You're encouraged to save with the ANZ Progress Saver account. It rewards you with a bonus interest rate just for making one small monthly deposit of $10 and no withdrawals. It comes with the flexibility to set regular transfers into your savings account from the ANZ Access Advantage everyday account.
To link your ANZ Progress Saver account to your ANZ Online Banking, you need to call up ANZ and ask it to manually link it. It can't be done online.
What are the features of the ANZ Progress Saver?
A bonus interest rate for consistent deposits is just one of the many features you will find with the ANZ Progress Saver.
Earn up to 1.81% p.a. when you deposit at least $10 per month and make no withdrawals
You receive a bonus interest rate of 1.80% p.a. if you deposit at least $10 by the last business day of the month and there are no withdrawals, charges or fees processed on the account in that same month. If you intend to make this deposit towards the end of the month, note that it could take a few business days to process the transaction.
Base interest rate of 0.01% p.a.
The standard interest rate on balances is 0.01% p.a.. This applies if you can't meet the requirements outlined above.
$0 monthly account service fee
There is no monthly fee for an ANZ Progress Saver account.
$10 minimum opening deposit
When you open your account, you need to deposit at least 10.
How is interest calculated?
The interest is calculated daily, and then paid monthly on the last business day of each month. It is a variable interest rate, so will most likely move alongside the RBA cash rate.
Can only be linked to a ANZ Access Advantage account
You can set up regular transfers that will ensure the $10 monthly deposit obligation is met. A linked transaction account helps you move money in and out of your savings easily. You can compare other ANZ everyday and savings accounts here.
The first transaction conducted each month is for free. After that you will be charged $2.50 for a transaction with a teller and $1.00 for each electronic transaction.
If you are under 18 years of age you can have all transaction fees waived for your account.
You can view your savings progress at any time using ANZ’s free Internet Banking or the app. You'll get 24/7 access with a savings graph every statement to show you how you're tracking with your saving. The app is called ANZ goMoney and is provided by ANZ, available on the App Store and Google Play.
Personal use only
This account can only be opened under a personal name and used for domestic purposes. If you want to open this account for a child under 12, the account should be opened in the name of an adult but as a trust for the child.
|Rate||If you don't meet the conditions||0.01% p.a.|
|Bonus||Bonus interest if you deposit at least $10 and make no withdrawals||1.80% p.a.|
|Bonus + Rate||1.81% p.a.|
- $0 ongoing fees
- $0 internet transaction fees
- Security of a big four bank
- Can be linked to any Australian everyday bank account
- $10 monthly deposit and no withdrawals to receive competitive bonus interest rate
- Low standard base variable rate of 0.01% p.a.
- $1 fee for phone banking
How do I apply for the ANZ Progress Saver?
If you like the idea of bonus interest just for making a small monthly investment then you can apply for the ANZ Progress Saver by clicking on ‘Go to Site'.
Eligibility to apply online
But first make sure that you are able to meet the following eligibility requirements:
- Age. Anyone of any age may open an ANZ Progress Saver account, although for children under the age of 12 it is recommended that the account be opened in the name of an adult who is holding the account in trust for the child.
- Residency. Only Australian residents with a valid Australian residential address may open an account. You must already be an existing ANZ customer or be able to complete the ANZ customer identification process in Australia when the account is opened.
- Deposit. You will need to make an initial deposit of at least $10 when opening the account.
- Account purpose. This savings account is only for use by individuals for private or domestic purposes. It is not meant for any business purpose.
Documents you'll need to supply online
If you do meet these requirements, have the following documentation ready before going forward with completing the application:
- Identifying documents. You will be asked to supply the number of a valid Australian identification document. This could include a driver’s licence or passport. If neither of these is available, you could use your birth certificate accompanied by another form of non-photo ID such as a utility bill.
- Linked account numbers. If you are an existing ANZ customer and would like to link the savings account with your ANZ Access Advantage everyday account, you will need to be able to provide an account number.
- Non-residents. If you are currently living overseas with plans on coming to Australia you will need the non-Australian resident form to complete the application.
What happens after I apply?
If you are prepared with the right documentation, filling out the application form should take only ten minutes. Once submitted, your new savings account will be opened within two business days. You can then set up automatic transfers from your everyday account to ensure you are making the minimum monthly deposit required to receive the bonus interest.
What if I'm a non-resident or not eligible to apply online?
If you intend of moving to Australia, ANZ has specialist migrant services to help you open an account before you arrive. Otherwise, if your situation is none of the above, please get in touch with ANZ over the phone or visit your local ANZ branch to open an account.
What’s Resident Withhold Tax? and why is it charged on interest earned? what % is it? Can it be claimed back?
Withholding tax is tax deducted at source, in this case from the interest that is paid to you. For foreign residents, this should be at a rate of 10%. To find out whether this can be claimed back, we suggest that you get in contact with ANZ directly.
In my online banking statement is says resident withhold tax on interest paid and they have deducted $5 from my account. Why has this happened?
As finder.com.au is an online comparison service, we do not represent ANZ bank. In some cases, if the average account balance falls below the specified minimum in any month, ANZ may charge a monthly account service fee of $5 for that month. We suggest that you get in contact with them directly to discuss this situation.
Could you please tell me which is the best bank account for our grandchildren, we want to put money in an account up until they turn 16 or 18, we put in $7 per week and 'try' not to make any withdrawals.
As finder.com.au is an online comparison service, we cannot recommend specific lenders.
I noticed that my interest are being taxed as Resident Withhold Tax. What does this mean? I am an international student, and I believe I am not suppose to be taxed?
Withholding tax is tax deducted at source, in this case from the interest is paid to you. For foreign residents, this should be at a rate of 10%. If it’s more than 10%, please speak to ANZ directly to advise them of your residency status.
How can I transfer from my online saver to everyday account?
You can transfer funds to your everyday account by logging onto ANZ Internet Banking, or the goMoney iPhone or Android app. You can also transfer funds using ANZ Phone Banking. I’d recommend contacting ANZ directly to find out exactly how this is done.
Do you need to already be an ANZ account holder to gain an ANZ super saver account??
In Australia, the Super Saver account is no longer available for new applicants. ANZ now offers the ANZ Smart Choice Super account, which can be opened even if you’re not already an ANZ account holder.
Can my wife remove her name from our progress saver and online saver joint accounts?
Yes your wife can remove her name from both of your accounts – this can be done by getting in touch with ANZ directly.
How to transfer from progress saver account?
You can transfer funds from your ANZ Progress Saver to your ANZ transaction account by logging into the ANZ existing account holder centre. You can then transfer the funds from your ANZ transaction account. If you’re having trouble navigating through the site, please get in touch with the ANZ customer service team and they’ll be able to help you.
Since I’ve logged on net bank, I’m able to transfer money from any account except the progress saver, can’t do that on mobile app either, how would this happened? If there is any other way to do that, plz show me step by step.
Have you tried transferring funds from your progress saver to your linked ANZ transaction account? In most cases you can only transfer funds to and from your high interest savings account through your linked transaction account. Since we are not ANZ, we don’t have access to their online banking portal. For a step by step guide, you’ll need to speak to an official representative from ANZ who has access to this portal.
I opened up a progress saver account in september, and deposited money in it. now, it is the first of november. I didn’t have time to put money in october, will anything happen to my account? will it charge me money?
You won’t be charged anything, but you’ll receive the SVR (Standard Variable Rate) rather than the MVR (Maximum Variable Rate) for that particular month. However, if you meet the conditions again this month, you’ll still receive the MVR.
I’ve had my progress saver account for nearly 10 years. Why am I now all of a sudden being charged a resident Withhold Tax on Interest Paid? This month is the first time it has been charged. Mine and my husbands TFN are on file. (It’s a joint account).
Please get in touch with ANZ directly to troubleshoot the problem, it could be an internal error with your account.
I have an access advantage account and a progress saver account and I can transfer money from my access account but not from my progress saver account on the ANZ app. How can I transfer money from progress to access?
I have $20,000 in my progress account.If I get maximum interest rate provided that i did deposit $10 into the acc and no withdrawal, i should be getting $61.83 for each month. Moreover, i have filed my tax file number and verified that it is been keyed into the system. However, i am only getting $36.49 for the past 2 months. In additional i was taxed a $3 for non-resident withhold tax on interest paid. I hope to clarify my doubts on the progress saver acc.
Unfortunately because we don’t represent ANZ or manage their products in any way, we’re unable to help you find out more about this. I suggest you contact ANZ directly to find out why you’re not receiving the full amount of interest and are being charged extra fees.
We have a progress saver account with almost half the interest paid being taken as resident with holding tax, although our TFN numbers have been supplied to ANZ? Is this right?
Withholding tax is usually charged if you have an overseas residential address, or if you don’t provide your bank with your TFN or a TFN exemption. If you feel you’re still being charged this tax even if you do not fall into these categories I’d contact ANZ directly to find out more.
I’m wondering why am I no longer to transfer funds from my Progress Saver account to my Access Advantage account. And also, how do I go about closing my Progress Saver account with funds being transferred to a different account?
Please check if there are sufficient funds in your account. If it’s an internal error, such as Internet Banking not working properly, please get in touch with ANZ directly to resolve this. If you’d like to close your Progress Saver, you’ll need to transfer the funds out of the account into your Access Advantage, and then from your Access Advantage to your other everyday account. After the funds have come out of your Progress Saver, you can close it by getting in touch with ANZ.
I am trying to understand how the interest is added to you savings. We have an ACCESS account ( no interest ) and wish to have a savings a/c with interest.Please explain the bonus rate ,max variable rate. For eg. if we had $5000.00 in the account for 12 months, how is the interest added?
The maximum variable rate is the standard variable rate plus the bonus variable rate. If you deposited funds into the ANZ Progress Saver and made a single deposit of $10 or more within the month, then you’ll receive the maximum variable rate for that month. If you didn’t meet this condition for the month, then you’ll just receive the standard variable rate for that particular month. If you’d like, you can use our savings goal calculator to help calculate how much you’ll receive.
Just so I’m clear does the bonus variable rate get added to the Maximum variable rate …seems awfully high.
Unfortunately that is incorrect. The Standard Variable Rate gets added to the Bonus Variable Rate, which gives you the Maximum Variable Rate.
How do I transfer funds from my progress saver account to my Access Advantage account. It seems that the online banking tool will only give me the option of transferring FROM my Access Advantage Account.
Please get in touch with ANZ directly regarding how to navigate through the ANZ online banking platform.
I have a progress saver account and I’m wondering why am I being charged with resident withholding tax. If the interest I earned is $10 then they will take off $4 for the resident withholding tax.
You’ll need to provide ANZ with your Tax File Number if you haven’t done so already. If you have an overseas residential address or don’t supply your tax file number, a tax file exemption, or an Australian Business Number, your bank will by law be required to charge you this tax. You may want to contact ANZ directly if you’ve complied with the requirements.
How do I close an access account that I have in my brothers and my name?
To close your ANZ account you’ll need to call ANZ directly and request for them to close your account. You may not need the permission of the other joint account holder to close your account.
Just wondering if this account needs to be linked to another anz account. Or can I use it as a stand alone account and direct debit into it from account from another bank.
You can link this account to an everyday account with any Australian institution, so can make transfers from external accounts. You can also deposit cash into this account directly at an ANZ branch.
I have funds in a Progress Saver Account (Current ballance – $2xx.xx) But $0.00 in the ‘Available Funds. Do I have access to the money or is there some other issue I am not aware of?
Please allow 2-3 business days for the funds to appear in your ‘available funds’. Sometimes when you transfer funds or deposit a cheque, the funds appear in your account but haven’t fully transferred through.
What are my alternatives for taking money out of my progress saver? Can I do it online?
To access funds from your account firs transfer it to your linked everyday account and then access it as this account allows you to.
Can I link my other ANZ online accounts with this Progress Saver account? Also… I have a linked online ANZ E-trade account with my Access and Credit Card accounts. Can I purchase any shares on the stock exchange with the E-trade account when the funds are deposited?
In the terms and conditions it states that, “If you choose partial access, you cannot make withdrawals at an ATM. In this case you can only use an ATM to make deposits, make balance enquiries and transfer funds into your ANZ Progress Saver account from other linked ANZ accounts.” Yes, you can use your ANZ Share Investing account to purchase shares when you’ve deposited funds into your ANZ Share Investing account. You can trade within 24 hours of account opening.
It appears that I am unable to make online withdrawals or transfers from my Progress saver account. How can I access funds?
You’ll need to transfer the funds first to your linked account, you can then access the funds from your linked transaction account.
Can you recommend an ANZ savings account where only the monthly interest earned can be withdrawn without incurring a penalty?
The ANZ online saver has bonus interest for the first four months at the time of writing. After that it reverts to the standard variable rate. The ANZ VS Plus and Premium Cash Management account is also available but both have minimum balances.
Can this account be opened in a business name?
This account is for private or domestic use only. ANZ have a separate range of products available for businesses on their official website.
How do I change the date that $10 gets with withdrawn from my every day savings account to this account?
This will depend on who your linked account is with. In most cases, you can set your regular deposits in the payments section of your internet banking.
I am wanting to make aa withdraw from my progress saver today. I received my bonus interest on the 10th of this month,but my interest payment date is due to change to the 30th of each month(today). If I make a withdraw today,will I receive my bonus interest for next month (30/5)?
As long as in the previous month you made at least one deposit of the set minimum amount (currently $10) or more and made no withdrawals, fees or charges were taken from your account in the previous month, then the bonus interest should apply.
If I will get my interest of this month tomorrow, but I have to withdraw some funds from the Progress Saver today, will I still get my interest tomorrow or will I lose it?
Making any withdrawals in a month will mean no interest will be paid for that month.
I am trying to see our account balance of our account and then transferring it to an online statement.
You can view your balance and request online statements by logging onto your ANZ website or calling them directly.
Is the progress saver account available with a passbook? If not can you advise if you have any passbook accounts.
Unfortunately this account isn’t available with a passbook, and ANZ no longer offer passbook accounts.
Can I request that my Progress Saver bonus interest be paid into another of my ANZ accounts, not the Progress Saver account, meaning that I have not made a withdrawal from my Progress Saver account, and am therefore still eligible for bonus interest?
Unfortunately this isn’t possible with this account, as the interest is only paid into the Progress Saver account.
If I want to withdraw a large amount of money (80,000) from my progress saver account, can I do it through the counter as it is over the daily transaction limit (10,000)? Is there any fee?
First you’ll need to transfer the money from your ANZ Access Advantage to your linked ANZ Transaction account. Whether a fee will be charged for drawing the funds from an ANZ branch will depend on which ANZ Transaction account you hold, for example, the ANZ Access Advantage doesn’t charge for eligible staff-assisted transactions.
What happens if you are 13 and haven’t got a TFN.. do ANZ take out holding?
ANZ are obliged by law to withhold an amount from any interest paid or credited to the account holder. At the moment the withholding tax rate is 46.5% for all customers who don’t provide their TFN.
What are the penalties if withdraw money?
If you withdraw from this account, you’ll earn the standard variable rate listed for this account rather than the maximum variable rate.
Is there anyway at all that the account holder can withdraw money from their progress saver without forfeiting the bonus interest ?…..if not, then one would be wise to wait until the 1st of the coming month, withdraw what you need on the 1st, close the account and then open a new progress saver and re-invest the remaining money back into the new progress saver, would they not?
Unfortunately you won’t be awarded the bonus interest if you make any withdrawals or debits for that month with the ANZ Progress Saver. The method you’ve mentioned above is also a way to ensure you always receive the bonus interest – though please be mindful that the interest isn’t paid on the 1st of every month, its deposited on the monthly anniversary of account opening.
Can I set up a direct debit from one of my internet savings account?
You should be able to set up a direct debit to your ANZ Progress Saver – when you fill in the form, you’ll need to state the BSB and account number of your ANZ Progress Saver.
Is this available for SMSF. If not, what is your best deals for SMSF cash deposits
The ANZ Progress Saver isn’t available for SMSF. At the moment we don’t compare SMSF products, to find the best deal for your SMSF cash deposit you may want to consider seeing a financial planner.
Just wanted to ask about only one free transaction per month does that mean if I deposit money every week rather than once/month there will be a fee? Also how does it work to have no additional fees if you are under 16 when the minimum age to open the account is 16? I am wanting to open this account for my children
The one free transaction per month refers to staff assisted or phone banking transactions. You’re allowed one free one per month and then any other staff assisted or telephone transactions will be charged until the next month rolls over. If you’re under 18 and want to open an ANZ Progress Saver, you may apply for a waiver of ANZ Transaction Fees on your ANZ Progress Saver account.
How do i withdraw money or transfer money from a joint account to my personal account without my partners consent. Is it possible?
This is usually not possible with a joint bank accounts – all transfers will be recorded on your statement which is accessible by you both.
I want to transfer money from my progress saver to my cheque account when is the best time for me to do so without loosing any interest
Because interest is compounded daily, it may be best to leave your money in your account for as long as you can. ANZ will pay the interest into your account every month from the date you opened your account, so the best time may be to transfer the money a day before this date.
Is there a limit to the amount which can be invested??
There is no limit to the amount which can be invested, but keep in mind that the bonus interest is conditional.
What is resident withhold tax on interest paid?
If you haven’t submitted your TFN for the ANZ Progress Saver, the Australian government charges a tax for payments of the following; interest, dividends and royalties. This may occur if you haven’t supplied your Tax File Number (TFN) to ANZ. By law if you don’t do this ANZ must withhold an amount from your interest paid. It would be best to contact ANZ directly regarding this.
Is there a way to link my Progress Saver to my debit card? As in, by choosing Savings on my debit card I’ll access my “Access Cheque Account” and by choosing cheque I’ll access my “Progress Saver” Account in case I need to use it for emergency?
Unfortunately, at the moment you can’t link your progress saver to your debit card.
If i close my account on the day after bonus interest is paid and then the next day or even the same day open another progress saver i would only lose one day of bonus interest. Is this correct. My point is that for me to take any money out of my account i would possibly lose hundreds of dollars in bonus interest even if the rest of the money is still in the account for the whole month.
If you withdraw money in one month you’ll lose the bonus interest for that particular month. However, when the next month comes along and you’ve met the terms and conditions of the bonus interest rate you’ll still get the bonus interest for the new month. There’s no need to close the account and open another one for the bonus interest to apply again.
Is there a fee for closing or opening an account. For example it costs 2 or 3 dollars to get money out, so to close the account and get all my money out i would have to pay this fee at least i suppose?
There’s no fee for closing or opening the account.
If i was taking out money from my Progress Saver Banking once in a month, is there still any interest for me?
In order to qualify for bonus interest you must make at least a single deposit of $10 or more, and no withdrawals or debits in that same month. This means you would not earn the bonus rate of interest if you took money out once a month. There are some accounts in the market which still earn interest even if a withdrawal is made, you can find these on our savings account page.
I am a Malaysian and my daughter is currently a student in University of Melbourne. Would we be able to open a ANZ Progress Saver joint account? What would be your advice?
To open this account you need to be an Australian resident with an Australian address and have a $10 minimum balance. If your daughter can meet these requirements then she should be able to open an account.
Can you tell me how to close a progress saver account
You can go into your local ANZ branch or contact their call centre to close your account.
How do I submit my TFN to Anz? Do i submit it online or go to a nearby branch? If online, Where do I go to fill in my TFN
Please go to your nearby branch to submit your TFN.
What the difference between standard and the bonus rate?
The bonus variable rate is the additional interest that banks may reward you with for certain conditions; such as an introductory offer or meeting their saving conditions. The standard variable rate is the interest rate you regularly receive if you don’t qualify for the bonus rate. For example, with the ANZ progress saver, you need to make a single deposit of $10 or more to qualify for the bonus interest otherwise you’ll receive the standard variable rate.
Is the interest rate fixed or can it change?
The rate is also subject to change – if you would like a fixed interest rate for your deposits you may want to consider a term deposit.
What is the bonus interest rate and when does it apply?
Please refer to the bonus variable rate. To qualify, in the previous month you made at least one deposit of the set minimum amount (currently $10) or more (you can make as many deposits for as much as you like throughout the month) plus no withdrawals, fees or charges were taken from your account in the previous month.
I opened a progress saver account in mid July with a large deposit and no withdrawal. Is interest calculated at the end of each calendar month? if so why do I read in other questions that bonus interest is applied only on the 5th of the next month? Other banks with similar products apply bonus interest on the 1st of the next month.
With the ANZ Progress Saver, the interest is paid into your account every month from the date you opened your account.
If I have an ANZ cc and open a ANZ progress savers and then a everyday account, will the everyday account monthly fee be waived? I used to have one years ago and there was no monthly fee (i think) Im am considering moving back to ANZ but the only thing holding me back is the monthly fee on the everyday account (I don’t pay one and don’t wish to pay one)
ANZ offer an array everyday bank accounts which do charge monthly account keeping fees, however, ANZ also offer concession accounts with discounted monthly account service fees upon eligibility. It may be an idea to get in touch with your local ANZ branch or get in contact with ANZ directly to review your situation.
What is charge if I make third withdrawal in same month from progressives account…??
Here are the fees for your transactions with the ANZ Progress Saver: Staff assisted $2.50, Electronic $1.00 and Internet banking is free. Please keep in mind that if you make withdrawals the bonus interest won’t apply for that month.
If there is no difference between electronic & internet transfers, then why does it cost $1 for Electronic banking and Internet banking is free?
Electronic banking includes things such as EFTPOS, ATM usage and exchanging currencies.
Am I able to link this ANZ Progress Saver account with a non ANZ transactions account?
Yes – you make payments to and from the account with an linked ANZ account.
Can the ANZ Progress Saver account be linked to a transaction account at a *different* financial institution? Or is it necessary to open an ANZ Progress Saver and an ANZ transaction account in order to access your money?
No – you will need to open an ANZ transaction account to make payments to and from the ANZ progress saver.
I have this progress saver. Why on my papers indicate its a access cheque ? i don’t quite fully understand why it is name cheque for if only i have just recently open a new account and i don’t do cheque books. I have a visa debit card with the advantage access account. Also this progressive saver but the papers say access-cheque. This means if i want to withdraw the money on my progress saver i must press 'cheque' on the anz ATM machine ? or am i suppose to click credit rather then cheque or savings. I wonder why its name cheque you may be able to help me with this one :)
You cannot directly withdraw from your ANZ Progress Saver, you will have to transfer the funds from your Progress Saver to your Access Advantage and then you can use your Visa Debit card to withdraw it. The ANZ Progress Saver is a high interest savings account and can be a useful tool for your savings goals. Otherwise, I need more information as to where it states ‘access-cheque’ so I can fully help you.
I want to keep saving with my progress saver at a branch perhaps every fortnight or ones per month at a branch. Will i still get maximum interest rate per month ? I only currently earn 23.00 dollars there at this stage. But im presuming every fortnightly or ones a month i will add in a few dollars bit by bit. Will i get the full bonus rate and not to touch that money for 12months?
To be eligible for the bonus interest you need to make a single deposit of $10 or more in a month and no withdrawals or debits in that month.
If I just make deposits via internet transactions only and have made no withdrawals for that month, the interest rate will be…..?
When you make a single deposit of $10 or more in a month and no withdrawals or debits in that month you will receive the bonus variable rate. Please refer to the product table as to what the rate is.
Can this progress saver account be used within a smsf?
The ANZ progress saver account can be opened as a joint account and a trust, but not with a SMSF.
I already have an ANZ progress saver which I have not deposited in for years. If I start depositing will I get the maximum rate or do I need to open a new account?
According to the terms and conditions of the ANZ Progress Saver you’re eligible for the bonus interest if: ‘In the previous month you made at least one deposit of the set minimum amount (currently $10) or more (you can make as many deposits for as much as you like throughout the month).No withdrawals, fees or charges were taken from your account in the previous month.’ It doesn’t say that you need to open a new account to be eligible for the bonus interest, however it may be worth contacting ANZ to confirm this.
So for larger sums, I would have to set up for lump sum withdrawals? To avoid losing the interest when withdrawing the lump sum , it would be better to withdraw @ beginning of the next month, I guess??
You don’t need to set up lump sum withdrawals for this account. You need to make a single deposit of $10 or more in a month and no withdrawals or debits in that month to receive the bonus variable interest rate. If you make a withdraw in any month, you will only get the standard variable interest rate.
If I will get my interest of this month tomorrow, but I have to withdraw some funds from the Progress Saver today, will I still get my interest tomorrow or will I lose it?
To qualify for the bonus variable interest rate you need to make a single deposit of $10 or more in a month and no withdrawals or debits in that month. If you do withdraw your funds, you will still get interest but at the standard variable rate.
What is the maximum amount you can have in your progress saver account
There is no maximum for the ANZ progress saver account.
Can we use progress saver for our SMSF?
At the moment you can’t use the ANZ Progress saver for an SMSF, ANZ has a separate range of products for super and investments.
Can anyone transfer me money into my Progress saver account and Online Saver Account via EFT? Can I make payments using Progress Saver and Online saver Accounts?
Anyone can transfer money into these accounts via electronic funds transfer using your BSB and account number. In addition, you can make an unlimited number of payments from these accounts to anyone, but they can only be carried out online.
I would like to know what the interest is iff I apply for this bank iff I put money in this account iff I decide to do it will their be interest put on the money each day.
To check the interest rates, please refer to the ‘standard variable rate’ in our product table. For the ANZ progress saver, you’re eligible for the bonus variable if you make a single deposit of $10 or more per month and make no withdrawals or debits in that same month.
How i can close my progress saver account?
To close your savings account, you need to contact ANZ (either in branch or over the phone) to request this.
Is any interest withheld if you don’t have a TFN?
ANZ is required by law to deduct tax from any interest that you earn on your account if you don’t provide your TFN.
What it the minimum age to take out a car loan?
You may want consider our featured car loans, our reviews will contain the eligibility requirements so you can check them for the minimum age.
With the one free transaction per month rule… 1) Do you lose the bonus interest if you only do one withdrawal per month? 2) Can you put in unlimited deposits into the account per month and still receive the bonus interest or are you allowed only one free deposit per month… after which you lose the bonus interest rate if you do 2+ deposits per month?
1. Yes, the bonus interest is lost if any withdrawals are made that month. 2. Online deposits to this saving account are free and unlimited. More than one deposit doesn’t impact bonus interest.
I have a progress saver account and want to transfer some money out of there into another account using the internet. Although it gives me the option of transferring into this account, it is not giving me the option to transfer out.
Yes, you can withdraw money from your ANZ Progress Saver account to your linked transaction account. And here’s how: If you log in to your ANZ account, select the ‘pay and transfer’ tab which is second from the left, at the top of the screen. From there you can select your Progress Saver account from the drop down menu in the section ‘Pay from account’. The account you pay into will be your linked transaction account.
Is it true one will lose over 5.15% after a withdraw from a progress saver account? What if more than one withdraw is made in the same month?
It is true that the bonus variable bonus interest rate, is voided for each month withdrawals are made. Once the variable interest rate for that month is voided, there aren’t any additional penalties for withdrawing that I am aware of.
Is maximum rate for new accounts only?
This account is open to existing ANZ customers and new customers. The current maximum variable interest is as stated on this page.
What are the penalities if you need to withdraw some of your funds?
You will effectively lose 5.15% of your interest rate on any months you make withdrawals. Please keep in mind your account as it is set up by default will have a $1000 daily withdraw limit. Your minimum balance will have to be $10.
Is transferring of money from progress saver to online saver considered a withdrawal? and if it’s done thru mobile, is it charged?
Yes that would be considered a withdrawal. If it done through mobile it should not be charged.
Could you explain what the “resident withhold tax on interest paid” amount is? Does this mean ANZ do not have my TFN on record, or does it relate to something else?
It could be that ANZ do not have your TFN, you may want to go in branch to confirm if they have your TFN on record.
We have a progress saver we opened for our teenage daughter in October 2012 – actually it’s in her name & she signed the papers, so it’ her account but she doesn’t use it. We are making monthly deposits into it for her. She was 16 when it was opened. Suddenly in January, without any notification, 'resident withhold tax on interest paid' is being charged to her account monthly!!! She is a full time Australian Student…..in fact she cannot leave school until she is 17 (which was until May 2013) bylaw in South Australia, so PLEASE why can the ANZ bank suddenly charge this fee? She cannot claim it back on a tax return because she doesn’t even do a tax return. I have spoken with mothers who have accounts for their 16 year old and have had the same problem. This seems very WRONG. Please explain why this is happening.
It is most likely because you haven’t provided a Tax File Number (TFN) with the account, so ANZ is required by law to withhold an amount from any interest paid or credited to the account to satisfy the expected tax liability. Currently, the withholding tax rate is 46.5% for all customers who do not provide their Tax File Number (TFN). Since your daughter is a full-time student I’m assuming that she doesn’t have TFN just yet, so in this case it’s probably best to contact ANZ so they give you some advice.