A surprise increase to the ANZ Save interest rate, no hoops, under $250k only.
Nice app with good service so far, missing a few things plus some have complained of the low daily transfer limit, so do your research first to decide whether this product is for you. I'm not a financial advisor after all.
Last increase: https://www.ozbargain.com.au/node/716974
Because it's a neobank and brand new, the target market is those who primarily bank on their phones. Same as Up.
For now ANZ Plus is completely separate from ANZ, it's like NAB and ubank.
Ubank now has a website. Also their interest rates are better
The website is pretty limited though you gotta admit
ANZ is everything but a neo-bank..
Anz is a neo-wank
Technically per the definition which is pretty loose as it is none of the surviving players in Australia really were Neobanks. But this is ANZ's modernised platform digital first play.
Don't be mistaken, they are not separate in terms of being same ADI for the government guarantee!
No different to other players in the market that share banking licenses or use someone else's banking license.
Make sure that you read the terms of use before you use banking apps. They're similar to insurance policy disclosures. For example the Virgin money app states that you have to download a Find My Device app and Ubank has some security features which must be enabled etc. Be very careful and do your homework…
Does this give you ANZ max in CR?
Yes it does, though the Max program is being discontinued
And is already closed to new signups
Yes confirmed it does, plus access to ATMx withdrawals for free, and you can use ANZ Smart ATMs for cash deposits.
I also confirmed with a Coach that it's free to withdraw cash from overseas ANZ ATMs with ANZ Plus, except for the 3% international transaction fee.
Note Cashrewards Max is being shut down.
Does the coach also provide soccer training?
Free but with a fee? What's the alternative lol
Totally 100% free except for the fee lol
The alternative is a $5 international ATM fee tacked on top of 3%.
A thumb up to ANZ Plus, but they need to increase the daily transfer limit, the current limit of $5000 a day is a joke.
Cries in poor
Got a phone call from Anz plus coach today saying it's going up to 15k then 30k limit then if you want more you need contact support and you'll be given the greenlight for a bigger request.
I believe they are increasing the transfer limits next month
When and to what?
Increasing to $5001. Bring out the beers boys.
Loving ANZ Plus, great looking app, no hoops to jump through for that interest rate, fast app load times, their coaches seem quick to answer and find solutions. Switched to use it as my main bank last month (from Up) and no regrets so far.
do they have joint account option?
I'm getting sick of transferring banks….
3.10% interest with ING on their savings account
Max 100K and many hoops.
I have a distaste for ANZ. Maybe it's just me getting old but when I ring up a bank I don't want to be called mate at any point.
Sorry matey!
They have gone downhill in recent years. I switched to ING and they are great. Aussie call centres, no fee, decent interest rates and in my experience really short waits (a few min). I'm honestly happy I switched, as ANZ don't have great products
No in-store support.
Actually, ANZ Plus have two locations - Richmond VIC and Potts Point NSW. Both are positioned in the app’s target market.
Can you transfer funds directly to the ANZ Save without having to go through the ANZ Plus as an intermediary?
Yeah, they're separate accounts with different account numbers.
Normally you can transfer in, no problem, but often when you transfer out, you need to go via the linked account (Plus)?
Yep, payments/transfers default to the Plus account with no option to change it. I noticed this before but never really though about it, it's an extra step and kind of lame.
Will the savings account accept osko ?
I think so, I can see the Osko logo on a few of my transactions..
sorry for my ignorance, what’s Osko?
@Fracturechatwoods: It's one of the overlay services built on top of the NPP, Osko allows you to use your BSB and account number to send and receive payments instantly.
weird ho ANZ doesnt just offer this to existing customers
I have no doubt it's an incentive to sign up to ANZ Plus.
Once they reach their target user numbers, they'll either drop the rate or make you jump through hoops for it (certain number of transactions, minimum deposit each month, etc)
The cynic in me agrees with you.
No requirements seems too good to be true. Maybe ANZ will surprise us all.
So I suppose this beats ubank now?
Ugh, I just move my money there. Perhaps time to jump again…
They're still higher at 2.85% starting next month, I would stay with ubank for now.
Ah that’s right, thanks for reminding me!
any osko payment? can I make deposit at post office?
ANZ Plus is Osko enabled (albeit without PayID). ANZ doesn’t participate in Bank@Post.
Nice rate but just beware that at the moment the max you can transfer out per day is $5K. So if you're the kind of person who chops and changes to get the best rate, maybe not such a great idea. Bank of Queensland, whilst having some hoops, is currently offering 2.85% and you can easily transfer out $250K at once if you need to.
good luck if you need to contact them, I've tried before, phone call, email, complaint…you name it… no response
Took them 26 hours to respond to me via in-app chat. Pretty ridicioulous indeed and was only asking simple question like when Pay ID well be available.
Can anyone confirm if we can just transfer in/out the Save account without using the Plus transaction account at all?
Any idea what's the increased daily limit, in case ANZ Plus pulls a fast one and drops the interest rate after they have enough customers?
You can trasfer directly with bsb and account number to saver account but to transfer out you need to transfer internally to the everyday funds account first.
Thanks for the heads up.
Beware it took them 26hours to respond to my simple question on the app, it was a comprehensive reply but it did take 26 hours to reply from 10am thursday to 12pm friday next day.
I've twice now tried to transfer into ANZ Save and it has bounced back. Any ideas?
![[iOS, Android] ANZ Save Account (App-Only Account) 2.7% p.a. Interest on Balance Less than $250,000 @ ANZ](https://files.ozbargain.com.au/n/25/720525.jpg?h=45dc0df2)
Why does it need to be app only? And why an extra app.. Rubbish