ANZ has become the latest bank to cut the interest rate offered to savers, even as the Reserve Bank of Australia has held the cash rate since August.

The big four bank has reduced interest rates across three of its products by 0.10 per cent.

ANZ will now offer a new maximum ongoing rate of 3.05 per cent on its Progress Savers account, 4.15 per cent on its Plus Growth Saver accounts and 4.15 per cent on its Plus Progress Savers for the first $5,000 saved before reverting to 1.15 per cent.

The move from the bank comes prior to an expected interest rate cut when the Reserve Bank of Australia meets on Melbourne Cup day.

Canstar data insights director Sally Tindall warned savers that Wednesday’s announcement is a timely reminder banks can do what they want with their interest rates.

“Even

See Full Page