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ANZ Progress Saver

ANZ Progress Saver

3.4 from 12 reviews

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

Reviews

Review distribution

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pd_one

pd_oneperth

  • 10 reviews
  • 1 like

poorly presented - must close the account when a withdrawal is made

published

When you eventually have to take money out you lose the interest for that month (if you leave the funds in the account), so say with $100,000 in the account you earn 0.1% interest for that month..that is, on 100000 you lose about $200 in interest. The alternative online saver has a reasonable 2.3% but is only for 3 months for new customers.

ANZ should advertise that when you want to withdraw money you should close the progress saver and shift to another different bank that offers reasonable interest. Customers should not have to put up with these calculated tricks from ANZ.


ConsumerMan

ConsumerMan

  • 34 reviews
  • 1 like

Open Two Accounts

published

If you make a withdrawal during the month from your ANZ Progress Saver account the interest rate for that month reduces to .05% (current) on the entire balance. To avoid reduced interest consider opening two ANZ Progress Saver accounts. That way if you must make a withdrawal from one account the balance of the other account is still attracting the higher interest. As always consider if this suggestion is right for you.

Uthpala Lakmalee

Uthpala LakmaleeBayswater

  • 7 reviews
  • 2 likes

Excellent for Saving needs.

published

This account is great for saving while transacting out of in case of an emergency. They offer a bonus interest that needs to be activated very 3 months you get the bonus interest. I have used this for over 3 years now..

Tracy LF

Tracy LFPeel, WA

  • 12 reviews

It's okay- not great, other than the low monthly deposit

published

craftydi

craftydi

  • 2 reviews
  • 3 likes

BEST ACCOUNT BY FAR FOR HIGH INTEREST ACROSS THE MARKET ....

published

Beats every other bank for bonus interest. Your minimum deposit is much lower ... e.g. CBA requires a minimum of $50-00 pm. No fees unless you withdraw in excess of 1 but the idea of this account is not to withdraw money but to save.
To others that say there are other savings accounts (not on line) with a much higher interest ...... show me where?
There are none that I know of.

1 comment
craftydi
craftydi

Just a small amendtment there .... typo error ..... CBA requires $200-00 per month whereas the ANZ only requires a minimum of $10-00.


DanaC

DanaCAdelaide

Love the ANZ Progess Saver

published

This is a high interest savings account not a transaction account. For transactions we use an online saver (currently 2.5% interest) and have progress saver accounts for specific goals. I transfer $10 automatically from my Online Saver to the Progress saver each month to get the bonus interest rate (currently 3.8% ). Much better than a term deposit as your money is accessible and the interest rate is better than term deposits at the moment.
Better than term deposit, high interest rate, accessible
Does not work as a transaction account, its a savings only


Real Smart saving

published

A great account to 'park' your dollars and build savings. Although you need to deposit a min $10 per month, to receive bonus interest that is the equivalent of $2.50 per week, less than the cost of one cappuccino. Definitely worth it if you are consistent with saving and want your $$ to work harder for u
HIgh bonus interest rate
Min one draw per month without incurring fees


Anthony84

Anthony84Perth, WA

  • 3 reviews

Smart Money

published

I was able to set up the ANZ Progress Saver account in the branch and on the same day transferred some funds into this account. I have linked this account up with other ANZ accounts and have set up an automatic monthy transfer to the Progress Saver to meet the requirements to qualify for the full interest rate. On top of that I also get a further 0.5% interest, as my wife qualifies for this due to her employer.
Better interest rate than fixed term deposits, flexibility
Interest rate can fluctuate with RBA interest rates

EV79Lawton

EV79LawtonWA, 6018

  • 131 reviews
  • 29 likes

Bad

published

I had used this saving account before. It has the same objective as Online Saver but the interest rate offer by Progress saver is not atractive.
The pros of this account is you able to withdraw money in an emergency basis as you will have an ATM card. Not like online saver.
Cons is if you withdraw more than 1 time, service fees start to kick-in and you might feel pointless to open this account.
sometimes can earn bonus interest rate and able to withdraw money if you want to.It's good for saving purpose but not daily use.
Need to deposit min AUD10 for each month, if not you won't have the bonus interest rate. Similar concept like commonthwealth Bank.

cityofbluemtns

cityofbluemtnsNSW, 2786

  • 47 reviews
  • 20 likes

OK

published

I like that you can have this account and get bonus interest however if you have for example $5000AUD in the account and do not deposit of $10AUD in the month then you will not get any bonus interest. I have had these accounts before and the interest rate on other savings accounts are a lot higher. But if you bank with the ANZ then this is a great account so you can have it on your internet banking so that you can do transactions online.
It's a straight forward account
Fees apply should you take money out of the account more than once per month


mbom

mbom

  • 9 reviews
  • 1 like

Terrible

published

I had this account before ANZ introduced Online Saver. Unless you withdraw money at all and keep depositing money each month, you get bonus interest. Progress Saver's bonus interest rate is not much different from the interest rate for Online Saver and Online Save has got more flexibility to manage your fund. I don't see any benefit to have Progress Saver account anymore.
Free account service fee
Without bonus interest rate, you only get 0.01%.

1 comment
Anthony84
Anthony84

This account is no good if you want to use it as a transaction account. I have another account set up for daily transactions and only use this account for a saving goal.


gerald_lian

gerald_lian

  • 43 reviews
  • 3 likes

OK

published

Questions & Answers

Platycat

Platycatasked

I just want to understand this Progress Saver, say I have $5000 and I put the agreed $10 per month into the account, and I get the interest for each month and I do not touch it for withdrawal for maybe 12 months -- or more -- so that means the Bank gets the biggest reward as I miss out on that month -- and it would be the one with the biggest amount in it?

Interested to hear the info, please

2 answers
pd_one
pd_one

If you withdraw on the first of the month you do not lose interest for the previous month.

Platycat
Platycat

Thank you pd_one, for your answer, have you done this -- I thought that might be so too but was unsure?


Pam Cassidy

Pam Cassidyasked

Can I get an extra card on my progress saver account so that my son can withdraw from the account?

No answers

Chris M

Chris Masked

Can I withdraw from my Anz progress saved account once a month say on last day of month without losing interest

2 answers
pd_one
pd_one

no

ConsumerMan
ConsumerMan

A withdrawal at any time in the month will result in loss of bonus interest. Read the PDS for full information


Get an answer from our members and ANZ representatives

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