Progress saver

Important information regarding changes to your ANZ Progress Saver account

Effective on and from 30th April 2014, there are changes to the ANZ Progress Saver account.

Please refer to the ANZ Saving and Transaction Products terms and conditions (PDF 431kB) and the Notice of Important changes to terms and conditions for details Progress Saver Changes (PDF 19kB).

When will interest be paid on my ANZ Progress Saver Account?

Starting on 30 April 2014 the interest payment date for your ANZ Progress Saver Account will be the last business day of the month.

In April 2014, this means any interest will be paid to your account on Wednesday, 30 April 2014.

When is interest paid if the last day of the month falls on a non-business day?

From 30 April 2014, if the last day of the calendar month falls on a non-business day, any interest will be paid to your account on the last business day of that month.

For example, 31 May is a Saturday. The interest payment date in that month will be Friday, 30 May 2014.

What about fees?

Starting on 30 April 2014, the date fees (if applicable) are charged to your ANZ Progress Saver Account will be the last business day of the month.

In April 2014, this means any applicable fees will be charged to your account on Wednesday, 30 April 2014.

What do I have to do to be eligible for bonus interest after 30 April 2014?

Bonus interest is only paid with respect to months where you meet the eligibility criteria, which are:

  • At least one deposit of $10 or more is processed to your account; and
  • There are no withdrawals, fees or charges processed to your account.

You must meet these eligibility criteria on or before the last business day of a particular month, and after the last business day of the previous month.

Example: You will only be eligible to be paid bonus interest on 30 May 2014 if:

  • At least one deposit of $10 or more has been processed to your account between 1 May 2014 and 30 May 2014 (inclusive).
  • No withdrawals have been processed to your account between 1 May 2014 and 30 May 2014 (inclusive)

A transaction processed to your account on Saturday 31 May 2014 (a non-business day) will count toward your eligibility for bonus interest in the next month.

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What do I have to do to be eligible for bonus interest on 30 April 2014?

You will be eligible to be paid bonus interest on 30 April 2014 if no withdrawals have been processed to your account after the day interest was last paid on your account and 30 April 2014 (inclusive).

To make the transition easy for you, ANZ will not require that you meet the deposit requirement between these dates to be eligible for a payment of bonus interest on 30 April 2014.

Example: Your Progress Saver account is usually paid interest on the 15th of each month. If no withdrawals, fees or charges are processed to your account between 16 April and 30 April 2014 (inclusive), you will be eligible to be paid bonus interest on 30 April 2014.

How is interest calculated on my Progress Saver Account?

On and from 30 April 2014, your account will be paid interest on the last business day of the calendar month.

Interest is calculated on a daily basis, based on the balance of your account at the end of the relevant day. Bonus interest is only paid in respect of a particular month if you meet the eligibility criteria for that month.

All accounts will have interest calculated for the period from the last business day of the previous month (inclusive), to the day before the last business day of the current calendar month (inclusive).

This means if a transaction is processed to your account on the last business day of the month, it will be taken into account for the purpose of determining your eligibility for bonus interest for that month, but will not form part of the balance on which interest is paid for that month.

Special rules apply for new accounts opened on the last business day of the month.

Example: Your account will be paid interest on the 30th April 2014. The next interest payment for your account will be Friday 30th May 2014 as Saturday 31st May is a non-business day.

The interest payment on 30th May will be the sum of the daily interest amounts calculated from the end of day balance on 30th April 2014 to the end of day balance on 29th May 2014.

When should I make my minimum deposit (currently $10)?

Your deposit of $10 or more needs to be processed to your account by the last business day of the calendar month. We recommend making your $10 payment at least 5 days before the last business day of the month.

In most circumstances this should allow sufficient time for any unexpected delays in payment processing.

I currently have a recurring payment set up on my account, what do I need to do?

To help you qualify for bonus interest each month we recommend checking your recurring payment to ensure it occurs at least 5 days before the last day of the month. In most circumstances, this will ensure your deposit requirement is still met in the event of delayed payment processing (e.g., due to non business days).

You can make changes to your existing Periodical Payment by calling us on 13 13 14 or visiting any ANZ Branch. If you have set up a recurring payment via ANZ Internet Banking, simply login and make changes to the payment date.

I don't have a recurring payment set up on my account, how can I do this?

If you don’t have a recurring payment, why not set up an automatic transfer to your Progress Saver account? Even if it’s just the minimum amount (currently at least one deposit of at least $10 per month), that's all you'll need to get your bonus interest, so long as no withdrawals, fees or charges are processed to your account on or before the last business day of the calendar month. And you can change this amount at any time.

Setting up an automatic transfer is an easy way to make this happen.

  • Set it up in ANZ Internet Banking. Just log in then go to 'Pay and transfer' and select the account details, amount and how frequency you want the transfer to happen.
  • Or to set up transfers from your non-ANZ accounts to go into your ANZ Progress Saver, just supply your Progress Saver BSB and account number to your other bank.

Visit ANZ on schedule multiple payments or come and see us in the branch or give us a call if you need assistance with setting up an automatic transfer.

Any questions?

If you have any questions about these changes to your ANZ Progress Saver account, please contact us on 13 13 14.

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