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ANZ is the latest bank to quietly shave savings rates
A number of banks have been quietly cutting savings rates over the last month, with ANZ the latest to slice one of its savings rates today.
18 July 2025
A number of banks have been quietly cutting savings rates over the last month, with ANZ the latest to slice one of its savings rates today.
ANZ has today cut the maximum rate on its Progress Saver account by 0.10 percentage points to 3.40%.
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| ANZ savings rate changes | |||
|---|---|---|---|
| Old max rate | New max rate | Change | |
| Progress Saver | 3.50% | 3.40% | -0.10% |
Source: Canstar. Notes: conditions and balance caps apply for maximum rate. Contact us for a breakdown on base and bonus rates.
Other banks adjusting savings rates in the last month include NAB, which cut the rate on its Reward Saver account by 0.05 percentage points on 20 June and Bendigo Bank, which cut the rate on its EasySaver account by 0.10 percentage points on 1 July.
ubank also introduced a new 4-month introductory rate of 5.00% but dropped the maximum ongoing rate for existing customers by 0.25 percentage points to 4.60%. However, this rate is now available on balances of up to $1m (previously the balance cap was $100k for the highest rate).
Savings rates starting with a ‘5’ hanging by a thread
There are just four banks with at least one savings rate starting with a ‘5’, which is a drop from six last month.
If the RBA cuts the cash rate on 12 August, savings rates starting with a ‘5’ are likely to disappear altogether.
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| Highest ongoing savings accounts on Canstar’s database |
|||
|---|---|---|---|
| Account | Max ongoing rate | Monthly conditions | Base rate if not met: |
| BOQ Future Saver | 5.10% | Deposit $1K, make 5+ transactions in linked bank acct. Balances up to $50k for 14-35yr olds | 0.05% |
| Westpac Life
Spend&Save |
5.00% | Grow balance, make 1+ transaction each month. For 18-29 year olds | 0.40% |
| MOVE Bank Growth Saver | 5.00% | Deposit $200 into savings acct and make no withdrawals. Balances up to $25k. | 0.10% |
| ING Savings Maximiser | 5.00% | Deposit $1K, make 5+ transactions in linked bank acct + grow savings balance. Balances up to $100k. | 0.05% |
Source: Canstar. Notes: Excludes kids and intro rate accounts. Table sorted by max rate then base rate.
Savers bear the brunt of cash rate cuts
Canstar’s data insights director, Sally Tindall says, “ANZ is the latest bank to sneak in a savings rate cut at a time when millions of Australian savers have had to bear the brunt of two cash rate cuts this year.”
“While the spotlight has been firmly on mortgage holders, savers – which are the majority of Australians – have quietly been taking hits of their own.
“Two of the big four banks have sliced select savings rates in the past month, despite no move to the cash rate. While cuts of 0.05 and 0.10 percentage points may seem trivial on paper, for customers doing all the right things to meet monthly conditions, it’s yet another frustrating backwards step.
“Just four banks are offering savings rates of 5 per cent or more, however, if the RBA cuts the cash rate next month, which is looking increasingly likely, the highest ongoing rates will almost certainly sink into the ‘4’s’.
“Now’s the time for savers to do a stocktake. If your rate starts with a ‘3’ or worse, it’s time to shop around.”
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This article was reviewed by our Finance Editor Jessica Pridmore before it was updated, as part of our fact-checking process.
