Anz Progress Saver Account Calculator
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Reviewed by Calculator Editorial Team
The ANZ Progress Saver account is a savings account that offers tiered interest rates based on your account balance. This calculator helps you estimate your potential earnings by considering your deposit amount, interest rates, and account terms.
How ANZ Progress Saver Works
The ANZ Progress Saver account offers different interest rates depending on your account balance. The interest rates are structured in tiers:
- $0 - $24,999: 0.01% p.a.
- $25,000 - $49,999: 0.25% p.a.
- $50,000 - $99,999: 0.50% p.a.
- $100,000+: 0.75% p.a.
The interest is calculated daily and paid monthly. The account has no monthly fees and no minimum balance requirement.
How to Use This Calculator
To use this calculator, simply enter your deposit amount and select the term length. The calculator will determine which interest tier your deposit falls into and calculate your estimated earnings.
The calculator assumes you leave your money in the account for the entire term without withdrawing any funds. It also assumes the interest rates remain constant throughout the term.
Formula Used
The calculator uses the following formula to calculate your estimated earnings:
The interest rate is determined based on the deposit amount as shown in the tier table above.
Worked Example
Let's say you deposit $30,000 into an ANZ Progress Saver account for 12 months. Based on the interest tier table, your deposit falls into the $25,000 - $49,999 tier, which offers a 0.25% p.a. interest rate.
Using the formula:
So, you would earn approximately $75 in interest over the 12-month period.
Frequently Asked Questions
How often is interest paid on an ANZ Progress Saver account?
Interest is calculated daily and paid monthly.
Are there any fees associated with an ANZ Progress Saver account?
No, the account has no monthly fees and no minimum balance requirement.
Can I withdraw money from my ANZ Progress Saver account?
Yes, you can withdraw money at any time, but this may affect your interest tier and earnings.
Is my money protected in an ANZ Progress Saver account?
Yes, deposits up to $250,000 are protected by the Australian Government's deposit guarantee scheme.