Progress Saver Remediation

September 2015

The information below relates to an issue affecting some customers who have, or previously had, a Progress Saver account. The issue does not affect accounts opened after 30 April 2014.

We’ve identified that in some circumstances customers may not have received the bonus interest payments they expected on their Progress Saver accounts. This occurred because, in some cases, the bonus interest qualification period that ANZ applied to accounts was not consistent with ANZ’s communications.

ANZ fixed the issue as of 30 April 2014. Information about the changes and how bonus interest works is available at www.anz.com/auxiliary/progress-saver/.

We’ve now reviewed all Progress Saver accounts and identified all cases between 1 May 2007 and 30 April 2014 where the amount of bonus interest did not reflect ANZ’s communications about how it would be calculated.  Payments will be made to affected accounts between September and November 2015.

Am I affected?

If you have, or previously had, a Progress Saver account which was affected by this issue, you will receive a payment in one of the following ways:

The interest adjustment or cheque payment reflects the missed bonus interest plus an additional amount in recognition of the bonus interest not being paid to your account at the time.

Customers who receive an interest adjustment of $10 or more to an affected account will receive a letter advising of the details. You may receive more than one payment and letter if you have, or previously  had, more than one Progress Saver account impacted by this issue.

The ATO has advised the amount received by our customers in these circumstances is in the nature of interest and should be included in your income tax return for the 2015-2016 tax year.

Only affected customers will receive interest adjustments and notifications.

Frequently Asked Questions

How did this issue occur?

ANZ has identified that in some instances bonus interest may not have been correctly applied to your ANZ Progress Saver account. In some circumstances, ANZ was not clear in its communications about the bonus interest qualification period that applied to accounts and has decided to make interest adjustments to customers who might have been impacted. ANZ has now fixed the issue and payments of interest adjustments are being made.

How long has this been happening?

We have reviewed all open and closed Progress Saver accounts and have identified accounts that will receive an interest adjustment dating back to May 2007.

Did this happen to all of my accounts?

Not all Progress Saver accounts have been impacted. If one of your Progress Saver accounts was impacted, it is expected you will receive an interest adjustment or cheque payment by the end of November 2015.

Why am I receiving so many letters? Is it for the same issue?

Customers who have had more than one Progress Saver account which is due an interest adjustment will receive a letter specific to each affected account.

An additional transaction has appeared on my Progress Saver or other account bank statement as: 'BONUS INTEREST ADJUSTMENT' or 'CREDT INTEREST ADJUSTMENT'. What does this mean?

This is an interest adjustment for the bonus interest amount you did not receive. It is shown on your statement as an interest adjustment.

How was the payment calculated?

Interest adjustments for all open and closed Progress Saver accounts have been reviewed in detail.


Your account was reconstructed to ensure the payment of bonus interest was in line with ANZ’s communications about your qualification period. If your account was negatively affected, then an interest adjustment has been calculated based on the net amount of missed bonus interest plus an additional amount in recognition of the fact that bonus interest was not paid to your account at the time.

Do I get compensated for lost interest and the value of money over time?

Yes, your interest adjustment includes an additional amount to recognise the fact that interest was not paid at the time.

How do I know that my interest adjustment is correct?

In order to identify impacted customers, we have completed a comprehensive review of all open and closed Progress Saver accounts to identify all instances of missed bonus interest.


Any payment has been calculated based on this review. If you have any concerns we are happy to provide you with additional details relating to the calculation of your interest adjustment. Please call 13 13 14 to request more details.

I have heard that other customers have received payments on their Progress Saver account. How come I haven’t received a payment?

Interest adjustments for impacted accounts are currently being processed. If one of your accounts was impacted, it is expected you will receive an interest adjustment by the end of November 2015.


If your account was not impacted you will not receive an interest adjustment.

How do I get further information?

If you would like to discuss this payment, please call 13 13 14