40 questions from our users
How do i wothdraw cash from progress savings account from anz atm?
Hi Kyeesha ....
Firstly I have an ATM Access Card with my Progress Saver. I am not 100% sure in today's market but you used to be able to use it in an ATM [I have been out of the bank for some years now, but did have 30 years with ANZ] when I was working in the bank. You can definitely do PHONE banking with this account as I do it all the time.
If it won't allow you to directly use an ATM just do phone banking to another account and then go to an ATM ..... really much the same if you need "hard cash".
You can always go into any branch anywhere and check with the staff if the current rules allow you to directly draw from an ATM.
Bottom line is that this account is solely meant for SAVINGS .... not to withdraw, hence why there are fees attached to withdrawals ..... remember that too.
Hope this helps.
Just use the ANZ goMoney app on your phone. You can transfer money from your PS to your Everyday acct in a few taps, then withdraw from there.
From their site: " All ANZ Internet Banking transactions are free, additional ANZ Transactions charged as: Electronic Transactions $1.00 each and Staff Assisted Transactions $2.50 each. ANZ Transactions, Electronic Transactions and Staff Assisted Transactions are defined in the ANZ Personal Banking Account Fees and Charges
booklet. Any withdrawals in a particular month, including those that are free of charge, will disqualify you from bonus interest for that month."
I can't make withdrawls online from my progress saver account. Only deposits. How do i fix this?
How do I make withdrawals or transfers from progressive saver to my other accounts? It only allows me to make deposits but not withdrawals :(
You can log in to internet banking, choose "make a payment" > "transfer between accounts)> choose Progress Saver as the account to move from> then choose the account you have (Everyday) to move to (which allows you to access the money). Don't forget that in any month you touch that Progress Saver, you will lose the interest for that month....
You can make withdrawals at any time either on line, phone or branch banking. No bonus interest is paid for that particular month where you do make a withdrawal but
bear in mind there is a fee also for the withdrawal. If you make no further withdrawals then next month you start getting the bonus interest again.
This account is all about savings hence why you lose the bonus interest when you make a withdrawal.
If my account is on negatives will i be able to withdraw money from it?
NO .... you cannot have a progress saver account in debit [negative]. The only accounts that are allowed to have debit balances are when one has an arrangement with the bank for an overdraft on the account.... this does not apply to a progress saver account.
Normally if an account is going to go into debit the bank will dishonour the debit back to the original source.
On the other hand if you have a very good credit rating with the bank they will sometimes allow the transaction to go through depending on circumstances ..... but you must then put the account back into credit.
Hope this helps a little.
Recently I received some money from a strange account and it turned out to be fraudulent money. After calling the bank and sorting it out the money was returned to ANZ. Today I went to check my account on goMoney app and my savings account 'available funds' is showing up as a negative of the amount that was taken. Does this mean I now owe the bank money? Or is this how the process works?
Hi James ..... the normal procedures in the past [I am no longer in the banks employment] was if any funds of any description appeared in your account either by fraudulent means or incorrect transactions .....then the money is reversed by the bank out of the account. I would presume the same procedure occurs today. But so long as you have not used any of those funds which you know are not yours, then your balance should be exactly the same as prior to these transactions.
It could also be just a "processing" error when reversing the fraudulent out of your account.
If you have inadvertently used any of those funds that are not yours, then the bank will deduct the full amount of the fraudulent amount, which could leave you with a debit [negative] balance as you have used funds knowing that they were not yours.
I would definitely go and visit a branch of the ANZ to try and correct and sort out your situation. If you have used any of those funds and cannot replace them immediately to return the account to credit then the bank will usually be considerate and let you return the funds under some arrangement ..... probably depends on your branch Manager to some degree on this one and your standing with the bank.
Hope all works out for you.
Hi, I confused why I checked my account on anz apps in phone, the available funds in my progress saver account is negative but when I checked using the laptop, it is zero. But the current balance for both is same. Does it mean my account is negative?
Hi there ...
Firstly one cannot have a negative balance in a progress saver account.
If you are making the regular monthly payment to gain the bonus interest YOU cannot have a negative balance .... unless you are making withdrawals and if this is the case then the progress saver is not for you. You need an everyday savings account where you can deposit/withdraw as many times as you like... no bonus interest though..
I certainly cannot explain why [if it is the same account] your laptop and apps on your phone are different.
If your balances are not right there may have been a processing problem, but usually this is not the case.
I would definitely pay a visit to go and see my local branch of the ANZ and get them to check so that if there is a problem they will sort it out for you.
Hope this helps.
What will happen if I didn't deposit at least $10 on my progress account? will i get any deductions? thanks. i'm new to ANZ
No ... you don't lose any of your money you just do not get the bonus interest for that particular month.
When you deposit any time during the month you get the bonus interest ..... if not then it's just the bonus interest that you miss out on.
As I have suggested to many the best way to fix this problem from happening and missing out on bonus interest is to set up a periodical payment from your working account [or whatever account you select] to transfer the amount you want credited across to the Progress Saver. If this is done from ANZ account to ANZ account there are no charges for this service. If it's from another bank then there may be a fee charged by your other bank where the debit is originated from.
You can do this for any amount at all so long as it is over the $10 per month minimum required.
Probably the best saver account around .... I know that the Goal Saver at the CBA requires a minimum of $250-00 per month and if you withdraw any amount with them you have to re bank what you took out to start gaining the bonus interest again, so this makes the ANZ account a lot easier for most.
It's a good saver account, but unfortunately everywhere at present time there is low interest ..... hopefully the rates will rise in the future.
Good luck with your savings.
ANZ has the most lenient terms, on this, in that they only require you to deposit $10 (other banks want a LOT more). If you can't do $10 per month, you have bigger problems than losing some interest! C'mon now....
Set up a direct, monthly transfer from your normal account to your progress saver. That way, it's all done for you & you never miss out.
PS: From mum: Do NOT touch your savings--> EVER! Just pretend it doesn't exist. You'll thank me later in life, I promise. ;)
When should I make a deposit? My question is say I opened my account on the first of may with a deposit. To get the bonus interest, do I make the deposit on the first of April? and if i did it say an hour later then when in may would it not count? or could i just make the deposit any time in april?
The accounts are actually dated 1st of the month anniversary opening date so you need to deposit at least $10-00 or more [can be numerous deposits as there is no limit] every month ..... any time during the month BEFORE the end of the current month. All counts towards the minimum required each month regardless of the date deposited, but should you not deposit after the 1st of the month and then deposit say on the 1st of the next month then you would miss out on the bonus interest as the minimum deposit was not paid before the 1st.
What I always suggest to everyone is to set up a periodical payment from your normal working account to your Progress Saver Account for the minimum or whatever amount you want over the $10 and then you are assured of receiving your bonus interest without worrying if you have paid in or not bearing in mind that you have to make sure you have the funds in your working account to transfer funds over. This is a free service by the ANZ without any fees attached. Hope this helps.
What will happen to the bonus interest in Progress saver account if I accidentally withdraw the money I had deposit?
If you accidentally withdraw from the account you lose your bonus interest for that monthly only. Should the bank make an error on your account then they will rectify and you do not lose the interest. I would recommend to anyone to have a separate transaction card solely linked to your Progress Saver account to avoid any accidents happening ... as I do. Never have a problem that way and particularly with phone banking when it is very easy to put the 'incorrect' number when transferring money ..... as I found out very quickly. There are no charges for having a separate card attached to the account. Just make sure that the bank does not link your Progress Saver Account to your regular ATM card for phone banking. .
Great savings account and remember that every month that the bonus interest is deposited into your account you are then getting interest on the bonus interest that is deposited whilst the balance grows.
Hi, I'm new to ANZ bank as well. I have a question on the bonus interest rate, do I get the bonus interest rate of the total amount of money I have in that account? or how much I have deposited, because so far I have only got $1.28 when I have $910 in that account.
Firstly you have not indicated how long you have had the account with $910 funds in it !!
Depending on how much and how long you have had in the account you should have got more than this. Baring in mind that the balance is growing all the time with the deposits.
e.g. If you opened the account with say $100 and then have gradually deposited more money plus the $10 per month required then your interest at beginning is not going to be very much, but as you grow your balance it will grow.
One good point is to go and visit the branch of ANZ and check and make sure that the staff have put the correct code on the account and that it is definitely a Progress Saver account. This is often a problem with many accounts where staff inadvertently put a wrong code on accounts which can completely change the objective of what the customer is looking for in an account.
Doesn't hurt to check everything out.
Lastly ... remember that as you get your monthly interest you are then gaining interest on your interest each month as it is paid into the account.
If I close a progress saver account and transfer my money into an online account will i be paid interest upto the day before i close my account?
Can the interest on the progress saver account be transfered into another account without incurring penalties?
I am new to ANZ banking I want to know that we can deposit more than $10 in a progress saver or not?
Hi everyone, I have both an online and progress saver account. I'm planning to close one of them but I don't know which one. Any thoughts as to which is better to keep? Thanks.
It really depends on what you are using the account for. The progress saver is really only for savings as you need to deposit at least $10 month and make no withdrawals to get the bonus interest (which is the purpose of this account). If you need an account for depositing salary and making payments then the online account is the way to go. Hope this helps.
As has been stated both are different accounts ...... one for saving and one for everyday. YOU have to decide what type of account you best need, but if it is a savings account to build on then you need to keep the Progress Saver Account as the interest is credited to the account on the 1st of every month so you are getting interest on your interest which over the period of say 12 months is much better value and your balance increased much more. If you want to keep the online account [EVERYDAY account] which is geared at a transaction account and really not saving ...... these accounts save the banks heaps of time, money because you are doing all the work ..... hence why they can offer a higher interest, but not really sure when they pay their interest but it will probably be like their other transaction account ..... let's say about every 3 maybe 6 months so you are not gaining anything because everytime you withdraw the interest is calculated on the lowest balance for that month..... regardless if you put back what you withdraw.
Because the Progress Saver doesn't allow withdrawals you're naturally getting more for your money.
If I were you ........ I would KEEP BOTH ACCOUNTS ....... as they have totally different concepts and most people need both ..... an every day account and a savings account.
Hope this helps a little.
Thank you very much for your response DanaC and craftydi. They were very helpful and enlightening. I would just probably keep both accounts. It was just confusing for me at first 'cuz I also got the Access advantage account, and it was only until yesterday that I figured out that I've needed to transfer a minimum of $10 in my progress saver to take advantage of the bonus rate. For more than 2 years, it had been inactive. But, yeah, after today, I'm planning to make a recurring transfer to both my online and progress accounts to take advantage of the interest rates as the access advantage doesn't have any interest. So again, thank you very much to both of your responses :) It is highly appreciated.
Can I withdraw my money anytime?
Yes you can. You will only lose the bonus interest for that month. Great savings vehicle with access to your money if you need it.
Sorry I have not got back to you before now but we have been away for Christmas.
The answer is yes you can get your money out at any time and however much you want ....... a small portion or the lot. The month in which you may want your money, well you lose the interest for that month only.
A good idea is if you are saving for a specific item i.e. a car ..... well when you need the funds it's a great idea to leave just a little in the account so that you can kick start it again for your next big buy. That eliminates you having to open up a complete new account again. Just continue as you were previously doing...... so much easier for all.
Is there a way that interest can be placed in my every day account rather than added to my progress saver account?
You would need to check with the bank, but the whole purpose of the account is to help you save, so I don't think so. The idea is that your deposit each month plus the interest help to boost your savings.
Doubtful, Warren. As I understand it, you must deposit a minimum of $10 per month to the account in order to gain that bonus interest (which is the majority of the interest paid), as well as not make any withdrawals. Even a transfer to another ANZ account would technically be considered a withdrawal from the Progress Saver account.
NO you cannot do this at all.
Warren the idea of this account is to save with the interest going in every month on the anniversary date [date you opened the account] to this account. You are gaining interest on your interest hence the idea of it being better than a term deposit where you only get your interest either at maturity or what you select. i.e. monthly, quarterly,
6 monthly etc. etc. You may have Term Deposit credited to another account as it CANNOT be credited monthly to the Term Deposit. You also cannot break the term of the term deposit whereas you can obtain your money in a Progress Saver at any time ...... BUT .... you lose that interest for that particular month. This is not the idea of how this account works as we all want the extra interest.
This account is SOLELY geared for you to save ...... nothing else.
Hi, how much interest can I get on $1000 monthly from progress saver?
I am new to the Progress Saver. I was told that if we make even the smallest of withdrawals, we will lose our bonus interest and earn the base interest of 0.01%. Now I am wondering if whether my bonus interest rate will be reinstated after that particular month. For example, I have been depositing a minimum amount of AUD 10 into my progress saver account and have made no withdrawals from month 1 to month 5. On the 6th month, I withdraw some money but still maintain a deposit of AUD 10.
1) Does this mean my interest earned for months 1 to 5 is 3.91%?
2) I only earn 0.01% interest on 5th month?
3) What happens on 7th month, does my interest earned revert back to 3.91% or still remain at 0.1%?
Interest is calculated and deposited each month, so if you make the minimum deposit but no withdrawals in any month you will get the bonus interest in that month.
From the ANZ website "For bonus interest qualification,month ends on the monthly anniversary of your account opening, or the prior business day if the anniversary falls on a non-business day.
However,if the monthly anniversary of your account opening falls on a non-business day and the previous business day was in a prior calendar month, your month ends on the calendar day prior to the anniversary date."
Also the best part of the progress saver is your interest is compounded each month. i.e. you get interest on your interest because it is credited to the account every month bar for any withdrawals. Term deposits do not do this unless you opt for monthly interest and then the interest rate is much lower and you must take a term of 12 months or more..
I don't understand, I have been making weekly contributions to my progress saver and I have never made a withdrawal. My account has $5000AU in it now and I have only earnt $7 interest. I was under the assumption that I would have earnt much more by now?!
There is basic interest each month and bonus interest each month when at least one deposit is made and no withdrawals. Best advice is check with the bank.
I would check with the bank to make sure it is a progress saver account that has been opened for you. Sounds like you have been given another type of account as that sounds like base interest to me for general savings accounts ...... not a Progress Saver.
Could have been that the staff member has inadvertently inserted the wrong code against the account which would explain why there has been no interest credited.
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