Looks like ANZ plus has followed others in bumping their rate on the back of the RBA decision.
An increase of 25bps from 4.65% to 4.9%. Still not the best on the market but a decent offering that requires no hoops.
4.9% interest on balance up to 250k.
3.75% interest is paid on the entire balance if it exceeds 250k.
Mod Update 21/8: ANZ Save account will be changing from 1 October 2024
Really easy to set up an account and save some cash.
Then they can lay off employees and close more branches to make more profits.
New platform not tied to their antiquated systems.
Probably a similar reason to why UBank merged with 86400 and transferred the accounts to the 86400 system - because the existing ANZ systems are likely old and not that great to use, so they figured it was easier to just start from scratch with a fresh new system. I wouldn't be surprised if ANZ moved their standard accounts to the new ANZ Plus app in the future (hopefully with less pain than UBank lol)
As someone else kinda mentioned, this is a seperate neobank system away from the regular ANZ bank.
They really want a lower cost base with this product which is why you can't transact with branches with it…
Any bumps at commonwealth bank?
yeah: Greeeed Bumps….
The "hoop" is having a seperate app.
They don’t accept proof of age cards as ID…
Beware of the withdrawal restrictions for these guys.
Needed to take out a large chunk or change for a house deposit a couple months ago. Turns out they had a stupid limit ($20k per day from memory).
After pleading with them, they said they can do a manual paper transfer that can take up to 5 business days. Massive pain in the ass. Stick to ubank, no withdrawal restrictions, much better service.
The app now allows a maximum $250k per day. But you’re right, the previous limit of $30k is quite stupid. Even worse, the normal ANZ internet banking (not ANZ Plus) only allows a maximum of $25k……
great they fixed that!
On 1 October 2024, we’re changing how interest is earned on your ANZ Save account, and introducing a new savings account called ANZ Plus Flex Saver. We're also making some other changes to the T&Cs.
What’s changing?
The way interest is earned on your ANZ Save account
We’re replacing tiered interest with standard interest, (so the interest rate that applies won't depend on whether your balance is above or below $250,000).You'll also have the opportunity to earn bonus interest if you meet the monthly savings target.
To meet the monthly savings target, you'll need to have grown your ANZ Save account balance by $100 or more (excluding any interest we pay) as at the last business day of the month.
This means you could earn 5.00% p.a interest on your ANZ Save account made up of:
ANZ Save interest types
Interest rate
Standard 0.50% p.a.
Bonus (if you meet the monthly savings target) 4.50% p.a.
Total: Standard + Bonus (if you meet the monthly savings target)1 5.00% p.a.
We’re introducing a new savings account – ANZ Plus Flex Saver
You can also apply to open an ANZ Plus Flex Saver account from 1 October 2024.2
It's a new savings account that’s designed to work with your ANZ Save account - and there's no monthly savings target to earn interest.
Instead, you can earn banded interest on the ANZ Plus Flex Saver Account. This is when different interest rates apply to different parts of the balance of your account.3
ANZ Plus Flex Saver interest bands
Interest rate
Up to $5,000.00 5.00% p.a.
Over $5,000.00 2.00% p.a.
For example, if you have $6,000 saved in your ANZ Plus Flex Saver account, a 5.00% p.a. rate will apply to the first $5,000, and a rate of 2.00% p.a. will apply to the next $1,000.These rates are indicative and may change before 1 October 2024. If this happens, we’ll let you know.
To open and hold an ANZ Plus Flex Saver account, you’ll need to hold individual ANZ Plus and ANZ Save accounts
![[iOS, Android] Earn 4.90% p.a. on Savings Balance of up to $250,000 @ ANZ Plus](https://files.ozbargain.com.au/n/05/812205.jpg?h=45dc0df2)
Can anyone tell me why they thought it a good idea to have a separate app for this? I mean seriously why ?