ANZ Progress Saver for Kids

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Updated
ANZ Progress Saver for Kids
Maximum variable rate
3.75% 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 3.75% 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 3.75% p.a.
Standard Variable Rate 0.01% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $10

Key features

Up to 3.75% when you deposit at least $10 per month and make no withdrawals

Earn 3.74% 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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How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Sources
  1. ANZ Progress Saver for Kids information page
  2. ANZ Progress Saver for Kids TMD

Your reviews

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Alison Finder

Editorial Manager, Money

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

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nigel

February 18, 2025

Can I set up a progress savers account so that the children can not see or touch? but is linked to their account


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Angus Kidman Finder

February 18, 2025

Hi Nigel, Progess Saver doesn’t have an option for associated accounts that I can see, invisible or otherwise.


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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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Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

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