding kids accounts.
- 49 savings accounts have an ongoing rate above 4.00%.
- 12 savings accounts have an ongoing rate above 4.50%.
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| Highest ongoing savings accounts on Canstar | |||
|---|---|---|---|
| Account | Max ongoing rate | Monthly conditions | Base rate if not met: |
| Westpac Life Spend & Save (18-34 yrs) |
5.00% | Grow balance, make 20+ purchases /mth. | 0.10% |
| BOQ Future Saver (14-35 yrs) | 4.85% | Deposit $1k and make 5+ transactions in linked bank acct. Balances up to $50k. | 0.05% |
| MOVE Bank Growth Saver | 4.75% | Deposit $200 & make no withdrawals. Balances up to $25k. | 0.10% |
| ING Savings Maximiser | 4.75% | Deposit $1k, make 5+ purchases in linked bank acct + grow savings balance. Balances up to $100k. | 0.01% |
Source: Canstar. Notes: Excludes kids and intro rate accounts. Table sorted by max rate then base rate.
Money in the bank hit another record high in November
Household savings climbed to a new high of $1.69 trillion in November, after Australians squirreled away an extra $6.4 billion into their accounts in a single month.
Our analysis of APRA Monthly Authorised Deposit-taking Institution (ADI) Statistics for November, released 2 January, shows households grew their savings by 0.38% in the month, and 9% compared to the same time last year.
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| APRA total deposits by households – November 2025 | ||
|---|---|---|
| Amount | Monthly change | Year-on-year change |
| $1.69 trillion | +$6.4 billion
+0.38% |
+$139.6 billion
+9% |
Source: APRA Monthly Authorised Deposit-taking Institution Statistics, released 2 January 2026, prepared by Canstar. Deposits from households include term deposits, transaction accounts, mortgage offsets and savings accounts.
Check your interest rates and monthly conditions
Canstar’s data insights director, Sally Tindall says, “ANZ’s move will be welcome news for its savers who, from today, will benefit from a boost to their savings rate, provided they meet the bank’s monthly conditions of course.”
“This move from ANZ brings its highest ongoing savings rate, at 4.25 per cent, in line with rates from CBA and Westpac. NAB, on the other hand, now trails with a highest ongoing savings rate of 4.15 per cent.
“While a big four hike always grabs attention, savers shouldn’t expect a wave of increases to follow. Outside of ANZ, rate movement has been minimal.
“With household cash balances sitting at record highs, competitive pressure in the banking sector remains subdued.
“The good news is that competitive savings rates are still available for those willing to shop around, however, for the highest rates they’ll need to get across the fine print.
“Many of the top rates come with age limits, balance caps and monthly conditions, so savers need to look beyond the headline rate and make sure the account actually fits their circumstances.
“Either way, savers should make sure their interest rate starts with a ‘4’ – not just here and there but every single month.”
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| Highest ‘no strings attached’ savings accounts on Canstar.com.au | ||
|---|---|---|
| Account | Max ongoing rate | Max balance |
| Police Bank U30 Super Charge | 4.50% | $10,000 |
| AMP Bank GO Save | 4.25% | $250,000 |
| Heartland MySavings | 4.25% | $300,000 |
| Macquarie Savings Account | 4.25% | $250,000 |
| MyState Hello Saver | 4.25% | $100,000 |
Source: Canstar. Notes: Excludes kids and intro rate accounts. Macquarie and MyState accounts offer intro rates.
This article was reviewed by our Consumer Editor Meagan Lawrence before it was updated, as part of our fact-checking process.
