The Big Four bank stepped up its efforts again in August, raising the rate on its ANZ Plus savings account for “ANZ Save” customers to 2.70% per annum.
The increase comes after the big bank raised its ANZ Save account rate for ANZ Plus customers by 50 basis points following the RBA’s August decision.
Previously, ANZ Save customers could qualify for a rate of 2.50% per annum on balances up to USD 250,000.
Now sitting at 2.70% pa, ANZ Save has one of the most competitive savings account offers from a major bank based on market research from Savings.com.au.
Although this may not surpass the likes of the Bank of Queensland’s 3.50% per annum ‘Future Saver’ account for millennial savers or the 3.10% per annum ‘Savings Maximiser’ offer from ING, ANZ Save does not require any monthly deposit, minimum transaction or age restriction to be met in order to achieve The Rate.
This ‘unconditional’ product is similar to Macquarie Bank’s 2.25% pa transaction account.
ANZ Save customers receive the rate of 2.70% per annum on balances up to USD 250,000, with balances above this amount receiving a flat rate of 0.05% per annum.
ANZ states that interest is calculated based on the effective daily balance of your ANZ Save account, paid monthly.
It is important to note that ANZ Plus is a digital product offered via iOS and Android apps, which differs from traditional ANZ savings account offerings.
For ANZ Plus customers, in-app features include:
- BPAY- Pay bills using BPAY.
- PayID – ANZ Plus customers can sterminate payments to a PayID such as a mobile number, email address or ABN.
- Immediately add a digital card to Apple Wallet – Customers can iInstantly set up the digital map when you join ANZ Plus.
- Dynamic CVV – Pprovides a numeric alternative to the static three digit number on the back of the ANZ Plus card.
- Query a transaction – ANZ Plus cCustomers can dispute all types of transactions available through the self-service option.
- Membership age reduced to 15 – ANZ Plus customers can start learning how to manage their money and save sooner.
- Cash without card – ANZ Plus customers can swithdraw money safely from an ATM without their card.
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Need a place to store cash and earn interest? The table below shows savings accounts with some of the highest interest rates on the market.
Rates based on a savings balance of $10,000. Sorted by total interest rates. Check the providers’ websites for terms of bonus rates and applicable fees and charges. Rates correct as of August 24, 2022. See disclaimer.
Image by Priscilla Du Preez via Unsplash
