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ANZ Progress Saver Questions & Answers (page 3 of 3)
55 questions from our users
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 .... ...
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 ...
I meant to say that the CBA requires $200-00 per month .... not $250-00. Slip of the finger there.
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! ...
Read moreC'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.
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?
Hi ...
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 t...
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...
Read more. 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...
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?
Hi .... NO ... it cannot as the interest has to be credited back into the progress saver which is much better anyway for you as the interest is then gaining interest on the interest and that is to your benefit.
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 (whi...
Read morech 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 n...
Read moreeed 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 A...
Read moreccess 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....
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 ...
Read moreany 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 gai...
Read morening 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,
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 ...
Read moreinterest 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. T...
Read moreerm 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 f...
Read moreor 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.
Why did i get less interest after an extra 7,000.00 deposit in my acount and no withdrawals?
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