ANZ Progress Saver

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.

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.

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..

@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...

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.

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

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

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

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.

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

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%.

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 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