In this guide

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  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
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ANZ Progress Saver for Kids

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Updated
ANZ Progress Saver for Kids
Maximum variable rate
4.25% p.a.
Base interest rate
0.01%p.a.
Minimum deposit
$10

Summary

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 4.25% 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.

Pros

  • ATM Facility available
  • Branch access
  • No linked account required

Cons

  • Minimum deposit required
  • No cheque facility

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name ANZ Progress Saver for Kids
Maximum Variable Rate 4.25% p.a.
Standard Variable Rate 0.01% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $10

Key features

Up to 4.25% when you deposit at least $10 per month and make no withdrawals

Earn 4.24% 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 make no withdrawals, and no fees or charges are applied to the account in that month. When you're aged under 18, no transaction or account-keeping fees apply. If these conditions are not met, you will only 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.

Launch savings calculator

How to apply

Eligibility

  • 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.

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Alison Finder

Editor

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Margret

March 20, 2024

I am a current ANZ bank account holder. I would like to open an account for my grandchild who is 11 months old at this time. I would be making monthly deposits of $10-15. Can additional payments be made and what would I have to bring to the bank to open that account. Thank you for your help. Cheers Margret


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Sarah Megginson Finder

March 25, 2024

Hi Margret,


This is a lovely idea for your grandchild! You’ll need to be able to verify their identity to open the bank account, such as their birth certificate.


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Anna

May 19, 2023

What is the best gift savings account for a grandchild who lives overseas?


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Raj Lal Finder

May 22, 2023

Hi Anna,

We aren’t licensed to offer you any personal financial advice or product recommendations. However to find the best savings account for your grandchild, you can view this page on children’s savings accounts https://www.finder.com.au/savings-accounts/kids-savings-accounts.


Thanks

Raj


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Avatar

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

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