ANZ Progress Saver 1.95% p.a (Minimum $10 Deposit + No Withdrawal in a Month)


This is not the best deal for HISA, but might be useful for those already with ANZ and don't want to have trouble dealing with multiple banks.

Eligibility for 1.95% p.a interest:
- Deposit at least $10 a month
- Not having any withdrawal

Otherwise 0.01% p.a.

To be noted that you'll get 1 free transaction per month, and $1 afterwards for each electronic transaction. I thought this also applied if we deposit money, but the small print at the bottom page says that Internet Banking transactions are free.

FYI this is different than the regular ANZ online saver that gives you 0.15% p.a. after 3 months


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  • +22 votes

    I’m sorry but this is not a bargain. Doesn’t make top 20 and that doesn’t include ones that have intro bonuses.

    • -10 votes

      Posting this for awareness. And the low $10 deposit requirement might appeal to some

      • +5 votes

        Greater bank (#4) gives more for less deposit. I’m not trying to sh!t on your deal but if we posted every rate for people too lazy to switch then we’d say home loans for 4% as deals.

        • -3 votes

          Totally understand your point of view, hence my first disclaimer in the post. Not everyone wants to open and manage a new account with other bank (more passwords), and a lot of people are already with ANZ.


      @Slo20 Useful, thanks!

    • +1 vote

      Just when I thought 2% HISA was decent. Thanks Slo20! Awesome spreadsheet! Ozbargain is awesome!

  • +2 votes

    so we're in negative interest rates already it seems.

  • +5 votes

    No deal. Waste of space

  • -2 votes

    Dumb ass deal. NOT slightly a bargain. Can't downvote as your account is so often removed by Scotty's (the Christian) unbalanced rules, so might as well upvote in protest, like everyone else.

  • +2 votes

    this is an astoundingly bad deal. If everything was posted for convenience, we'd be seeing posts for $6 bottles of water "if you stayed at Hilton and would rather not walk to Woolies".

    • +1 vote

      Why is that wrong? I don't think we should discourage 'bad' deals from being posted, we have the voting system to take care of that

  • +3 votes

    Bargain not found.


    Anyone has a real good reason to deposit in any bank to get just 1% interest ?


      Everyone should have a bit of cash to hand at all times. So you might as well have it in a HISA earning something. The difference seen between average accounts at 0.7-1% to 2.55% seen here on Ozbargain equates to $500 pa for me so it's well worth it. But the obvious variables are how much you feel you need in cash to hand and how much you value your time.

  • +2 votes

    Why are these deals even being posted? Not a bargain. Stop promoting ANZ’s terrible product.


    2.1% from Westpac Life for someone might want a little bit higher interest rates with pretty similar accounts


    Westpac Life is better.

    Does not have the no withdrawal requirement. To get the full 2.10% you only need to grow your balance. Even by $1 is enough.

    If you don't grow it, or it shrinks, you still get something like 0.95%.

    Progress Saver is the same as Reward Saver which has been replaced with Life.


    Poor effort all considered when there are better deals on the market. ANZ are losing customers with their affirmative action female hiring 'quotas' for the company too. On that note, happy to put my money elsewhere.


    How can they afford to offer such a high interest rate when the cash rate is only 1%? Wouldn't they be losing money with this?


      How could they possibly be losing money given their home loan rates are much higher than this?


      Having a look I think their online 'saver' product ends up 'saving' you a whopping 0.5% all up, hardly comparable to inflation.

      Maybe that and some of their other poor saving products offsets this too.


    Sorry. I'd take my business elsewhere at 1.95%. A lot of people aren't loyal to their banks nowadays. It's not a terrible deal just not really much of a deal unfortunately.

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