As one of the country’s largest financial institutions, ANZ offers a range of savings accounts to help you earn a return on your money or work towards a goal. Interest rates, conditions and access vary across these accounts, with each tailored to an individual style of saving. You can even open locked or joint savings accounts.

All accounts are accessible via online and mobile banking, which offer a range of special features to help keep your savings on the straight and narrow. More than four million customers use ANZ’s mobile app to access bank statements, make transfers and open new accounts. You can even get a ‘money report’, a personalised feature which helps you find ways to save money.

ANZ Online Saver

A low-cost online savings account, this fund allows you to earn interest and freely transfer money. This account comes with no minimum balance requirements or monthly fees, saving you up to $5 per month on account keeping charges. By opening or linking an ANZ bank account, you get the flexibility to move money between the two for spending or saving.

The ANZ Online Saver comes with a base interest rate of 0.05% p.a. New customers will earn an introductory interest rate of 0.10% p.a. on their first three months, lifting the total interest rate to 0.15% p.a. Once this honeymoon period ends, though, it reverts to the lower base rate.

ANZ Progress Saver

Promoted as a tool to help you reach your savings goals faster, the ANZ Progress Saver allows you to earn bonus interest to fast-track hitting your target. Bonus interest is conditional on making no withdrawals and a deposit of as little as $10 per month. You can set up monthly transfers to ensure you never miss a deposit.

These accounts come with no monthly account keeping fees. However, ANZ does charge $1 for each electronic transaction and $2.50 for each staff-assisted transaction. An ANZ Progress Saver can also operate as a youth savings account, with the bank offering a fee waiver if an account holder is under 18 years old.

The ANZ Progress Saver comes with a low base interest rate of 0.01% p.a. and a bonus interest rate of 0.39% p.a., totalling a potential rate of 0.40% p.a. for account holders who meet the monthly conditions.

ANZ Premium Cash Management

Geared towards people investing their savings over the long-term, these accounts allow you to make unlimited withdrawals while still earning interest. You can also enjoy unlimited internet banking transactions in any given month. However, you’ll be charged fees of $0.50 if you make more than five other transactions per month and $2.50 for in-branch withdrawals.

A key feature of this account is its tiered interest rate structure, which sees your interest rate rise in line with your balance. The tiered rates include:

• $0 to $9,999 – 0.00% p.a.
• $10,000 to $499,999 – 0.05% p.a.
• $500,000 plus – 0.15% p.a.

ANZ Business Online Saver

This fee-free account is tailored to small business owners and sole traders who want to put money aside for a range of commercial purposes. These online-only accounts give you unlimited access to your funds through a linked ANZ everyday business account. These business savings accounts come with the requirement of a minimum account balance of $5,000 to start earning interest on your funds.

To open an account, you must be over 18 years old, owner or director of an Australian business and have an Australian Business Number (ABN) or Australian Company Number (ACN). Interest rates on these accounts are at a low of 0.01% p.a., with no special offers or bonus interest available as of May 2022.

Term deposit

Seen as a safe and secure form of saving, ANZ’s term deposits allow you to earn up to 0.20% p.a. on your savings depending on how long you lock your money away. ANZ has two options: a standard Term Deposit and an Advance Notice Term Deposit, both of which can be taken out over as little as seven days up to five years.

The difference between the two is the Advanced Notice option has a higher maximum interest rate of 0.20% p.a. (compared to 0.15% p.a.) but you must give 31 days' notice to withdraw money. These accounts give you the choice of interest being paid monthly, quarterly, half-yearly or annually. You can use Savvy’s compound interest calculator to estimate how much interest you could earn with this type of account.

You must invest a minimum of $5,000 to open a term deposit, a requirement which is slightly higher than some of ANZ’s competitors. Some other banks offer lower opening balance conditions of $1,000. You get the option of term limits ranging from one month to five years. Term deposits come with maximum balances of $99,999, although ANZ offers scope to negotiate greater sums of $100,000 or more by contacting them directly.

These locked savings accounts also come with no ongoing charges; however, applying to withdraw your money early on either account will incur a $30 break fee.