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ANZ Online Saver

ANZ Online Saver

2.5 from 26 reviews

See the Best Savings Accounts in 2019 as rated by Australians on ProductReview.com.au.

The worst savings account ever

I have been banking with them since 2013 and they give the worst interest on this account so I would recommend opening an eSaver account with Westpac so you can save quicker and faster.

Interest earning acc? Not really

Many have already posted the problem w ANZ online saver (OS) for existing customers so I won't rehash it. I've been waiting since Dec for ANZ to reverse their silly decision and it looks like they've decided to stick w only making new customers happy!

I've just open a progress saver (PS) , I'm going to try and juggle my everyday transaction acc, the online saver & progress saver and see how I go.

The idea is to move my savings into the PS to earn 2.39%pa (current as at Mar-19). & Leave some moneys in the OS to earn the lack luster 0.5%pa and withdraw from that, anything I can afford to save goes to the PS.

Lets see how I go, seems like a bit too much effort though.

No more bonus interest after 3 months

I've had the Online Saver for quite a few years now. At the end of the 3 month bonus interest period, all one had to do was contact the call centre or go to a branch to see what bonus interest offers were available. The overall interest rate was a little less than if one opened this account for the first time.

Imagine my disappointment when I was informed that from mid December 2018, that there will no longer be bonus interest for existing accounts. All one would get is the standard variable rate which atm is 0,5% pa.

An alternative offered me was the Progress Saver. To get the relatively "high" interest rate, one had to deposit a minimum of $10 for the month. The catch was any withdrawals in that month meant no interest would be earned. This lack of flexibility is of no use to me as I make deposits and withdrawals in the same month.

To get the 3 month bonus interest, I would have to close my account and then re-apply in 6 months time for a new Online Saver. That is not very encouraging.

I started looking for an alternative savings account that is flexible and with bonus interest. I have just offered such an account and it is not ANZ. I will be opening that new account soon.

ANZ is not rewarding its loyal customers and from the reviews of this product here, customers are closing their Online Saver accounts and moving their money elsewhere.

Not a smart decision by ANZ management to stop the discretionary 3 month bonus interest on existing Online Saver accounts in the pursuit of profits and their pay packets.

1 comment
Note: eSaver with Westpac gives the bonus interest for only 5 months. After that, I hope they can still offer a bonus interest to its loyal customers.

Online Saver Interest Rate

Like other reviewers, my wife and I visited the Mandurah branch of ANZ yesterday to update the interest rate on the online savers we were encouraged to open some years ago. We were promptly told the rate was now 0.5% and there was no top up bonus. Our deposits were only just over $250,000 and 40 plus years of customer loyalty counts for nothing. We were told there was no need for the bank to notify customers of the change because the fine print in the bank’s conditions of account permitted the bank to do what it likes. Accounts now closed. Lessons from Royal Commission- ZERO.

Online saver interest rate

After almost 50 years banking with Anz , we have changed banks to get better and regular bonus interest on our online saver account
Went in 1/2/19 to up date interest rate, staff member was very rude and unhelpful, will eventually change all our accounts
So much for loyalty

ANZ Online Saver Loyalty amounts to nothing! Churn and Burn Mentality!.

It is clear that the banks or at least the ANZ have learnt nothing from the Royal Commission and Customer Service. Its Online Saver for existing customers is a paltry 0.5% but new customers it is 0.5% plus 1.8 % bonus = 2.3% for three months. It is totally illogical as why the CEO of the ANZ Bank would implement such a change and disregard its loyal customers. As a customer of 30 years plus and a shareholder you are told by your bank manager that your only option is to find another bank. It is a decision of executive management. I can't help you. However be careful of the fine print, the 1.8% is only available for 3 months and then you will left with just 0.5% a month and thrown on the scrap heap (churn and burn). The ANZ Bank does not value customer loyalty, find another bank that will.

No bonus rate for loyal customers

A rip off. Bonus for new customers only? I thought old clients should not be disadvantaged. Why not depart?

Unable to extend bonus interest

Tried to extend bonus interest rate on ANZ Online Saver today but was told I could no longer do this as these accounts were for new ANZ customers only. So much for being a long term customer of over 20 years. I have been extending bonus interest rate on my account every three months for the last two years. Looks like I will be taking my money elsewhere. Very disappointed with ANZ service!!


amazing! love the service at this bank & the interest rate is so good, love how there are no fees involved and can do unlimited transactions

The worst experience ever with ANZ bank, staff have no idea what they are doing

They sent me an email offering me $10 monthly fees, when I noticed that they did not apply this discount I rang them up to point out the error. [name removed] from complaints told me that I should remain to Breakfree package and pay $395 annually in order to receive $10 off. Oh, really?!!! Mind you in the original email he never mentioned that condition, and it was not even a subject of discussion either. Lodged complaint with Financial Ombudsman Services as ANZ staff are liars and covering up for each other. Futile attempt to blame their ouw lack of professionalism on others. Utter disgrace!!!

You have to constantly reapply for the bonus rate

I have changed banks because I constantly have to ring to have the bonus rate applied. Don't open an account with ANZ, if you have one vote with your feet, they are taking you and your money for granted!

Business Account

Hi I do have two business account one in common Wealth bank and other one with ANZ , the overseas clients process the payment on Wednesday...but I always get it on Friday with Common Wealth bank, but when it comes to ANZ it comes on Monday or Tuesday on the following week....terrible for business customers...they should learn from common Wealth bank.

I received a satisfactory result to a complaint

I opened an on-line savings account with ANZ. It had bonus interest applied, but only if you contacted the bank or went in in person to say you wanted it. I had no bonus interest for a year. When I made a complaint I was offered 3 months bonus interest. (An amount of about $500. ) I refused. The account had over $100,000 in it. An independent arbitrator offered me the full amount of one year's bonus interest, an amount of ($1500) . I accepted this. But I still have to contact the bank ever 3 months to say " yes I want the bonus interest"


Opened my online saver approx 4 years ago. A few days before my current offer expires I ring and ask for the introductory bonus rate to be re-applied and it has always been granted. However, a few days ago I rang as per usual and was told they would re-apply the bonus interest rate but I would receive 2.50% instead of the advertised 2.55%. I wasn't impressed! Today went online and discovered it had been re-set and I would receive 2.30% not 2.50% as informed. Rang again, person tried to fob me off but eventually granted me 2.50%. Bad PR ANZ I have gone from being an extremely happy customer recommending and singing your praises to being a dissatisfied customer who has lost trust in you.

$5 monthly fee is ridiculous

I have one of there online account for a few months, the interface is ok definitely not the best for friendliness, needs bit of time to get use to. What l don't get is the $5 monthly fee, to avoid you need to deposit $2000 each month. Really not worth it.

I need 3 phone calls to have the bonus interest applied

When you ask for the bonus interest the ANZ applies it for a period of 3 or more months. When it expires you have to call them and ask for a new one to be applied.
My experience after 3 rounds of expired bonus interests:
- after the first call they say it takes 2 business days to apply it. But it won't happen.
- you need to call a 2nd time, sometimes you need to call a 3rd time.
- in the mean time they save 1-2 weeks on the bonus interest.
- And you wait 30min every time you call them.
Just the worst customer service...

The ANZ can't even do a simple rollover of an investment on time

They need 2 days to rollover, so robbing the customer of 1 or 2 days bonus interest. Just a few cents but the skinflints would still rob you! How low/cheap!

They told me I should have called 10 days before the expiry due! 10 days to do a simple extension? And anyway, when I rang 10 days before they told me to ring closer to the expiry date. Hopeless.

1 comment
Furthermore: Here I am 2 days later still trying to get through and have the ANZZZZZ load the bonus interest on my ONLINE SAVER account. The person I spoke to today hardly believed that "Jason" had told me it was going to take 2 days to rollover. But she could see that I had called 2 days ago and that my bonus interest is still not loaded. She told me she was going to talk to someone so they can load it on. After 12 minutes on hold listening to the ANZZZZZ stupid jingle I gave up. Don't bank with ANZZZZ. They are hopeless; but then all banks are hopeless. I shall try to look for some bank less hopeless...... shouldn't be too hard.

This is the best bank account ever. But Nobody gets it. Here is the best banking advise you'll get!

OK. Firstly I'm telling you to forget about the way banks have educated us to use their bank accounts. Its all a rort! They insist you must have an Everyday (transaction) account in which you pay all your salary and income and then pay all your bills out of that same everyday account (which co-incidentally pays no interest and most likely charges fees on top). They insist you must have an access card in order to use EFTPOS or ATMs to pay for your shopping and make cash withdrawals from this same account and maybe write the odd cheque. You are then advised to pop your spare money (if any) into the online saver where it earns much better interest. Sound familiar? Yes? Actually its all WRONG WRONG WRONG! That is what banks want you to do. However with ANZ's Online Saver you can do exactly the opposite! That’s because ANZ's Online saver is totally free of fees and pays the best rate of interest for a transaction account (yes it's actually is a fully-fledged electronic transaction account). So you get all your salary and income paid into the ANZ Online Saver where it earns top interest (calculated daily and paid monthly) from day one. You schedule all your bills to be paid (as late as possible but before the due date) from the online saver using internet banking. After all, aren’t you doing that already with your "expensive" everyday account instead? You get a credit card instead of an access or debit card to use for your everyday purchases using "tap and go" and have the entire credit card balance (optional) paid off on the due date via direct debit from your Online saver. So the only reason you really need an everyday account with ANZ is in case you need to make a cash withdrawal or write out a cheque. And because you must have one in order to qualify for the ANZ Online saver. So the idea is to keep a MINIMUM amount in your everyday account (few hundred dollars at most) and the MAXIMUM amount in your online saver and schedule all your bills (via internet banking) to be paid directly from your Online saver. I use the Bankwest Zero MasterCard because it has zero fees and I have the full statement balance direct debited from my ANZ online saver each month. You can also get free Mastercard/Visa credit cards from HSBC, Virgin Money, ME Bank and Citi bank. If you haven’t got one already throw away your ANZ credit or debit card and get a FREE credit card instead. Now for a free everyday transaction account you are limited to ANZ's access advantage account providing $2000 is deposited into the account each month. Well that’s really easy. Just schedule a recurring $2000 transfer from your online saver to your access advantage account once a month. Then schedule a recurring $2000 transfer back to the online saver a day later. Ha Ha! If you need to withdraw any cash, just transfer what you need into the access advantage account or schedule a transfer of less than $2000 back to your online saver each month. It’s that easy! Fee free banking with high interest from ANZ!

Less interest than stated!

I had an ANZ Online Saver for three months. After the first month I checked the credited amount and it was almost 0.5% less than they said it would be. So I went to a branch and told it one of the ladies there. She then double checked my calculation and said it wasn’t quite right but according to her result, the paid interest was still 0.3% less than it should be.

That was just round $7 per month less but from a bank you would expect the interest to be calculated correctly. So the lady said the only thing she can do is to forward the problem to the ANZ online division because her branch would have no influence about what they do.

Within the following two months I asked twice for the outcome and whether they’re going to fix the problem. Each time they told me that they haven’t heard back but will forward my complaint again – and I’m still waiting for an answer...

In the end I found another bank that has the same service but pays even higher interest than ANZ, so I moved me money there.
A high interst account is handy to park spare money but there are banks which pay even higher rates.
ANZ paid less interest than stated.

Be wary of the bonus interest offer

Current offer is 4.25% base rate plus 1.75% bonus interest, valid until mid 2012. It was as such at the time we opened the account, the representative telling us the bonus interest was effectively 'indefinite'. Have since had two months where the bonus has not been paid and customer service advises the bonus is only payable for the first three months of the account. Examining options for further complaint through external channels as this is clearly a misrepresented product. Steer clear.
Competetive rate, when paid as per agreement
Product misrepresented, bonus interest only valid for three months

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Questions & Answers

Why is ANZ so shoddy with its customer service and stopped giving its loyal customers bonus interest on its Online Saver acc? Shonky.
No answers

Can I transfer money from my online saver account to my access advantage account?
2 answers
Yes but I would recommend going to Westpac and opening an Westpac eSaver account since you get better interest on that account.Note: eSaver with Westpac gives the bonus interest for only 5 months. After that, I hope they can still offer a bonus interest to its loyal customers.

Hi My account is with commenthwell and i have a cheque from anz. How can i transfer it to my account ? Thanks
1 answer
Ask your bank. They will advise you.


ANZ Online Saver
CategorySavings Accounts
Release dateOct 2008
Visit official website

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