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ANZ Progress Saver

ANZ Progress Saver

3.4 from 12 reviews

Reviews

(4)
(2)
(3)
(1)
(2)


    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

    • 35 reviews
    • 6 likes

    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

    Gerry. F

    Gerry. Fasked

    What days can I withdraw from progress saver account without loosing bonus interest

    2 answers
    ConsumerMan
    ConsumerMan

    There are no safe days in the month to withdraw (ha, ha LOL). A withdrawal from an ANZ Progress Saver account will forfeit the bonus interest for that month.

    pd_one
    pd_one

    The first of the month will not lose any interest as you haven't earned any


    Paula G

    Paula Gasked

    How do I transfer from ANZ progress saver to ANZ Access account?

    1 answer
    ConsumerMan
    ConsumerMan

    Internet banking


    kres14

    kres14asked

    I'm 16. I have three progress saver accounts as well as my access advantage account. One is set up as my emergency funds, so i have $1000 that I don't ever touch or collect interest or anything it just sits there. Then I have a second account to purely collect interest on, i put like $50 a month in that. The third is for my saving where i put whatever i can spare into it, i use to just keep that money in my access advantage account but i find i spend less money this way. My problem is for some reason i cant take money out of that account (My 'savings') I can put money into it easily and take money from another one if i wanted to but not that one. Even though I set all 3 up the same way

    No answers

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