<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>One of </span><a href="https://www.9news.com.au/australia" rel="" target="" title="Australia's"><span>Australia's</span></a><span> biggest banks has trimmed the </span><a href="https://www.9news.com.au/interest-rates" rel="" target="" title="interest rate"><span>interest rate</span></a><span> on its savings accounts, even though the </span><a href="https://www.9news.com.au/reserve-bank-australia" rel="" target="" title="RBA"><span>RBA</span></a><span> hasn't changed the official cash rate in months – and is no guarantee to do so at its next meeting.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Today, ANZ reduced the maximum interest rate for three of its savings offerings – progress saver, plus growth saver, and plus progress saver accounts – by 0.10 percentage points.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The rate on its online saver account has remained unchanged at 0.65 per cent.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/wieambilla-shooting-us-court-donald-day-jr-pleads-guilty-under-plea-deal/b2b2e79c-08eb-465a-9b19-18c753bb91c8"><strong><span>US conspiracy theorist linked to Wieambilla shootings pleads to watered-down charge</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The move comes despite the official cash rate remaining unchanged since August, and with a cut at next month's Reserve Bank meeting still far from a sure-fire certainty.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"ANZ's decision to trim savings rates ahead of the November RBA meeting is a timely reminder that even when the cash rate is on hold, banks can, and do, adjust their rates," Canstar data insights director Sally Tindall said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"While the latest round of cuts from ANZ may disappoint many of its savings customers, across the banks that have recently changed rates, it's more of a mixed bag.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/finance/interest-rates-australia-anz-reduces-saving-rate-no-rba-movement/2f208630-b0aa-47cf-a74b-ed5bad025322" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Some banks, such as Westpac, have shaved back their base rates, boosting their bonus ones instead, while others, such as NAB, have nudged headline rates up."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/australia-property-value-loss-flood-risk-climate-council-report/3add0864-1626-4e82-8d0b-4d792c0d5169"><strong><span>Aussies dealt massive $42 billion property market blow</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span></span></strong><span>It's not the first time ANZ has recently tinkered with its interest rates outside the official cycle.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In August, just days before a widely expected cut by the RBA, it </span><a href="https://www.9news.com.au/finance/anz-surprise-interest-rate-hike/9f2eab99-565e-4fba-8e3e-c8305581fc2b" rel="" target="" title="increased its variable home loan rates by 0.16 percentage points for new customers"><span>increased its variable home loan rates by 0.16 percentage points for new customers</span></a><span>, a move Tindall said was aimed at protecting its margins.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>While economists largely expect the Reserve Bank to lower interest rates from the current level of 3.60 per cent, the timing of that cut is very much up for debate.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Thanks to higher-than-expected inflation data in the last two months, three of the big four banks – including ANZ – don't expect the next instalment of relief to be handed down until next year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However, a surprise jump in unemployment figures published by the Australian Bureau of Statistics last week has put the prospect of a cut firmly back in play. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/anthony-albanese-plane-unexpected-landing-return-trip-us-visit/9425b3e4-4bbd-4572-8da9-274f632e3ec9"><strong><span>PM's plane forced into unscheduled stop on way home from US</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The market had priced in a roughly 45 per cent chance before those jobs figures, which jumped to around 75 per cent after their release.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Inflation data for the September quarter, to be released this week, is set to have a significant impact on whether Michele Bullock and her monetary policy board opt to hand down a cut on Melbourne Cup day. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Tindall said ANZ's savings rate reduction showed how important it was for customers to keep a close eye on their accounts.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"These changes might be piecemeal but they serve as a great reminder to check your savings account," she said. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Make sure you understand exactly what your bank needs you to do to qualify for the maximum rate and check you're achieving this on a regular basis.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"If you're not, it could be time to shop around. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"For those that long for a less complicated savings account, know there are still some offering ongoing rates over 4 per cent with no strings attached."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><span>The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>:</span></em></strong><span> </span><em><strong><span>Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the</span></strong></em><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple App Store</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU" target="_blank"><strong><em><span>Google Play</span></em></strong></a><strong><em><span>.</span></em></strong></div></div>