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.
ANZ Progress Saver savings account
- Maximum variable rate
- 4.10% p.a.
- Base interest rate
- 0.01%p.a.
- Minimum deposit
- $10
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 4.1% 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 4.10% 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
Details
Key details
| Product Name | ANZ Progress Saver |
| Maximum Variable Rate | 4.10% p.a. |
| Standard Variable Rate | 0.01% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $10 |
| Minimum Age | 12 |
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Alison Finder
Editor
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Sarah Megginson Finder
April 23, 2024
Hi Barbara,
The ANZ Plus app can be confusing to navigate! If you wish to access these funds, you’ll need to transfer them from your savings account to your debit account. You should be able to do this in the app. If you have any trouble making the transfer, you can contact ANZ for support on 13 13 14.
Best of luck!
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Jake
January 17, 2024
Hi there,
If I apply online and open a ANZ Progress Saver savings account am I able to access the funds (if needed) with a debit card provided from a ANZ bank, or is it all through online only ?
Thank you
Sarah Megginson Finder
March 25, 2024
Hi Jake, you would need to transfer the funds from your Progress Saver to your everyday savings account in order to access them using a debit card.
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.
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Barbara
April 15, 2024
Hi, my name is Barbara, I’ve got a progress saving account on my ANZ app, to purchase something how would I do it. I haven’t got a progress saving card. I know I can do a transfer to my visa debit card, but what if you got a debit.