ANZ Bank

ANZ has both flexible and goal-oriented savings options to choose from, with a total of five different accounts and interest rates ranging from 3% to 6.01% p.a. depending on the option chosen.

While the best and worst account will depend on a number of factors, a good place to start is to look at interest rates.

To give you an idea of ANZ saving options, here they are ranked from highest to lowest interest so that you can see how ANZ will rate your money.

Best ANZ Savings Account: ANZ Progress Saver

With a Progress Saver account, any monthly deposit of $10 or more leads to a total interest rate of 6.01%. It also has no monthly fees and offers one free transaction per month and free internet transactions.

The downside is that if less than $10 is put in the account per month, or if money is taken out, interest is only calculated at 0.01%, but ANZ does allow automatic deposits so this account could be ideal for people planning to regularly deposit money into their savings account.

SmartyPig

SmartyPig is a goal-based online savings account option that offers 5.5% p.a. on any amount of $10 or more, without any account fees.

This online savings option allows people to deposit and withdraw money whenever they want, set specific goals or set up an account as a gift registry so others can deposit money.

While SmartyPig is ideal for people who want to reach specific goals, for those who would prefer a general savings account, the focus on goals could be frustrating.

ANZ Online Saver

Another internet-based savings account option, the ANZ Online Saver offers 4.75% p.a. on any savings amount, with no minimum balance, withdrawal fees or fixed term requirements.

Interest is also calculated on a daily basis, so if you do withdraw money you will still have earned some interest on the amount beforehand.

The only limitation of this account is that it has to be linked to an ANZ account, so if you are banking with another institution you would have to switch everything to ANZ to sign up for an Online Saver account.

ANZ V2 Plus

This account is designed for people who want flexibility and a high level of customer service and assistance.

The V2 Plus account offers full access to money through ANZ ATMs, EFTPOS, Phone and Internet Banking and BPay but only has an interest rate of 3.75% p.a. and a minimum balance requirement of $5000.

Worst ANZ Savings Account: ANZ Premium Cash Management

The Premium Cash Management account is designed for people looking to invest in the future, with full access to funds at any time.

But the interest rates are not as competitive as other options, with only 3% for balances of $10,000-$24,999 and a maximum of 4.75% for $500,000 or more.

Whatever your savings process, these accounts from ANZ are worth considering and comparing with other options to make sure you get the best deal on your money.