Product details
With a progress graph on every statement and an attractive interest rate of up to 1.60% p.a., the ANZ Progress Saver account is designed to get your kids excited about saving from a young age. With no transaction fees for under 18s and no monthly account service fees, it could be ideal for introducing your kids to the concept of saving and earning interest.
- Product Name
- ANZ Progress Saver for Kids
- Maximum Variable Rate
- 1.60% p.a.
- Standard Variable Rate
- 0.01% p.a.
- Bonus Variable Rate
- 1.59% p.a.
- Introductory / Bonus Offer Conditions
- Make at least one single deposit of $10 or more in a month and make no withdrawals or debits in that same month
- Monthly Fee
- $0
- Minimum Opening Deposit
- $10
- Minimum monthly deposit for bonus interest rate
- $10
- Internet Banking
- Yes
- Phone Banking
- Yes
- Joint application?
- Yes
- Maximum Age Requirement
- 18
- Age Conditions
- Once you've reached 18, the fee waiver may not apply.
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the ANZ Progress Saver?
Up to 1.60% when you deposit at least 10 per month and make no withdrawals
Earn 1.59% p.a. bonus interest on top of the standard variable rate of 0.01% p.a. when you deposit at least $10 a month into your account and no withdrawals, fees or charges are applied to the account in that month. If these conditions are not met, you will earn the base interest rate of 0.01% p.a.
The base and bonus interest rates are variable and subject to change. Bonus interest is calculated daily and awarded monthly.
$0 Account keeping fees
Enjoy a $0 monthly account service fee.
No transaction fees
Customers under 18 can enjoy no transaction fees. Simply show your proof of age at your local branch to receive this perk. Various transaction fees apply for those over the age of 18.
Direct credit available
Ensure your kids’ savings grow by easily setting up an automatic monthly transfer from a linked ANZ everyday banking account.
Watch your progress
A savings graph will be on each statement so your kids can easily watch their savings grow from month to month.
Joint account option
Customers aged 12-17 who meet the eligibility criteria have the option of opening an account in their own name, or a joint account with a parent or guardian.
Available for children under 12
For children under 12, a parent or guardian can open an account in Trust for their child.
ANZ Internet banking guarantee
You’ll be reimbursed for any unauthorised transactions. Conditions apply.
Mobile banking
Your kids can easily check their balances and transfer between linked ANZ accounts via the ANZ App.
Extra security
ANZ Shield is a mobile app that allows you and your kids to easily verify Internet banking activities and reset forgotten passwords securely.
Quick application process
It only takes 10 minutes to apply online. Compare other ANZ products.
Pros
- ATM Facility available
- Branch access
- No linked account required
Cons
- Minimum deposit required
- No cheque facility
What you’ll need to know before applying
Eligibility criteria
- Minimum age. You must be 12 years or older to apply for this account in your name. If your child is under 12, you can open an account in Trust for them.
- Residency requirements. The account holder must be an Australian resident with a valid residential and mailing address.
- Deposit requirements. You need a minimum deposit of $10 to open an account. You need to continue to deposit at least $10 per month to receive the bonus interest rate of 1.59% p.a.
Details you’ll need to provide
- Personal details. You’ll need to provide your name, date of birth, Australian address and contact information as part of the application process.
- Identification. You’ll need to show one Primary identification document, such as a valid passport, or two Secondary identification forms, such as a birth certificate or an Australian School Attendance letter. Customers under 18 need to show proof of age to receive the no transaction fee perk.
What happens next?
You can easily apply online in around 10 minutes. Your account will be set up within two business days of submitting your application.
