Finder makes money from featured partners, but editorial opinions are our own.

Our verdict

Earn bonus interest on your savings each month you make a single deposit of at least $10 and no withdrawals.

This account offers a small bonus rate of 4.25% each month you deposit $10 and make no withdrawals. This deposit requirement is really low and easy to meet compared to other sayings accounts, however the bonus rate is far less competitive also.

The withdrawal restrictions are also quite strict, compared to other accounts which offer a much better rate and have no withdrawal restrictions. That being said, these withdrawal restrictions could be just what you need to help you keep the money in the account and stick to your savings goal.

This account could be suited to you if you’ve got your transaction account or business bank account with ANZ and like the idea of keeping all your day-to-day finances in the one place. You can link your savings account to your everyday account and easily keep across your money in the ANZ app. But if you’re simply looking for a great interest rate, there are many accounts with higher rates on offer.

Pros

$0 ongoing fees
Bonus interest rate up to 4.25% p.a.
Small minimum monthly deposit requirement of just $10
Can be linked to any Australian everyday bank account

Cons

You can't make any withdrawals if you want to receive the bonus interest rate
Low base variable rate of 0.01% if account conditions aren't met

The ANZ Progress Saver account is designed to encourage good savings habits. It rewards you with a small bonus interest rate just for making a single monthly deposit of $10 or more, and no withdrawals. You can set regular transfers into your savings account from the ANZ Access Advantage everyday account, and track your progress via the ANZ App or Internet banking.

Details

Key details

Product Name	ANZ Progress Saver
Maximum Variable Rate	4.25% p.a.
Standard Variable Rate	0.01% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$10
Minimum Age	12

Key features

Earn up to 4.25% p.a. when you deposit at least $10 per month and make no withdrawals

You receive a bonus interest rate of 4.24% 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, so make sure you can meet the account requirements before opening this account.

$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.

Interest is calculated daily

The interest is calculated daily, and then paid monthly on the last business day of each month. It is a variable interest rate, meaning it can change at any time.

Link to any Australian bank account

You can link this account to any Australian transaction account. You can set up regular transfers from your existing Australian bank account that will ensure the $10 monthly deposit obligation is met.

Transaction fees

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. Also, if you make a transaction from your ANZ Progress Saver you won't be eligible for the bonus interest that month.

Under 18 years old

If you are under 18 years of age you can have all transaction fees waived for your account.

Accessibility

You can view your savings progress at any time using ANZ's free Internet Banking or the ANZ App on your eligible iOS or Android device. You'll get 24/7 access with a savings graph every statement to show you how you're tracking with your saving.

Personal use only

This account can only be opened under a personal name and is not for business use. 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.

How to apply

If you like the idea of bonus interest just for making a small monthly deposit then you can apply for the ANZ Progress Saver online in less than 10 minutes.

Eligibility

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.

Documentation needed

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 submit my application?

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.

Your reviews

No reviews yet. Write a review

Ask an expert

To ask a question simply log in via your email or create an account.

Ask a question

Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

You are about to post a question on finder.com.au:

Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
finder.com.au is a financial comparison and information service, not a bank or product provider
We cannot provide you with personal advice or recommendations
Your answer might already be waiting – check previous questions below to see if yours has already been asked

Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Tanya

December 20, 2023

How do l transfer money from progress savings to savings account , they are both linked to same card

Sarah Megginson Finder

January 05, 2024

Hi Tanya, You could do this online or through phone banking. Each account will have a different account number (which is seperate/different to the card) so you can transfer between them. Hope this helps!

Allie

November 29, 2023

If I go to the bank in person can I withdraw money for personal emergencies? Is there a limit?

Jason Loewenthal Finder

January 05, 2024

Hi Allie,

Withdrawing from this account means you won’t earn interest for that month. There are fees associated with withdrawals as well, depending on how you make the withdrawal.

I hope that helps.

John McCarthy

August 31, 2023

I have a progress saver account. If I withdraw say 20% from that account I understand that I lose interest on the remaining 80% for the next month. If I don’t withdraw any further sums then does interest start again on the remaining 80% one month later?

Alison Banney Finder

September 08, 2023

Hi John, that’s correct, you will be eligible to earn interest on your balance again the following month.

Amar

July 18, 2023

Can I withdraw money from the atm card from progress saver

Alison Banney Finder

July 21, 2023

Hi, no you can’t. You’ll first need to transfer the money from your saver account to a linked ANZ transaction account with a debit card.

Col

July 01, 2023

Is there a cap on the amount you can have in the progress saver for the interest?

Sarah Megginson Finder

July 03, 2023

Hi Col,

The interest rate applies on a daily balance of up to $250,000 or more. According to ANZ, a lower interest rate will apply across the entire ANZ Save balance if the daily balance is $250,000 or more.

Hope this helps!

ANZ Progress Saver savings account

Our verdict

Pros

Cons

Details

Key details