ANZ has announced an increase in the bonus interest rate for its Progress Saver accounts. The rate will rise by 0.25% per annum, effective from May 13.
Maile Carnegie, Group Executive Australia, commented on the change: “It has been a difficult environment for savers in recent years with record low rates, so this increase we have announced today will help them reach their savings goals faster."
The Progress Saver is ANZ's most popular savings product and offers customers a better rate if they continue to save. "Progress Saver is our most popular savings product that provides customers a better rate if they continue to save,” said Ms Carnegie.
The account requires no maintenance fee and rewards customers with a bonus rate when they deposit at least $10 monthly without making withdrawals. From May 13, those with an ANZ Progress Saver account will receive a total interest rate of 0.40%, including the bonus.
Further details about the Progress Saver can be found at www.anz.com.au.