ANZ Progress Saver savings account

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

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.

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Alison Banney

Last Updated Dec 30, 2020

0.25% p.a.

Maximum variable rate

0.01%p.a.

Base interest rate

$10

Minimum deposit

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Product Name	ANZ Progress Saver
Maximum Variable Rate	0.25% p.a.
Standard Variable Rate	0.01%
Monthly Account Fee	$0
Minimum Opening Deposit	$10
Minimum Age	12

Pros

$0 ongoing fees
Bonus interest rate up to 0.25% 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% p.a. if account conditions aren't met

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This account offers a small bonus rate of 0.25% 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.

Key features

Earn up to 0.25% p.a. when you deposit at least $10 per month and make no withdrawals

You receive a bonus interest rate of 0.24% 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.

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37 Comments

Kamren
October 10, 2021

I want to transfer my money in my Progress Saver to my normal ANZ account but internet banking does not let me.
I remember that there were specific dates for withdrawals (not sure) but I forgot when.
Is this the reason why I can’t transfer money? If so how do I check when I can withdraw money?

finder Customer Care

Alison
October 21, 2021

Hi Kamren,

I checked the website of ANZ, but it doesn’t specifically mention that there are specific times when you can make withdrawals. From what I know, you can withdraw any time you want.
There might be other reasons why you’re not able to make transfers and it has nothing to do with the time when you are making withdrawals.

I highly recommend you get in touch with ANZ directly.

Regards,
Alison

finder Customer Care

Alison
October 13, 2021

Hi Kamren,

I checked the website of ANZ, but it doesn’t specifically mention that there are specific times when you can make withdrawals. From what I know, you can withdraw any time you want.

There might be other reasons why you’re not able to make transfers and it has nothing to do with the time when you are making withdrawals.

I highly recommend you get in touch with ANZ directly.

Regards,
Alison

Dianne
February 12, 2020

I already have a Progressive Saver account with the ANZ.
Am I able to open another Progressive Saver Account?

Dianne

Nikki
February 12, 2020

Hi Dianne,

Thanks for your comment and I hope you are doing well. You may certainly open multiple Progress Saver Accounts if desired and you are also able to earn the same bonus interest and do the same process in the application.

Just to reiterate: For Progress Saver, it is a great account for customers who wish to have strict savings plan/goals. With this account, you could earn up to 1.60% pa, providing that there is no withdrawal and a minimum deposit of $10 per month.

For further restriction on this account, you can opt in to not have an Access Card, and restrict your internet banking access on this account so that you can’t transfer the funds out or withdraw using the card. If you need to withdraw, you will need to visit the branch.
Base rate is 0.01% pa, and bonus rate is 1.59%pa.

Hope this helps and feel free to reach out to us again for further assistance.

Best,
Nikki

Cathy
September 24, 2019

My husband and I have a progress saver for my son who turns 18 in a couple of weeks. We are wanting to use some of the money in his progress saver before he turns 18 to buy him a car. What are the processes for withdrawing from this account? We only have paper based statements, there is no card associated with this account.
thanks

Nikki
September 25, 2019

Hi Cathy,

Thanks for getting in touch! If you have a Progress Saver without a card attached and would like to make a withdrawal, it is possible to do so at any ANZ Branch or if the account is linked to Internet Banking, transferring the funds out. Generally, you’ll just need to bring in a photo ID so ANZ can verify that it is your account.

Hope this helps and happy birthday to your son!

Best,
Nikki

Jan
July 15, 2019

How do I get a Statement I can print

Nikki
July 15, 2019

Hi Jan,

Thanks for getting in touch! To get your statement of account you can register your ANZ account to ANZ’s Internet Banking. Once registered, you’ll be able to manage your eligible accounts from their online statement feature. You can also search and download two years’ worth of transaction history. View your statements from a PC or laptop to print it easily.

Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.

Best,
Nikki

Caty
June 28, 2019

When did ANZ reduce the rate from 2.4%? How much notification was provided?

Nikki
June 29, 2019

Hi Caty,

Thanks for your inquiry.

When checked in the terms and conditions of this account – as it is an account with variable rates, bonus and base rates are variable and subject to change. The rates changed last June 26th 2019. You can see the change on the website directly or notice will be sent usually in the statement’s inserts.

Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.

Best,
Nikki

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