$500.00 when opening (Conditions Apply) ANZ Bank Saver Plus Account. For low income earners.

[Deactivated] on 14/02/2011 - 23:56
Last edited 15/02/2011 - 00:18 by 1 other user

Yes its true you get $500 after 10 months, need to have a job, kids or yourself in school and a concession card, Saver Plus is a program that helps people on low incomes establish a long-term savings habit. It is delivered by a number of community organisations in partnership with ANZ. Participants in the program set a savings goal and receive financial education and support in reaching their goal. Once they reach their savings goal, ANZ matches their savings dollar-for-dollar up to $500

http://www.anz.com/about-us/corporate-responsibility/communi…

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Comments

  • Ashlea on 14/02/2011 - 23:58

    Isn't this another pretty much standard offering by ANZ (and, for that matter, most banks?) to encourage low income earners to start saving?

    Not really a bargain. These are offered as the norm.

  • Ambiguous on 15/02/2011 - 00:02

    Yeah this isnt like the $50 account opening bonuses that NAB offered few months ago and St George offers through MBC, this is closer to a charity thing, incentivising low income earners to get into the habit of saving whilst teaching them how to better manage their money (10 hours of financial management classes).

    Certain people may be eligible but alot wouldnt. Also (im hoping) noone would actually try and 'hack' their way into this, its not like the 7/11 slurpee competition…

    Similarly, posting 'deals' such as youth allowance, rent allowance, austudy etc would not be considered deals.

  • [Deactivated] on 15/02/2011 - 00:03
    +3

    Free $500 is not the norm, whats more the account pays some 6% interest and no monthly fees, its hard finding an account with the major banks without monthly fees.

    • Ashlea on 15/02/2011 - 00:09

      There are HEAPS of accounts with no monthly fees with high 5s/low 6s interest rates, and that's just major banks. You can get close to 7 if you want to go outside of the 'big 4'.
      This isn't a deal. This is one of many bank schemes to help low income earners. If I had nothing better to do, I'd go searching for the next couple of hours and fill up the first 2 ozbargain deal pages with similar & better offers.

      Also, whether or not it's a major bank is really irrelevant to whether it's a deal. Harvey Norman having a price that's "Good… For harvey norman" isn't a deal.

      • Domingo on 15/02/2011 - 16:59

        Where can you get close to 7% interest rate in a savings account?

  • Darkii on 15/02/2011 - 00:13

    People can apply to join Saver Plus through by contacting the local community organisation (PDF 174kB) delivering Saver Plus in their region. On being accepted into the program, participants set a savings goal with help from a Saver Plus Worker. They also open an ANZ Progress Saver Account at a local ANZ branch.

    During the program, participants attend 10 hours of financial education workshops explaining the basics of money management. They make regular deposits into their ANZ account over a 10 month period, and keep in contact with their Saver Plus Worker.

    Once participants reach their savings goal, ANZ matches their savings dollar-for-dollar, up to $500. Participants use this money for their children's (or their own) education costs such as computers, uniforms, books and sports equipment.

    • [Deactivated] on 15/02/2011 - 00:15

      Does seem like a lot of work for $500

  • [Deactivated] on 15/02/2011 - 00:14

    6.51% is highest rate not close to 7%, 1/2% is a big difference.

  • c64 on 15/02/2011 - 00:14
    +1

    from http://www.anz.com.au/personal/accounts/help-select-account/…,

    You may be eligible to join Saver Plus if you or your partner:
    * have a Health Care Card or Pensioner Concession Card;
    * have some regular income from work;
    * are at least 18 years old; and
    * are a parent or guardian of a child at school or are doing a vocational training course yourself.

    there is an 'and' in there, so my reading is you have to meet ALL the above requirements. might be useful for some people.

  • Cluster on 15/02/2011 - 00:15

    It's a good offer, but there are so many conditions that most people will not qualify.

  • neil on 15/02/2011 - 00:16

    This really isn’t a bargain as stated above but an initiative similar to Medicare or the dole. MOVED TO FORUMS.

      • issh on 15/02/2011 - 00:29

        lol

        if you read this forum/deal
        http://www.ozbargain.com.au/node/39490

        you would see this

        This really isn’t a bargain as stated above but a government initiative similar to Medicare or the dole. MOVED TO FORUMS.

        neil was just lazy to type some other stuff(it's sleeping time), no need to get angry ;)

  • red-hot on 15/02/2011 - 00:28
    -1

    This IS a good deal.

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