ANZ will be increasing the interest rate on their new ANZ Save accounts on Monday.
2.5% isn't bad, no hoops though the accounts are purely digital and app only. The transaction account (ANZ Plus) includes a VISA Debit card with a 3% fee on international transactions so use it with care, the card can also be used to become a Cashrewards Max member.
Fair, but too many hoops for me. I think ubank has the best balance.
Macquarie actually
No hoops, highest rate, up to 250k
Only for the first 4 months.
@Hiphopopotamus: You really think the interest rates arent going to go higher by then? What does it matter?
@Hiphopopotamus: No it really doesn't.
In 4 months there will be another better rate so you can just move it there.
Hell, there will probably be a better one in 8 weeks.
The 4 month thing is a non issue, it's the best one
@coffeeinmyveins: Sure, if you're planning to move your money around every few months.
I just want to leave it there, so for me the intro rate isn't appealing.
I just want to leave it there
You may have no choice for those who go to ANZ rather than uBank given these limits make it harder to move large amounts
For an ANZ Plus Account, the following default limits apply:
for transfers between your ANZ Plus and ANZ Save Accounts, the limit is up to your Everyday Funds
for a Pay Anyone Payment, the limit is $5,000 a day or any higher limit that we allow you to set (Says this extra limit feature will come)
For a BPAY Payment (where available), the limit is $30,000 a day or any higher limit that we allow you to set
for a Visa Debit Card payment, the limit is up to your Everyday Funds
for cash withdrawals, the limit is $1,000 a day and
for cash deposits, the limit is $10,000 a day.
@RockyRaccoon: I reckon we just need to call them (like Ubank) or fill in a form (AMP) for transfer higher than current limit. Macquarie lets you transfer up to $100,000 per day using their authenticator app.
@RockyRaccoon: I already have a ubank account, I chose to go with ANZ Plus for my secondary.
Another thing missing from ANZ Plus is recurring payments, an automatic $200 monthly deposit into my ubank account would be ideal.
@Hiphopopotamus: why would you wanna have bank acc that doesn't have recurring payment feature? nether have the best interest rate?
@izkai67: The interest rate is competitive with no hoops and I wanted a complimentary account to pair with my ubank account. I had no idea recurring payments wasn't available, I hope it will be added in the future, the app is quite barebones at the moment (increasing the daily limit is to be added next).
I considered Macquarie but when I signed up for ANZ Plus their interest rate was 2%, while Macquarie's Savings Account was also 2% and only for the first 4 months.
up to $100,000 only
Is this the one that has low transfer limit?
$5k a day and can't be increased
How do you take money out?
Pay ID or just normal bank transfer
@bargainsteve: Nope :(.. I contacted chat. They said $5k is max and there are no plans to increase the limit in the near future.
Someone posted in another thread that they were transferring $25k per day. Even that, of course is not enough.
Do we have to wait the 4 days or can we start up the account now and in 4 days the rates will change itself?
Right now it's 2%, come Monday it should automatically increase to 2.5%.
Take it to 2.8% and I'll consider it.
App only? How stupid
That's ANZ for you. Their processes are stupid in general.
Why couldn't they just update this new design in the same app. Why create another one…
The look and feel of the app is only one side of it. They've completely redone and re-archectured most of the backend. ANZ Plus (or ANZx internally) is ANZ's internal neo bank ala Up, 86400 etc.
And now their LinkedIn hiring posts are confusing as hell.
When they advertise they are hiring for ANZx , and each time have to mention ANZ Plus, but actually they are hiring for ANZ , but just the internal team name is ANZx.
It's such an odd app to bring out.
It offers me nothing the current app does. It offers much less and there's no incentive at all to use it.
Their plan might be over the next few years to migrate all the features across but that should be in the first release really.
It's an iterative approach. They're rebuilding everything, so they'd rather choose to release things, see how the market receives it and adapts. It's a common approach to software delivery as opposed to bing bang releases which may go out with features no one cares about and millions of dollars sunk in.
@SmokeyTheCorgi: That would make sense if there was no competition in the market. There are heaps of better banking apps available. So why would anyone use this half baked crap..
do you have to do a face scan and id upload to apply?
Yep, it asks for a photo of your ID and a selfie.
Poor mans Bunnings?
Got up to this point and cancelled my application. Still not comfortable sending my ID and selfie around digitally. They could just verify with drivers licence number like everyone else.
Good point, sometimes I forget to be super careful online.
Another ANZ quirk..
the card can also be used to become a Cashrewards Max member
Helping the poor get the most from their cashback… I’m all for equality!
Can the savings account support direct debits?
Yes
anyone know of a better rate for larger balances, say $1m?
Celcius network
lol 💀
I'm in! where do I sign up?
Spread it around as govt guarantees only $250k/institution
5k withdrawal limit. Wtf if you need money in a hurry to buy that big purchase you'll be screwed.
Yep, if you max out the deposit limit of 250k it will take (a painful) 50 days to get your money out.
Use it as a cashrewards account then. Other places have higher interest rate anyways. ANZ dont usually have accounts with no fees, so I'll probably open one up anyways.
Which one? Is it the ANZ Progress saver? Or Online svaer? Pls let it be progress aver as I have that currently in the SaversPLus program lol
When I click on the link, it mentions neither.
Looks like fairly new account types.
Yeah it's brand new, completely separate from their other accounts.
Would this account be sufficient for the 160k FF offer with ANZ?
Good question. I was planning to create a progress Saver account for CC.
I'm waiting for a couple of test deposits to show up in my new ANZ Plus account. I have messaged them, the message box only shows up at the end of some (not all) help menus, so a bit hard to find. They have zero phone support but at the very bottom of the support menu if you click on "Visit Us" they list the address of two "concept stores", 224 Swan St, Richmond 3121 and 75 Macleay St, Potts Point 2011. Apparently they allow you to have a conversation there with a "coach" face to face.
Why should you have to turn up in person. Lack of phone support for a bank is a bit worrying.
From today：GSB Home saver from 2.05% to 2.55%(100,000 Cap), advantage saver from 2.10% to 2.6%(100,000 & 750,000 Cap).
but your balance need to increase by $250 every month, not clear which date. So, if you need to withdraw money for urgent stuff at the end of month, either you should make quick deposit back $250 more than you withdraw or more than last month balance, then you get nothing, too risky for me cause you never know when you need money
I agree.
citi bank from today's afternoon 12/08/2022 Fri, variable introductory rate, currently 2.85%p.a. for the first 4 months remains under $500,000.
![[iOS, Android] ANZ Save Account (App-Only Account) 2.5% p.a. Interest on Balance Less than $250,000 @ ANZ](https://files.ozbargain.com.au/n/74/716974.jpg?h=45dc0df2)
ING 3.1% from next week 🤔