ANZ trims the rate on its Progress Saver bonus savings account. We compare this account to ANZ's main rivals and their equivalent offers

If you are an ANZ customer and not in their Plus ecosystem - and a saver - your option for a bonus saver account is their Progress Saver.

It pays 'bonus interest' when you deposit at least $10 in one transaction, and don’t make any withdrawals or transfers or incur any fees or charges during a calendar month.

But it's not a great deal, compared to their main rivals, or even compared to ANZ's own Plus Growth Saver.

First, you will be giving up 90 bps in interest from ANZ's Plus Growth Saver - although the minimum monthly addition required in the ANZ Plus versions is $100.

Second, all their rivals offer a better potential rate if a conditional savings account is what you are looking for.

Is it worth shifting for? The answer to that will depend on how much you want to save in these types of accounts. If you are aiming for the minimum $10/month and your balance is low, then probably not. If you have less than $1000 in one of these accounts, then the annual interest earned in the Progress Saver won't exceed $34. In the highest alternative it would be $50. The hassle of setting up another account at another bank for $16 probably isn't worth it.

But if you want to use this type of account to accumulate meaningful savings quicker, and still need to keep them on call, then a shift to another better account is clearly worth the effort.

And don't forget, these types of savings accounts typically offer better returns than most term deposits. Really.

Check all savings account interest rates for the big five banks here. And the current term deposit rates are here and here.