ANZ Plus Goes from Decent to Bad Savings Rate. Next Alternative?

bigbadaboom on 19/08/2024 - 23:31
Last edited 20/08/2024 - 11:11 by 1 other user

Email from the ANZ Plus Bait & Switch team at 11pm:

We're updating our T&Cs
We're changing how interest is earned on your ANZ Save account, adding a new savings account and making some other changes

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.1

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)1 4.50% p.a.

Total: Standard + Bonus (if you meet the monthly savings target)1 5.00% p.a.

These rates may change. If this happens, we’ll let you know.

You can find out more information about these changes in the Support tab of your ANZ Plus App.

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. The ANZ Plus Flex Saver is not yet available as a joint account.

Other changes to the terms
We're also making some other changes to the ANZ Plus and ANZ Save Accounts T&Cs, including:

• changing its name – your T&Cs will now be called 'ANZ Plus Deposit Accounts T&Cs'
• clarifying that we may close your account if we reasonably think you acted fraudulently or illegally in connection with any other ANZ account (including under another name or brand of ours) and that we may close your account if you close your ANZ Plus or ANZ Save account
• explaining the ways in which you can take money out of the new ANZ Plus Flex Saver
• updating the circumstances when we may not process a BPAY payment (like if you give us incorrect information)
• requiring you tell us about delays or mistakes in a BPAY payment
• if there's a mistaken BPAY payment and we consider you're responsible for it, reducing the time we'll attempt to recover that amount from the person who received the payment before we may recover it from you
• clarifying that we aren't liable for losses you might incur in relation to BPAY payments except as set out in the T&Cs or required by law
• clarifying how adjustments work and reducing the time in which we may consider making an adjustment
• updating the security guidelines relating to your PIN including that you must not act with extreme carelessness in failing to protect your PIN and
• clarifying your liability for unauthorised transactions on your ANZ Plus Visa Debit Card and increasing the circumstances in which you won't be liable for loss from an unauthorised transaction.
We're also making changes to 'Limits that apply' in 'Limits'. The T&Cs will describe the highest limit that may apply for each transaction type for your account, and that we may allow you or a joint account holder to set other limits. This may increase your liability for unauthorised transactions on your account. Read 'Unauthorised transactions’ in 'If things go wrong' and 'Joint Accounts'.

Terms and conditions that are impacted by these changes
To make way for these changes, we’re updating the following terms and conditions:

• ANZ Plus and ANZ Save Accounts T&Cs
• ANZ Plus PayTo T&Cs
• ANZ Plus with Samsung Pay Terms and Conditions
• ANZ Plus with Garmin Pay Terms and Conditions
• ANZ Plus with Apple Pay Terms and Conditions
• ANZ Plus with Google Pay Terms and Conditions
These changes will be effective from 1 October 2024.

You can view the updated terms and conditions in the ANZ Plus app or on the ANZ Plus website.

Thanks,
ANZ Plus

ANZ Plus is provided by Australia and New Zealand Banking Group Limited (ANZ) ABN 11­ 005­ 357­ 522 Australian financial services licence number 234 527. This information is general in nature only and does not take into account your personal objectives, financial situation or needs.

1 We use the effective daily balance of your ANZ Save account at 11:59pm (Melbourne time) on the last business day of the month to determine if you've met your monthly savings target. See the ‘Earning Interest’ section of the ANZ Plus Deposit Account T&Cs for more about what’s included in your balance and how we work out if you're eligible for bonus interest.

2 Eligibility criteria applies. See the ‘Who’s eligible’ section of the ANZ Plus Deposit Account T&Cs for more information.

3 See the ‘Earning Interest’ section of the ANZ Plus Deposit Account T&Cs for more information about how interest is calculated.

Updated T&Cs will replace any T&Cs previously agreed to including as a part of an incomplete application for ANZ Plus and ANZ Save accounts.

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Comments

  • Outrageous on 20/08/2024 - 01:10
    +4

    Absolutely outrageous

  • Viospeed on 20/08/2024 - 02:25
    +9

    Greedy ass mofos. So when I need to withdraw more money than I put in cause you know, living expenses etc then I forfeit 90% of my interest earnings. Yeah nah, they can shove it. Moving to another bank next month.

  • MatthewAsia on 20/08/2024 - 02:47
    +4

    UBank, deposit $500 each month and get 5.5%. Feel free to withdraw your $500.

    5.5% on the first $100k portion
    5.0% on any $100k => $250k portion
    0% on any portion above that

    If you have more than $250k, put the rest in another bank.

    https://www.ubank.com.au/banking/savings-account

    • flapperino on 20/08/2024 - 03:24
      +1

      Wait, with UBank, you can deposit $500 and remove $500 or more again in the same month, and still get that interest rate?

      Now looking for somewhere to move my ANZ Plus savings.

      • MatthewAsia on 20/08/2024 - 03:38
        +2

        Yes, you just need to deposit $500, you don't need to increase your balance.

        They just upped it to 5.5% last month.

        • flapperino on 20/08/2024 - 04:18
          +1

          Thanks, just signed up to try out.

          Heads up for others about the UBank sign up process, from my experience:

          • can only sign up via mobile app, not on web site
          • after signing up, activate card, set PIN, then you can use the card to "reset password" to online browser web ui banking
          • browser based online banking forces 2FA by SMS code, no option for TOTP or other forms of 2FA
          • mobile app can only sign in via pass keys
          • for users who use iOS lockdown mode, mobile app can't sign up when in lockdown mode, crashes when adding new passkey, so need to disable lockdown mode sign up, then enable again, app works after that, kind of, the graphics are little screwy but it works
          • bbinc on 20/08/2024 - 09:37
            +1

            @flapperino: Ubank has some complexity in withdrawing. They have Spend accounts and Save accounts. Spend a/c earns no interest. You can’t withdraw from Save, only transfer to Spend. It works, but a little clunky IMO.

  • HamBoi69 on 20/08/2024 - 07:03
    +9

    Macquarie. I've been saying it for years. A 4.75% ongoing rate with no-hoops/account fees, no international transaction fees at wholesale rates and the ability to purchase gift cards at a permanent discount.

    • LFO on 20/08/2024 - 12:56

      A 4.75% ongoing rate

      Isn't that less than the 5.5% on offer somewhere else?

      the ability to purchase gift cards at a permanent discount

      Interesting … How much is the discount please?

      • HamBoi69 on 20/08/2024 - 13:09
        +1

        Isn't that less than the 5.5% on offer somewhere else?

        Sure. But are competitors offering that rate at zero hoops and no account keeping fees?

        How much is the discount please?

        Apple is 5%, JB 3%, TGG 3%, Big W 3%, Kmart 3.5%, Myer 5%, Target 3.5%, 7/11 2%, EG fuel 2%, SCA 5%, Coles 3%, Woolies 3.5%, Amazon 3% and more.

    • Hahuh on 18/09/2024 - 00:32

      You should also explain how you need to write to them specifically to withdraw your money above 100K

  • silenthillrocks on 20/08/2024 - 07:36
    +12

    Welcome to ANZ Minus

  • holdenmg on 20/08/2024 - 07:48
    +3

    OzBank™

    Just thinking…

  • BigBirdy on 20/08/2024 - 08:38
    +6

    ANZ have killed the idea of ANZ Plus being a new way to bank, changing the rules to make it a typical HISA account, ie you get a high interest rate if you don’t make any withdrawals. The one redeeming feature appears to be …

    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).

    but it needs greater clarity than this off-the-cuff comment in brackets. Is the $250,000 limit dead, buried & cremated?

    Note, UBank & AMP are better HISA options. I’ve been with UBank 10 years or so, during which they’ve changed the rules a couple of times, but thankfully continue to allow withdrawals. AMP operates similarly. As a general rule, I would advise against using a HISA account for direct debits, the rules do change. Use a transaction account.

  • Drakesy on 20/08/2024 - 10:41
    +1

    Rabobank if you have over $100k
    Ubank or ING if under $100k

  • Hybroid on 20/08/2024 - 11:18
    +6

    Sneaky titling the e-mail We're updating our T&Cs and sending it out at 02:43 AM knowing most people will gloss over it.

    Will definitely be moving away to another bank. The whole point of ANZ Plus' draw was no hassle or jumping through hoops. It was straight forward saving account.

  • onetwothreefour on 20/08/2024 - 11:52
    +1

    Thanks OP, I did get the email but didn't read it. Luckily I don't use ANZ Plus and have been keeping my money in UBank which I will continue to do.

  • James Tabby on 20/08/2024 - 12:12
    +3

    Glad I never signed up.

    It's the next RAMS.

    Plus they asked for some selfie, so never got around to opening it. Sadly, hope there is no data leak in the future where everyone's selfie gets leaked. I already know there was a big data leak from National Public Data which is basically one of those firms you outsource the tasks that ANZ was doing.

    I would not be surprised if it happens. These ANZ folks are the same that brought you the class action by Phi Finney McDonald.

  • dongltron on 21/08/2024 - 13:58

    why is everybody baffled when a bank does a thing that makes them more money.

    • bigbadaboom on 21/08/2024 - 14:49
      -1

      it seems more of the frustration is around how they did it. For a less tech savvy senior let's say - this is a big issue and they are most likely to miss the change altogether.

      And moving out will be a nightmare for them since ANZ Plus is not supported in their bank branches (online only).

      • peter on 22/08/2024 - 02:43
        -1

        When signing up to ANZ Plus, I'm pretty sure I was asked to agree to receive all notices by email. If that's difficult don't sign up to a bank account of this type in the first place. I mean email is not a new technology, it's been mainstream for years. Why would anyone miss the change? Moving is not a nightmare, I've been able to move all my funds out of ANZ Plus already. The daily limit can be raised to $30,000 in the app with a few clicks, higher by submitting a selfie.

    • peter on 22/08/2024 - 02:29
      -1

      That's a big call to say that "everybody" is "baffled". I recall reading speculation a few months ago, it may even have been here on Ozbargain, that ANZ were planning changes of this type. Given recent changes to savings rules at ING, Ubank and ohers, I would say almost no one is baffled.

      • dongltron on 22/08/2024 - 07:39

        Comments section says otherwise.

  • Faolan on 23/08/2024 - 19:18

    Could be good.
    It seems like they're just moving the savings jar to be in between the spendings and the savings accounts.
    Now I can schedule payments and debits without having to transfer it into my card account the day before.

    "Bonus" interest is a bit of a dick move. Should be the other way around, 4.5% standard, 0.5% bonus.
    It'll work though, I can save $25 a week 🤞

    • calcium on 29/08/2024 - 06:34

      But you can never withdraw without losing your bonus interest

      • Faolan on 01/09/2024 - 09:36
        +1

        Ah, true 🤔
        Might be worth keeping 5 grand in the flex saver for rainy day stuff.

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