New Zealand's largest bank sets the standard for low savings account interest rates with reductions to a broad range of accounts

Today, ANZ cut -15 bps from most of their savings account interest rates.

The last time ANZ changed rates was on April 1, 2016 when they cut -30 bps off their Serious Saver offer, and reduced a number of other account rates by -25 bps.

Today's cut to their bonus saver account (Serious Saver), takes this to the lowest rate offered by any bank for an account of this type.

The cut to the School Plus account makes this one of the lowest student accounts rates of any bank (but Westpac is lower at 0.25%). ASB's Headstart account still offers 1.25%. The TSB Youth Account offers 1.60% but there is a minimum $1,000 required to get that rate.

ANZ tends to set the baseline for interest rates because it has the largest market share. When ANZ moves, others reassess their competitive positions, so it is possible that we may get adjustments from their rivals in the next week or so.

Earlier today, some other banks raised rates for selected short fixed term deposits. See those changes here.

Today's changes are pretty much across the board as this table shows:

ANZ account Tier Previous New change
Serious Saver Premium rate* 2.65 2.50 -0.15
  Standard rate 0.10 0.10  
  Total potential rate* 2.75 2.60 -0.15
Online account $0+ 0.50 0.35 -0.15
Ready Saver $0 - $4,999 0.00 0.00  
  $5,000+ 0.25 0.10 -0.15
Cash PIE $0+ 0.50 0.35 -0.15
Select Account $0 - $4,999 0.00 0.00  
  $5,000 - $99,999 0.10 0.10  
  $100,000+ 0.50 0.35 -0.15
School Plus $0+ 0.95 0.80 -0.15
Business Premium Call $0+ 0.75 0.60 -0.15
Business Call up to $99,999 0.10 0.10  
  $100,000 - $499,999 0.25 0.10 -0.15
  $500,000+ 0.75 0.60 -0.15

* To earn premium interest you must make no withdrawals and deposit $20 or more (not including interest that is credited to the account) by the last business day of the month.

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