![[iOS, Android] ANZ Save Account (App-Only Account) 2% p.a. Interest on Balance Less than $250,000 @ ANZ](https://files.ozbargain.com.au/n/60/710960.jpg?h=45dc0df2)
Good to see a big 4 getting competitive. 2% with no hoops.
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ANZ Plus and ANZ Save accounts are only available from the ANZ Plus App.
[iOS, Android] ANZ Save Account (App-Only Account) 2% p.a. Interest on Balance Less than $250,000 @ ANZ
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digitale on 06/07/2022 - 22:50 anz.com.au (2179 clicks)
Last edited 04/08/2022 - 23:01 by 1 other user
Last edited 04/08/2022 - 23:01 by 1 other user
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The term deposit will be a bait, rates will go up higher in the very near future.
Exactly my thoughts
Commbank and NAB both had joke of a interest rate on their savers, so the 0.5% is meaningless. The term deposits are just traps.
ANZ OTOH actually had a rate which you might actually consider, its still lowish at 1.5%, but at least its not a joke. So the 2% at least brings them up to just slight less than last month's ING and Citi Intro etc
HSBC 12 mths 2.5% right now.
https://www.hsbc.com.au/accounts/products/term-deposits/
but why not wait longer? You can get even higher interest rates… hopefully back to Paul Keating's level.
Because the ANZ one is not a term deposit?
The 2% is pretty good consider it doesn't have ING's hoops, or Citi's intro etc. But we would need to see how they and the likes of uBank will up their rates to see if ANZ's 2% is competitive or not.
Ubank announced today, their rate of 2.35% effective from August.
Suncorp term deposits also up there https://www.suncorp.com.au/banking/investments/term-deposits…
12 months
2.30% p.a.18 months
2.45% p.a.24 months
2.65% p.a.Why look at those rates when Mac is way above even before the current rise.
CUA has 3.1% for 12 months again before latest rise
Mac now gone to 3.25 one year. so CUA will probably go higher
ANZ itself is already the biggest hoops
this. had a crack at signing up for this new ANZ Plus, in the last step of signing up it now says "something went wrong". No context, nobody to contact, no live chat, zilch. not worth the trouble.
Did you use an android phone? Did mine on my phone and it worked perfectly fine.
Yes :( A newish Samsung Galaxy.
@Nirmitha: Interesting, it may be something to do with android as obviously some features in the app itself aren’t available on android yet maybe they haven’t fully developed the app on android so it still has some bugs?
Same. Try to put in my address and keeps telling me something went wrong
Comments on the Android app complaining about a very low Pay Anyone limit - will likely make it hard funds out easily. Any current user know what this limit is?
$5k (only found out after I signed up tonight). Deal breaker for me personally :(
I believe you can request a bigger limit by contacting ANZ support.
Do you know what the max limit is through this method?
Yep I saw that too and instantly rejected it. It's obscene to have a $250K balance limit but can only withdraw $5K at a time.
I am not sure if you can request a higher transfer limit but the fact that it says there is no internet banking available for this account only via the App makes me think probably not.
25k is the limit for pay anyone when the voice ID is activated
No, you’re talking about the normal ANZ accounts. For ANZ Plus, it’s $5000 per day.
have they offered any sign up referral credit yet?
It'll give you access to Cashrewards Max, if that's of a good incentive for anyone.
Has many tried and got it to work woth cashrewards?
works for liquorland all the time.
What you say doesn’t confirm the anz plus debit card gives you access to cashreward max.
@avoidfullprice: ok, so I'm saying that if I use my ANZ cc in person at Liquorland, it tracks. If I use cashrewards online, and it tracks at all, the cashback rate is the ANZ cashrewards max.
@avoidfullprice: I signed up and got the Visa debit card today. It links but I have yet to actually use it for the higher CB rate, in my account it says I'm a Max member.
What about more than 250K?
Share across a few banks, that way your covered with the Government insurance
if you are prepared to give 31 days notice on your 250K you can get over 3.2% locked in for up to 5 years
"ANZ Plus and Save accounts are exclusive to the ANZ Plus app, you won’t see them in any other ANZ App. They also do not appear in Internet Banking."
That's annoying and inconvenient. No BPay yet either, though they say it's coming.
Macquarie bank is still sitting on 1.5% only.
Yeah, really hoping Mac can up their rates, they’re a bit slow this time.
It's going up on 14th July, but only a small increase to 1.75%
The Millionaires Factory at work.
For seriously. The consumer watchdog should make all these different accounts illegal. They offer high interest rates in one account one day then lower it to junk status whilst bringing a better offer to different account so you have to constantly keep switching accounts and endlessly moving money around just to get a fair return. .
‘The government should force businesses to give consumers fewer choices’ is a bold take.
I've had about 10 different accounts with anz. Where they once offered a decent return and then all end up with .1% return or less.
They offered 3% bonus rate on their online saver account not too long ago just to get people to sign up now it's .65%
Why not just increase the rate on those accounts instead of always having to sign up to a new account just to get a better deal?So they can earn more money from people who signed up and don't care anymore.
AND
keep customers who wants best rate at any given time.Think it this way, higher interest rate on new account are subsidized by customer who signed up and don't care to move the money for better rate.
Think you’ve described loyalty tax very well
‘Business spends money on marketing to attract new customers’.
Groundbreaking research.
westpac life still 0.85% :(
Staggered at the amount of posters confusing term deposits with savings accounts 😐
Financial education should be must and consistent till uni as people are happy to take million plus loan but can’t calculate weekly interest/ payment and start crying when rates go bit high.
Is that what's happening, or are they just offering alternatives? (Not that those alternatives stack up for most people IMHO.)
Posts like “XYZ bank are doing the same” indicates they’re confusing the 2. And you’re right, they don’t stack up.
Why this when Ubank has 2.35% (and rising) on 250k?
UBank doesn't have 2.35%. Its rate remains at 1.85% until 1 August, which is the day before the next rate rise is announced. There may also be people who have more than $250,000 in savings.
From 1 August 2022, we’ll be increasing our bonus interest rate to 2.25% p.a. for both our Save and USave accounts. Our base rate will remain at 0.10% p.a., meaning you’ll be able to earn interest up to 2.35% p.a. across all your eligible ubank accounts.
They are one month behind with their delaying tactic. It might sound good now, but their effective rate is still 1.85. By the time the 2.25 % comes, the rate would have risen again. Where as ING is only two weeks behind the official vs a month.
@annarchon: Wow, so I can make a whole dollar fifty extra in that two weeks and just have to jump through all the ING hoops forever after? Sign me up!
@McFly: Mate, you have been an Ozbargainer for a decade and you are surprised that how stingy some of us are? Lol.
Where as ING is only two weeks behind the official vs a month.
Yeah, ING (profanity) me with the tap-and-pay requirements. They removed them for 3 months for covid, then in the middle of our strictest lockdown, they were silently reinstated (granted, their initial email did say 3 months).
I was doing the lockdown legit, only going out for walks and ordering everything online, so I missed out on the bonus interest.
So I'll happy take an extra 2 weeks at a lower rate, rather than having to screw around with ING's requirements.
@idonotknowwhy: Its 5 settled transactions, why didn't you pay for your online orders via ING?
make 5 or more settled (not pending) eligible ING card purchases.
not just taps.
How about put money in bank shares for a year? Should go up more than 4% (pre capital gains tax)?
This is really what anyone who has a decent amount of capital and nothing more productive to do with it should be doing (or buying a trusted ETF like AFI), rather than chasing 2% minus income tax. hold the shares for more than a year and save 50% on CGT too.
Yeah, if you don't have a mortgage, you should be invested in something (Index Funds via ETFs for example). But you also need a living expenses buffer.
If you're going to lose your job, it's most likely going to happen during a recession, when asset prices are down. Not a good time to liquidate to cover food/rent.
And this money might as well be earning the pittance they're offering (pre-tax), rather than sitting in a transaction account.
If you're that much on the breadline, then the 2% you're getting from ANZ on your small amount of savings (especially given the peculiar nature of this account, only app access, etc) will hardly be worth the effort in chasing, IMO.
If you're that much on the breadline, then the 2% you're getting from ANZ on your small amount of savings
By living expense buffer, generally 3-6 months is generally recommended so you don't have to liquidate your assets in a crisis.
I'm risk averse and tend to keep 12 months, and it's worth it for for me to earn that interest (Ubank only makes me add +200 every month).@idonotknowwhy: Fair enough, each to their own - interesting looks like I've been negged by a breadliner for expressing a pretty innocuous opinion.
@Yola: Yeah good point. It's even better than I said :)
I tend to just let them build up then use them when rego and insurance are due (once per year).
Does this ANZ Plus support applying for SMSF account? So far I only find Rabobank does support that (can be used for SMSF - temporarily parking some money).
Don't know about ANZ but Macquarie do. They are only at 1% at the moment though.
https://www.macquarie.com.au/investing/cash-management-accou…
https://help.macquarie.com.au/s/article/What-is-the-Cash-Man…QUDOS have an SMSF account.. 1.8% from 21/07/22
Just found that the iOS app shares data with developers by default: https://files.ozbargain.com.au/upload/348761/96899/e2aaf2cb-…
Does having this app only acct qualify me as an anz customers so that i can apply for their credit card and got lower fee?
Other banks doing the same too:
Source Canstar
Commonwealth Bank
NAB