ANZ Progress Saver Review (2026)
Rates and conditions verified 18 June 2026
Rates can change without notice. Last verified: 18 June 2026 (AEST). Please confirm details on the bank’s official page.
Bonus rate
3.74%
p.a. when conditions met
Base rate
0.01%
p.a. if conditions missed
Monthly condition
$10
deposit + no withdrawals
About the ANZ Progress Saver
The ANZ Progress Saver is a bonus savings account from one of Australia’s big-four banks. It pays 3.74% p.a. in any month you save regularly — deposit at least $10 and make no withdrawals — and the 0.01% p.a. base rate in any month you don’t. It’s separate from ANZ Plus, the bank’s app-only platform.
The conditions are easy and it has the reassurance of a big-four bank with full branch access. The catch is the rate: at 3.74% p.a. it sits well below the leading high-interest savers, so you’re trading yield for the ANZ brand and branch network. ANZ is APRA-regulated, with deposits up to $250,000 protected by the Financial Claims Scheme.
Pros and cons
Pros
- ✓ Easy condition — deposit $10+ and don’t withdraw
- ✓ Big-four bank with branch access
- ✓ No minimum balance, no monthly fees
- ✓ Government deposit guarantee up to $250,000
Cons
- ✗ Bonus rate (3.74%) trails the leading savers by a wide margin
- ✗ Any withdrawal forfeits the bonus that month
- ✗ Very low base rate (0.01%) if conditions are missed
How It Compares
- ANZ Progress Saver: 3.74% — big-four, deposit $10 + no withdrawals (reviewed here)
- ANZ Online Saver: 1.35% — ANZ's no-conditions online saver (lower rate)
- ubank Save Account: 5.85% — grow balance each month — far higher rate
- NAB Reward Saver: 5.00% — big-four alternative, easy condition
- Macquarie Savings Account: 5.35% — no conditions, strong ongoing rate
Compare head-to-head
Related guides
FAQs
What is the ANZ Progress Saver interest rate?
The ANZ Progress Saver pays 3.74% p.a. in a calendar month when you deposit at least $10 (excluding interest) and make no withdrawals. If you don't meet the conditions, only the 0.01% p.a. base rate applies for that month.
How do you earn bonus interest on the ANZ Progress Saver?
You earn the bonus rate in any month you make at least one deposit of $10 or more and no withdrawals. A single withdrawal in the month means you drop to the base rate for that month.
Is the ANZ Progress Saver a good rate?
It's a big-four account with simple conditions, but the 3.74% p.a. bonus rate sits well below the leading high-interest savers, which pay over 5% p.a. If the rate matters more than banking with ANZ, it's worth comparing the alternatives.
Information verified 18 June 2026. Rates variable and subject to change. Confirm current rates and conditions on ANZ’s website before applying. This is not financial advice.