ANZ Bank Accounts

A Savvy review of the personal banking services offered by ANZ Bank, comparing the different accounts on offer with other banks

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, updated on October 4th, 2023       

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The Australia and New Zealand Banking Group is one of Australia’s big four banks, being the second-largest bank by assets and third-largest by market capitalisation. It’s also the largest bank in New Zealand.  Founded in 1951, its distinctive three-petal blue logo represents the trinity of Australia, New Zealand and Asia. 

ANZ Bank now has over nine million customers worldwide across a wide range of services, with six million of those in Australia.  It has more than 500 branches across the country and operates in 34 other countries besides Australia. 

Savvy can help you make great banking choices by giving you clear and easily comprehensible bank account comparison information free of charge to help you make the right call for your finances.

*Please note that Savvy does not represent ANZ for their personal banking products. All product information and rates are correct as of April, 2022.

More about ANZ bank accounts

What bank account products are offered by ANZ Bank?

As one of Australia’s largest banks, ANZ Bank offers the widest possible range of personal, business and investing bank accounts and financial products. In March 2022, it launched its new digital and online banking app, ANZ Plus, which offers customers many of the sophisticated banking features previously only offered by digital online banks or neobanks.

For example, in ANZ Plus transaction accounts, customers can now see their spending added up and categorized per week, month or year. In ‘Money Tiles’, spending and saving summaries are provided and future bills and subscriptions can be predicted and planned for using the app’s Upcoming Expenses Predictor. Multiple savings goals (up to 99) can be created in the savings account arena.

Transaction accounts
ANZ’s main transaction account is called an ANZ Access Advantage account. For a $5 monthly fee, it offers fast payments using PayID, voice-activated ‘OK to pay’ authorisation for transactions over $1,000, and a linked Visa debit card (which you can choose the colour of). There’s a rewards program called Cashrewards Max, offering cashback offers when you earn points through more than 1,700 affiliated retailers.

ANZ offers to waive the monthly $5 fee for children’s accounts, if you’re a full-time student, aged under 25 or over 60 or deposit at least $2,000 a month (or have your salary paid into a linked account). There are also fee waivers available for pensioners, namely those on a disability support pension or Centrelink mobility allowance.

Savings accounts
ANZ’s savings accounts include the ANZ Online Saver account or the ANZ Progress Saver account. The Online Saver account offers a standard variable interest rate of 0.05% p.a., with a bonus interest rate of 0.10% p.a. for the first three months for new account holders. There’s no monthly fee and access to the account is only through the online app, not through a bank branch.

The ANZ Progress Saver account offers a basic interest rate of 0.01% plus a bonus interest rate of 0.14% when you make at least one deposit of $10 or more and no withdrawals from the account each month. Both of these accounts offer the opportunity to use the ANZ App savings goal feature. This allows you to set up a savings goal and give it a category, name, achievement date and picture. The app will send you reminders and encouragements towards your savings goal and includes a savings goal calculator to tell you how much you’ll need to save per week or fortnight to achieve your goal.

There’s also the ANZ Access Basic savings account aimed at concession card holders and the ANZ Pensioner Advantage account for those over 60, both of which offer monthly fee waivers so that banking for pensioners is free as long as no overseas transactions are undertaken.

Term deposits
Being such a large retail bank, ANZ Bank also offers multiple options for term deposits, with a minimum deposit of $5,000. Interest rates are currently 0.05% for a three-month deposit, 0.10% p.a. for between six months and 12 months and 0.15% p.a. for 12 months or over. Another term deposit product, called ANZ Advanced Notice Term Deposits, offers slightly higher interest rates if at least 31 days’ notice of withdrawing funds is given. For instance, for three months the interest rate is 0.08% p.a., for six months it’s 0.15% p.a. and for 12 months or over it’s 0.20% p.a.

How do I apply for a bank account with ANZ Bank?

ANZ says its new ANZ Plus app makes it quick and simple to open a bank account on your phone in under 10 minutes.  You just need your Australian passport or driver's licence, the ANZ App and your phone to take a selfie.  Eligibility criteria include:

  • You’ll need to be an Australian resident
  • You’ll need an Australian residential and mailing address
  • You’ll need to be 12 years or older (with a satisfactory, verifiable signature)

You can also apply to open any ANZ account online, by phone or in person at any ANZ Bank branch.  The ANZ App is available through the App Store or Google Play.  It’s designed to accommodate customers who are living with disability, with the built-in ability to increase the font size, enable you to hear your account balances and make payments or transfers using VoiceOver and TalkBack features.

Security features include the ability to use PayID so other people can pay you simply by using your phone number or email address.  You can also use online internet banking to disable your phone banking or freeze your card for up to 14 days in case you lose your phone or credit or debit card.  None of your personal banking information is stored on your phone, as the ANZ App is cloud-based, so once you log out, banking information is no longer available on your device.  Voice ID authorisation is used for Pay Anyone transactions over $1,000 or if you wish to make a BPAY payment over $10,000 (for new billers) or $15,000 (for known, existing billers).

Pros and cons of ANZ bank accounts


Multiple branches worldwide

You’ll spot the blue three-petal ANZ logo in multiple countries worldwide, including in the Americas, Europe and Asia, so a bank branch is never far away in case you need assistance in person

Sophisticated new online platform

ANZ’s new ANZ Plus online banking platform offers sophisticated banking features and functionality previously only offered by smaller digital banks

Expenses Predictor

ANZ has embraced predictive banking technology, with ANZ Plus offering an ‘Upcoming Expenses Predictor’ telling you when regular bills and subscriptions are coming up in the month ahead so you’re not caught unaware


Less competitive interest rates

Don’t expect the most competitive interest rates from one of Australia’s largest retail banks.  Savvy can help you compare savings accounts to find which banks offer the highest interest on your savings

Account fees

ANZ charges a $5 monthly account-keeping fee on its main transaction account, Access Advantage, but does offer accounts with fee exceptions for children and pensioners  

Overseas transaction fees

ANZ charges 3% of the value of any international transaction charged or credited to an ANZ account. This includes any transaction where the merchant is located outside of Australia, so beware when shopping online

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