ANZ Plus have increased their interest rate to 4.50% pa on balances up to $250,000. App-only account but you do get a debit card for the included transaction account.
Recently opened an account and seems to work well. Worth a try if you haven't got a high interest savings account already.
Up is still better in terms of managing savers.
Waiting for ANZ to improve so I have more options
nothing comes close to Up for categorizing txns
Same! so simple and easy to use, seriously.
They'v really made it user friendly for everyone too. But i will say i do have their credit card aswell and the app is smooth. Probably the bets UX/UI from a lender I've exp
The app is excellent and notifies of any movement of money. I am still waiting on ANZplus to have PayID option for users
Surely they have that? Arent they a service provider for it?
The Benefits page states it has "Pay to PayID". Sucks if it doesn't work. Payid is very useful.
It does have pay to PayID.
Note that you will have to move balance from your ANZ Save to your ANZ Plus (instant) to then send it to someone over PayID.
It does have PayID for me? Both transaction and savings account too.
https://files.ozbargain.com.au/upload/255280/103600/screensh…
No it doesn't.
You can only pay to someone who has PayID.
There is no option to create a PayID for Anz Plus user.
The screenshot you attached is to make payment from Anz plus to a PayID account.
Tbf, it didn't read like that initially.
I just opened an account and transfered $300 using the BSB and Account. It appeared in the ANZ plus account instantly and on the transaction it's described as 'Osko'. So it looks like money will be transferred instantly (subject to limit) but you just don't have a mobile number or email to give to out.
I wish you could sign up for another separate account lol
People that already have an ANZ transaction/saving account, how have you transitioned over to this? Closed the original savings and moved to this? Still hilarious how we need to sign up for a totally new account… and get a new card???? Despite already having an account smh
I would keep the savings account in ANZ active purely for the fact that if you do apply for a credit card in future its a faster way for them to verify you and also some offers only apply if you have an account with the bank. Was a 2 hour nightmare to wait for a verification in-store from ANZ last time hence I have kept my progress saver account active.
I agree, this is good advice.
Oh, on the topic of credit cards… the application asked for payslips unless you're paid into an ANZ bank account. I was later told that apparently ANZ Plus account don't count though. 🙄
I kept my original ANZ account in case I ever need branch support (unlikely) but mainly because there's no benefit in closing it.
Not only do you need a totally new account, you also need a separate app for ANZ Plus. The app feels modern but the product feels half-baked (e.g. still no PayID).
If they invested so much into creating a whole new product with a new app, why not extend the benefit to all ANZ customers. I'd love to be able to use one app for my ANZ CC and savings accounts.
I agree, don't be too hasty to close an existing bank account.
esp when/since it costs nothing..
From what I read in a recent article, they intend to do home loans and credit cards through ANZ Plus in future. Give it time I guess, they are building it from scratch (not using anything from ANZ main bank).
e.g. still no PayID
But the website states "Pay to PayID" one the benefits page. Not working?
Just checked the app again:
The ability to create a PayID and make payments to PayIDs with ANZ Plus is coming soon.
It's an entirely different userface as an "app only" kinda vibe. But xfers have been pretty decent
This is ANZ's way of building a new modern banking system like new competitors like Up use. So they need to break away from their old banking systems and backends/apps.
I use the new app purely for a savings account, I have no need of another current account so I ignore it and the card stays in my draw.
I wish they would make a version of this where you can have a joint savings account. And it stays in the regular app, and … I wish ANZ would just offer a decent interest rate on a normal savings account really.
Exactly…
Still nothing from ubank, and they used to lead the market
They always lead with the announcement, but last in actually giving you the rate.
Might be time to switch banks if it keeps up
Yes does not look they will pass it this time??
Their rate is still better than this though.
4.75%
Leave but don't close, keep your options open.
Be wary of this ANZ Plus Save account. If your balance is not LESS THAN $250k (specifically not including) you will have a lower interest rate applied to the ENTIRE BALANCE of your account. This is unlike any other bank which only applies the lower rate to the portion of the balance over the bonus interest cap. Very sneaky in my opinion.
wow that is very sneaky…… :(
I wouldn't call that sneaky, that condition probably relates to the FCS and is very clear in the marketing.
Last time I looked many of these type of accounts have the same thing and in some cases the limit is $100k.
Its sneaky because its not standard practice
Im not aware of any account that does that…
Please tell us the bank/names of these "many" types of account
@Baghern: I mean they state it quite clearly in the second big box on the main page…
"For example, if your ANZ Save account has a balance of $300,000, you would earn 1.35% per annum on your total ANZ Save balance, not just on amounts $250,000 and over."
I wouldn't call that 'sneaky'. It's a bit odd but they really aren't trying to hide the fact that's how it works.
If you aren't reading T&Cs or even the product page before signing up for an account, that's on you.
not less than
Otherwise known as greater than?
Incorrect. Otherwise known as greater than or equal to. Less than is clearer and follows the convention used by the bank itself.
Thanks I was going to dump my 500k savings from using ozbargain like most people here. Saved me from getting caught out.
Good catch. That will screw over the majority of OzB users.
So, I can dump 10k in here and leave it without having to spend or do anything and net 4.5%p.a?
Yes, any amount up to $250k.
*up to but not including
Would this be good for my 11yr old? Been meaning to open up an account for her with a debit card so she can save and use her own money
Currently ANZ Plus and Save accounts are for Australian individuals 15 years and older who have either a valid Australian passport, driver’s licence or approved international passport.
Anyone with kids have some sort of saving account with debit card facilities recommendations?
I like the idea of an app, ive seen spriggy but not keen on it
Someone on another post recommended Great Southern Bank for kids "savings" (chequing) accounts.
They also have a pretty good HISA but you need to deposit $250/mo and grow balance each month.
The app doesn't look amazing but you could take a look at this option, assuming your 11yr old doesn't have more than 5k to their name:
https://australianmutual.bank/banking/savings-accounts/young…
Found it on the this amazing spreadsheet. Would recommend checking it out if you haven't seen it yet.
BoQ is 4.6%…..Smart Saver Account.
Tracking using this (from OzBargain): https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…
Some of those higher interest rates have added requirements. For the BoQ one specifically:-
https://www.boq.com.au/personal/banking/savings-and-term-dep…
None of that fuss with ANZ Plus, so might be added value to some.
soon to be 4.85%
I have both.
I like how ANZ plus is up to 250 (well yes you can open multiple BOQ accounts) but it's great that unlike BOQ, you don't need to jump through any hoops.
Thanks, looks better than Up nowadays.
As an ING and uBank customer, I signed up to this a couple months ago to have a more convenient option for cash deposits.
Very impressed with the app and in response to some of the odd speculation in this thread, I have used PayID with no issues.
You have received money using PayID ?
thanks op. my St. George bank account ‘s intro bonus rate has lapsed. This one suits me
I’ll was looking at Rabo bank before
I had this email notification today. Great app UI/UX that I've had and I've been with majority major lenders. Not clunky and very simple and the best part is there is 0 hoops people. No transactions per month, no minimum taps per week etc.
Not associated but just happy so far with it since signing up.
What about the daily transfer limit tho ? Isn't it relatively low ?
You can increase up to $30k.
Came with a beautiful Blue Card.
Can I work at child care if I get a gender transfer?
Maybe a future collapsing builder?
Neither a Lion nor a Dragon can match this!
From what I read on the webpage this account comes with no branch support or phone support. Just chat support during business hours.
This has got to be the future of customer support - from expensive phone support staff each handling 1 call at a time to online chat staff handling ~10 chats at a time with template responses, to a single AI service handling all chats simultaneously, 24/7.
Gmail just announced their new Help Me Write AI service which will write a full email or reply for you, so it won't be long before we could have our own personal AI services chatting to the support AI services, removing us from support chats so we can get on with our search for John Connor and Neo.
Correct lol
I'm using this instead of the Progress Saver system on the ANZ open system (Access from anywhere)
I am glad it just went to 4.5% from 4.25% that little bit will make a difference over time.
Kinda strange about the more than equal to $250k issue but I'm pretty sure that's way above the average savings amount of most Australians. (Last time I researched average savings level in Australia is around $30k for 3/4's of the population)
I really hate that this account system is locked to one phone or mobile device at a time because I can't access it from multiple points. ANZ say it's for security and limitations in technology but might change in the future. I only use this for savings though so not really a disaster to have to use my phone for access, but I'd like more freedom.
I also prefer the interest payments over the Progress saver. You get a bonus at the end of the month if you don't withdraw, but in the ANZ Plus Save you can withdraw when you want and it preserves the 4.5% interest rate. Calculated on a daily interest rate, added at the end of the month and paid into your ANZ Plus Save account.
Anyway, happy to be getting another .25% PA
Thanks
Anyone know if there's a sign-up shortcut for existing ANZ customers? Or is it still mobile # + photo ID + selfie to open an AC? No info on their website about this and no-one at ANZ you can ask…
I haven’t seen one. It took about 5-10 mins for my account to be verified and opened after I signed up and uploaded a selfie and photo of my photo ID.
Or is it still mobile # + photo ID + selfie to open an AC?
Yes. I have an existing account and it required these to setup.
Damn, beat me to it…
For those wondering, if you already bank with ANZ, use this together with your current account, because this app is essentially still a public beta, with many missing features compared to other neobanks. You can definitely use it as your main, but I'd have a backup (never a bad idea anyway).
Something something ATM usage is available for free to withdraw and deposit cash, too. I wrote this 2 months ago.
Great , finally it worth getting into ANZ.
Are there any penalties for withdrawing/moving money out of the savings account?
I know with ANZ Progress Saver you’ll be penalised by not getting interest for the month so just wondering if the same applies to this one.
No
There isn't a bonus rate so if you withdraw you'll only lose the interest on that amount for that day not the bonus interest you get in the progress Saver system.
Lol
Is this now the highest earning interest rate with zero hoops to jump through just dump and earn?
Ubank has a hoop - deposit $200/month
👍 I set up a loop for that hoop over a decade ago
ING have more hoops than a hula dancer
All of these new accounts require having an Australian passport, or driver's licence, sometimes birth certificate. They are discriminatory in my view. My mother has neither, cannot use her birth certificate as it is not in her new account name. Spent ages trying at bankwest which had less requirements than most banks. Ended up giving up after they required a photo Id which involves providing all sorts of documents plus visiting the post office. Very hard for a 95 year old. She had been with bankwest for 40 years but still needed all this identity verification. Seems a con when they pay about 1.8% on retirement accounts generally. It is hard for the elderly to jump through these hoops, elderly women particularly.
Sign up options included 'Australian passport' and 'International passport' which by context I expect is a non-Australian passport..
My mother has neither, cannot use her birth certificate as it is not in her new account name
How did she get an account not in her name in the first place?
Bank accounts always need ID to open.
I guess if she got married then her family name won't be the same as her birth certificate, right?
AMP is 4.8% if you put in $1000 every month. Can always take $1000 out and pay it back in.
Hasn't risen with latest rate rise either - was already at 4.8%
If you open an ANZ Plus account now you could enter this competition https://www.anz.com.au/plus/promotions/visa-competition/?pid…
Can this be a offset account to be linked to our home loan?
No account linking that I'm aware of.
It's a shame they offer no internet banking with this account. Does anyone know why they try and separate this so much from standard ANZ offerings?
Different model. Minimal branches for this product, help is available via app, no web management so those cut on additional infrastructure costs, passing those savings onto you.
Its just a step closer where tellers become a thing of the past.
Is ANZ Plus safe ? i'm concerned since it's only an app account only without in store nor internet banking
Probably about as safe as other app only banks, like Up.
Can I open an account for my mum who is an overseas resident travelling to Australia for 12 months? No TFN. Does my mum have to pay 10% tax on the interest income?
Better interests available
sure better rates out there but they all come with extra effort/steps.. this is a great rate and set and forget.. no min transactions or transfers.
for the .25%, there's the risk you miss these requirements or they don't clear in time as well meaning you get bubkis rate..
![[iOS, Android] ANZ Save Account (App-Only Account) 4.50% p.a. Interest on Balance Less than $250,000 @ ANZ Plus](https://files.ozbargain.com.au/n/91/773991.jpg?h=45dc0df2)
Love the app