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ANZ raises interest rates on Progress Saver accounts

ANZ raises interest rates on Progress Saver accounts

29 Oct, 2018 - 2 min read

ANZ has made some changes to its savings account interest rates, allowing customers to grow their wealth more quickly, provided they make regular deposits.

According to ANZ, the Progress Saver account is intended for customers wanting to save for specific goals, rewarding those who make regular deposits with a maximum rate of 2.40% – an increase from the previous maximum rate of 1.71%.

To be eligible for this interest rate, ANZ customers must make a minimum deposit of $10 per month, and make no withdrawals, fees or charges from the account in the month. Users who don’t fulfil the conditions will instead earn interest at the base rate of 0.01%, which ANZ has kept the same.

According to RateCity calculations, if an ANZ customer started with $5000 in savings, and made monthly deposits of $10 for 12 months, they could earn $123 in total interest over the year – an increase from the $87 a user could earn in the same circumstances on the previous rate.

ANZ also adjusted the interest on its Online Saver account, lowering its maximum interest rate from 2.55% to 2.30%. This maximum rate is available for the introductory 3 months, followed by a base rate of 0.50%, which ANZ has kept the same.

Disclaimer

This article is over two years old, last updated on October 29, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.

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Mark Bristow

Personal Finance Editor

Mark Bristow is RateCity's Home & Personal Finances Editor, and an experienced analyst, researcher, and producer. While primarily focused on Australian mortgage and home loan expertise, he has experience across energy, home and travel insurances. Mark has been a journalist and writer in the financial space for over ten years, previously researching and writing commercial real estate at CoreLogic. In the years since, Mark has worked for the Winning Group, Expedia, and has seen articles published at Lifehacker and Business Insider. Mark has also completed RG 146 (Tier 1), making him compliant to provide general advice for general insurance products like car, home, travel and health insurance, as well as giving him knowledge of investment options such as shares, derivatives, futures, managed investments, currencies and commodities.