Anyone who has ever tried to grow their savings without touching the money knows the discipline it takes. ANZ’s Progress Saver rewards exactly that behaviour — deposit at least $10 a month, make no withdrawals, and you earn a bonus rate that pushes the total to 3.50% p.a., but miss a single condition and that rate drops to near-zero.

4 related posts

Current total interest rate: 3.50% p.a. ·
Bonus interest rate: 3.49% p.a. ·
Base rate: 0.01% p.a. ·
Minimum monthly deposit to qualify: $10 ·
Withdrawal restriction: No withdrawals in month to earn bonus

Quick snapshot

1Confirmed facts
2What’s unclear
  • Future rate changes depend on RBA decisions; ANZ does not pre-announce adjustments
  • Whether ANZ will reintroduce higher bonus rates is uncertain
3Timeline signal
  • Rate dropped from 4.00% to 3.50% in late 2024 (ANZ rate history page)
4What’s next
  • RBA cash rate decisions will influence whether ANZ adjusts Progress Saver rates

The key features of the ANZ Progress Saver are summarized below:

Feature Value
Current total rate (p.a.) 3.50%
Bonus rate (p.a.) 3.49%
Base rate (p.a.) 0.01%
Minimum monthly deposit $10
Withdrawal allowed for bonus No
Interest paid Monthly
Account fee $0

How Much Interest Does the ANZ Progress Saver Earn?

Current interest rate breakdown (base + bonus)

The ANZ Progress Saver offers a total variable interest rate of up to 3.50% p.a., composed of a base rate of 0.01% p.a. and a bonus interest of 3.49% p.a. according to the ANZ official Progress Saver page (Australia’s largest bank). This structure means nearly the entire earning potential comes from meeting the bonus conditions.

Bottom line: ANZ Progress Saver is not what marketing implies — it’s a conditional high-interest account. Disciplined savers who never touch their money: you get the full 3.50%. Anyone who needs occasional access: better look at a no-bonus account.

How interest is calculated and paid

Interest is calculated daily on the closing balance and paid monthly. The bonus interest period runs from the last business day of the previous month up to (but excluding) the last business day of the qualifying month (ANZ Progress Saver terms). So the effective transaction dates are crucial — deposits must land after the previous month’s last business day and on or before the current month’s last business day.

The upshot

If you deposit on the last business day and the transaction doesn’t settle until the next day, you may miss the bonus window. Plan deposits early in the month.

The implication: even a perfectly disciplined saver can lose the bonus if deposit timing slips by one day. ANZ’s own compare bank accounts tool lets you estimate earnings, but it doesn’t model timing risk.

What Is the Difference Between ANZ Progress Saver and ANZ Online Saver?

Interest rate comparison

ANZ Progress Saver pays 3.50% p.a. total (with bonus conditions), while the ANZ Online Saver currently offers a variable rate around 0.50% p.a. without any bonus criteria (ANZ rates and fees page). That’s a gap of roughly 3 percentage points — but only if you satisfy the Progress Saver conditions.

Account features and restrictions

Online Saver allows unlimited withdrawals with no minimum deposit. Progress Saver imposes a hard rule: no withdrawals, transfers, fees, or charges processed in the month, or the bonus is forfeited (ANZ Progress Saver page).

Feature ANZ Progress Saver ANZ Online Saver
Current rate (p.a.) 3.50% (bonus conditional) ~0.50% (variable)
Minimum deposit $10/month None
Withdrawals allowed No (for bonus) Unlimited
Account fee $0 $0

The trade-off: online savers who value liquidity over yield will prefer Online Saver despite the lower rate. Those who can lock money away for a month at a time will earn significantly more with Progress Saver.

Which account suits different savings goals

Progress Saver fits an emergency fund you don’t touch for 30 days — think holiday saving or a car deposit. Online Saver is better for an everyday buffer where you might need instant access. MoneySmart (Australian government financial guidance) recommends matching account structure to spending habits.

Has the ANZ Progress Saver Interest Rate Increased?

Recent rate changes (2024–2025)

The current rate of 3.50% p.a. is unchanged as of early 2025, according to ANZ’s official rate schedule. In late 2024 the rate was reduced from 4.00% p.a. (base 0.01% + bonus 3.99%) to the current 3.50% p.a. (Stay or Go review, a consumer finance comparison site). That drop followed a period of RBA cash rate stability after the last increase in late 2023.

Bottom line: ANZ adjusted Progress Saver down in late 2024 in line with market conditions. Saver households: don’t expect an increase unless the RBA raises rates again. The base rate of 0.01% means the bonus is the only game in town.

The implication: future rate changes will likely mirror RBA moves.

Factors influencing rate adjustments

ANZ’s deposit rates generally follow the RBA cash rate (RBA cash rate statistics). The bonus rate is more discretionary — ANZ uses it to attract new deposits without raising the base rate across all accounts. Investopedia’s savings account explainer notes that bonus rate accounts are common among big banks as a marketing strategy.

Which Bank Gives the Highest Interest Rate on a Savings Account?

Top savings accounts in Australia 2026

Several banks offer introductory or bonus rates above ANZ Progress Saver’s 3.50%. According to Finder’s savings account comparison (tier 2 comparison site), NAB iSaver offers 5% p.a., ING Savings Accelerator offers 5.65% p.a., and UBank Save offers up to 5.2% p.a. However, these often have their own conditions — minimum deposits, no withdrawals for bonus, or introductory time limits.

One pattern: none of the big four banks leads the market. Smaller digital competitors consistently offer higher rates. RatePilot’s comparison (savings account comparison tool) shows MOVE Bank at 5.15% p.a., well above ANZ’s offering.

How ANZ Progress Saver compares to competitors

Account Rate (p.a.) Bonus conditions
ANZ Progress Saver 3.50% $10 deposit, no withdrawals
NAB iSaver 5.00% Introductory 4 months
ING Savings Accelerator 5.65% Minimum $1,000 deposit/month, no withdrawals
UBank Save up to 5.20% Bonus rate on first $250k with $200/month deposit

The catch: ANZ Progress Saver’s 3.50% is mid-range. Savers chasing the highest rate will need to consider smaller banks or accept intro rates. For Australians who want the stability of a big-four bank without opening multiple accounts, ANZ’s offer remains competitive — but only if you stick to the rules.

Bottom line: ANZ Progress Saver’s 3.50% is solid for a big-four account, but competitors offer higher rates with similar conditions. Disciplined savers should compare before committing.

How to Calculate ANZ Progress Saver Interest?

Using the official ANZ calculator

ANZ provides a compare bank accounts tool that lets you input deposit amounts and see estimated interest earnings. It does not model the bonus condition failure scenario, so you must manually account for months where you miss the criteria.

Manual calculation example

Assume you deposit $10,000 on day one and make no withdrawals. Daily interest at 3.50% p.a. = $10,000 × 0.035 / 365 = $0.959 per day. Over a 30-day month you earn roughly $28.77. If you fail the bonus, the base rate of 0.01% yields about $0.08 per month — a difference of more than 350×.

Steps to Qualify for Bonus Interest

  1. Deposit at least $10 in a single transaction between the last business day of the previous month and the last business day of the current month.
  2. Ensure no withdrawals, transfers, fees, or charges are processed against the account during that month.
  3. Make deposits early in the month to avoid settlement timing issues.
  4. Verify the account has met the conditions after the last business day.

Monthly vs annual interest

Interest is paid monthly into the account, so compounding occurs within the month. The annual equivalent rate (AER) for 3.50% paid monthly is actually slightly higher than 3.50% due to compounding. Canstar’s savings account guide (financial comparison site) explains that monthly compounding on a 3.50% nominal rate gives an AER of about 3.56%.

The catch

Even a single withdrawal in a month drops your effective annual return from ~3.56% to ~0.01%. That’s not a rounding error — it’s a 99.7% reduction. Know your spending habits before signing up.

The pattern: manual calculation is straightforward but the bonus condition failure dramatically reduces returns.

Timeline

  • ANZ reduces Progress Saver rate from 4.00% to 3.50% p.a. (ANZ rates and fees page)
  • Rate unchanged at 3.50% p.a. (ANZ Progress Saver page)

The pattern: rate moves lag RBA decisions by a few weeks. Future adjustments will likely be in the same direction as the cash rate.

Pros and Cons of ANZ Progress Saver

Upsides

  • Competitive 3.50% total rate from a big-four bank
  • No monthly account fees
  • Low minimum deposit of $10
  • Interest paid monthly

Downsides

  • Base rate near zero (0.01%) if conditions are missed
  • Strict no‑withdrawal rule
  • Rate dropped in late 2024 and may fall further
  • Competitors offer higher rates with similar conditions

Confirmed Facts vs What’s Unclear

Confirmed facts

  • Total rate 3.50% p.a., base 0.01% + bonus 3.49% (ANZ official page)
  • Eligibility: deposit $10+ per month, no withdrawals, no fees processed (ANZ Progress Saver page)
  • Account is fee-free (ANZ Progress Saver page)
  • Rate dropped from 4.00% to 3.50% in late 2024 (Stay or Go review)

What’s unclear

  • Whether ANZ will raise the rate again if RBA increases the cash rate
  • Whether ANZ will maintain or discontinue the Progress Saver product in the long term

Perspectives from the Experts

“You can qualify for interest of up to 3.50% p.a. (base rate of 0.01% p.a. plus bonus interest of 3.49% p.a.) when you meet the eligibility criteria.”

— ANZ official site (ANZ Progress Saver page)

“The ANZ Progress Saver offers a competitive bonus rate, but the base rate is near zero, making it essential to meet conditions.”

— Savings.com.au review (Savings.com.au (savings account comparison site))

Both perspectives agree on the core trade-off: the bonus is the only source of meaningful return. For an Australian resident who can commit to the monthly discipline, the rate is fair for a big-four account. For anyone who may need occasional access, the product is punitive.

Related reading: Gold Price Australia – Live Rates and Buying Guide

Additional sources

anz.com.au, anz.com.au

Don't miss these

Frequently asked questions

Does the ANZ Progress Saver have a minimum balance requirement?

No. There is no minimum balance requirement to open or maintain the account (ANZ Progress Saver page).

Can I withdraw money from the Progress Saver and still earn bonus interest?

No. Any withdrawal, transfer, fee, or charge processed in a calendar month disqualifies you from the bonus interest for that month (ANZ Progress Saver page).

How often is interest paid on the ANZ Progress Saver?

Interest is calculated daily and paid monthly (ANZ Progress Saver page).

Is the bonus interest guaranteed every month?

No. You must meet the conditions each month — deposit $10+ and make no withdrawals — to earn the bonus rate. If you fail, only the base 0.01% applies (ANZ terms).

What happens if I miss a deposit in a month?

If you do not deposit at least $10 in a single transaction during the qualifying period (between the last business day of the previous month and the last business day of the current month), you will not earn the bonus interest for that month (ANZ Progress Saver page).

Can I have multiple ANZ Progress Saver accounts?

ANZ allows multiple savings accounts, but each account must independently meet the bonus conditions to earn the bonus rate. There is no aggregate threshold (ANZ compare tool).

How does the ANZ Progress Saver compare to the ANZ Online Saver?

Progress Saver offers a higher potential rate (3.50% vs ~0.50%) but restricts withdrawals. Online Saver has no restrictions and is better for everyday access (ANZ savings accounts overview).

For Australian savers, the choice is clear: if you can lock money away for a month at a time and never touch it, Progress Saver delivers a solid 3.50% from a trusted big-four bank. If you need flexibility or worry about missing a deposit, the risk of earning just 0.01% makes an unlimited-withdrawal account — even at a lower rate — the smarter bet.