ANZ has announced changes to its ANZ Plus savings accounts, slashing the rate payable to just 0.5% p.a. unless account holders grow their balances by $100 or more each month.

If account holders meet the requirement, they'll get a bonus 4.5% p.a., taking the total interest rate paid to 5% for eligible accounts.

The changes will come into effect from 1 October, usurping the product's previous no monthly deposit conditions.

The bank's fine print says it will use the account balance of ANZ Save accounts on the last business day of the month to determine if account holder meets the monthly savings target.

ANZ Plus account holders are also required to have an ANZ Save account.

From 1 October, the bank is also introducing a new savings product to holders of both accounts, ANZ Plus Flex Saver.

It will pay 5% p.a. interest on balances up to $5,000 and 2% p.a. for every dollar after that.

Latest high interest savings account changes

In July, ubank introduced tiered interest rates and cut external payments from its high interest Save accounts.

The NAB-owned digital bank currently pays :

  • 5.5% p.a. interest on amounts up to $100,000
  • 5% p.a. interest for amounts $100,000 - $250,000
  • 0% interest for amounts over $250,000

It also hiked the monthly deposit requirement to qualify for bonus interest to $500 from $200, with customers also required to save a ubank Spend account.

In June, Bank Australia also announced changes to its Bonus Saver account, significantly cutting its interest rates for deposits over $250,000.

Consumer backlash?

One ANZ plus customer took to Reddit's AusFinance, seeking advice on alternative high interest savings accounts that pay interest on daily balances.

Some suggested Macquarie Bank's unconditional savings account, earning 4.75% p.a. on balances up to $1 million after a 5.35% welcome rate for four months.

Others said they had stuck with ubank but observed the $500 a month deposit requirement to get a 5.5% p.a. rate for amounts up to $100,000.

There was discussion of what constituted account "growth", with some users noting the account balance would need to be at least $100 higher than the previous month (excluding interest payments) rather than an amount of $100 deposited with a lower account balance by the end of the month.

One Reddit user noted the ACCC's finding that 71% of bonus interest accounts did not receive bonus interest in any given month during the first half of 2023.


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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkComparePromoted ProductDisclosure
5.00% p.a.
5.35% p.a.
Intro rate for 4 months
then 5.00% p.a.
$1,036
4 months
$0
$249,999
$0
$0
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure
4.70% p.a.
5.40% p.a.
Intro rate for 4 months
then 4.70% p.a.
$998
4 months
$250,000
$99,999,999
$0
$0
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
0.00% p.a.
Bonus rate of 5.50%
Rate varies on savings amount.
5.50% p.a.
$1,128
$0
$99,999
$0
$0
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
Disclosure
1.00% p.a.
Bonus rate of 4.20%
Rate varies on savings amount.
5.20% p.a.
$1,065
$0
$99,999,999
$1,000
$0
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
0.55% p.a.
Bonus rate of 4.95%
Rate varies on savings amount.
5.50% p.a.
$1,128
$0
$99,999
$1,000
$0
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

Image by Daria Nepriakhina on Unsplash





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