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Kickstart your kids’ savings habits early and enjoy no service or transaction fees with an ANZ Progress Saver account.
With a progress graph on every statement and an attractive interest rate of up to 1% 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.
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.
Key features
Up to 1% when you deposit at least $10 per month and make no withdrawals
Earn 0.99% 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.
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 0.99% p.a.
Documentation needed
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 after I submit my application?
You can easily apply online in around 10 minutes. Your account will be set up within two business days of submitting your application.
Ask an expert
To ask a question simply log in via your email or Facebook or create an account.
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