ANZ Progress Saver

Maximise Profits by Minimising Deposit Rate Increases – I have had a progress saver account for many years. ANZ is super fast at passing interest rate increases to borrowers and extremely slow at passing them to deposit customers. Most competitors passed the November 2023 increase to their deposit customers late last month, but ANZ still hasn't passed it on over 1 month since the cash rate increased. You can get at least 0.25% more from nearly every other bank.

The best savings account to earn interest – On Wednesday 10th May 2023 afternoon I went into the Lilydale Branch and I asked Miranda if she could apply credits and enquires on the ANZ Progress Saver so I don't get tempted to spend the money and she said that was fine. I would recommend opening an account if you want to save faster since it has the best interest Show reply

What a Joke!!! – In May the Bonus Interest rate was 1.09% (pathetic in itself). This month, June 2020, the bonus rate has been slashed to 0.94%, even though the RBA has been keeping rates on hold. When I queried the rationale behind it, all I got was the stock standard answer "rates are variable and subject to change". ANZ doesn't even do what they say they will.… Read more

I never get any advice from them saying my interest rates are being cut, I always have to check these things for myself. Well I for one will be subject to change as I will be pulling my money from ANZ and putting it elsewhere.

SCAM ANZ – Youd be better putting your money on your nature strip and it would be safer then letting the thieves at ANZ holding onto it. I invested 350,000 and was adding 2K per month. Initially both the interest payments were up to $700 monthly. Now the interest is a pathetic $3 per month if you withdraw 1 cent during the calendar month. This product was… Read more

changed at some stage and a straight up rip off. ANZ SUCK and are thieves with illegal interest scalping on my merchant facility also.

poorly presented - must close the account when a withdrawal is made – 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. … Read more

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.

Open Two Accounts – 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.

Excellent for Saving needs – 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..

It's okay- not great, other than the low monthly deposit – @craftydi There are many players in the game currently: Ubank with a rate of 3.37% w/$200 deposit mth. ING Savings Maximizer gives you 3.50% if you deposit at least $1000 each month RAMs does 3.6%, $200 deposit, no withdrawals ($200- 250,000 balance) As I type, ANZ's bonus (which is the only actual interest paid) is down to a miserly 2.7! Imho, ANZ ought to be sitting at least at 3.0% to stay competitive...

Love the ANZ Progess Saver – 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… Read more

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 – 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

Smart Money – 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… Read more

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

Bad – 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… Read more

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.

OK – 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… Read more

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

Terrible – 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%.

OK – I applied for the ANZ Progress Saver account after I was advised by the ANZ staff that my ANZ Access Advantage account does not give me any interest. Overall, this is a reasonable account to apply for. The base rate for the interest is extremely low at 0.01%, but the bonus rate (currently at 3.35%) makes up for the dismal base rate. This account… Read more

also does not require any monthly fee, which is awesome. However, only 1 free ANZ transaction is allowed per month, so every subsequent transaction will be charged. Thus, it is a good idea to also get a transaction account like ANZ Access Advantage. Do note that the minimum opening and ongoing balance is $10, and that a monthly transfer of $10 into the account is required to keep the bonus interest rate going. Easy to use, no cost for account servicing Low interest rate, only 1 free transaction per month, need to transfer $10 into account each month to keep bonus interest going