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[iOS, Android] ANZ Save Account (App-Only Account) 3.00% p.a. Interest on Balances Less than $250,000 @ ANZ Plus

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[iOS, Android] ANZ Save Account (App-Only Account) 3.00% p.a. Interest on Balances Less than $250,000 @ ANZ Plus
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AssociatedPjcoccio @ Savings.com.au on 14/09/2022 - 18:45 anz.com.au (270 clicks)
Last edited 06/10/2022 - 08:24 by 1 other user

ANZ's digital arm ANZ Plus will be increasing the interest rate on ANZ Save accounts on Friday.

3.00% p.a. from a big-four bank with no hoops may be enticing for some.

ANZ Save accounts are purely digital through the ANZ Plus app. The associated transaction account includes a VISA Debit card with a 3% fee on international transactions.

ANZ Plus recently increased daily payment limits, now up to $30,000 per day. Features of ANZ Plus include BPAY, PayID and Dynamic CVV to name a few.

Read more: https://www.savings.com.au/news/which-banks-are-increasing-s…

Last increase: https://www.ozbargain.com.au/node/720525

Financial Android App Bank Account iOS App Savings Account

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closed Comments

  • annarchon on 14/09/2022 - 18:46
    +2

    from a big-four bank

    Is this meant to be a pro or con?

    • javawoo on 18/09/2022 - 08:03

      up to you. more secure but less benefit

  • superbass on 14/09/2022 - 18:47
    +2

    So.. ubank is still better?

    • askbargain on 14/09/2022 - 18:55

      Features of ANZ Plus include BPAY, PayID and Dynamic CVV to name a few.

      How pathethic. This is just an ad.

  • BuyNow Think Later on 14/09/2022 - 18:50

    Is Cashrewards winding down Max?
    Can you still join CR Max?

    • Hiphopopotamus on 14/09/2022 - 18:56

      You can but it's gone at the end of the month.

  • coolsteps on 14/09/2022 - 18:52
    -1

    i wont be signing up until they offer a sign up bonus.

  • Froot Loops on 14/09/2022 - 18:53

    3.60% at Virgin Money (Locked) and 3.30% (unlocked)

    • scaryspace on 14/09/2022 - 18:57
      +2

      Their account is one of the most restrictive with the hoops you need to jump through to get the rate. Unless you are using the locked account, Ubank's interest is 0.05% higher, with much easier-to-meet criteria.

      • Froot Loops on 14/09/2022 - 19:14

        Hoops are too bad.
        1) add $200/month. This can be a transfer to another account and back or wages (you could setup a transfer and back atomising this process)
        2) Make 5 transactions. You can setup 5 x 1c bpay transactions (credit card) and automatise it.

        For unlocked style Ubank might be better (and people that cbf meeting criteria), but Virgin allows you to have up to 8 savings boost accounts so you could lock away the money you won't need and get the extra 0.30% to 3.60% on that with your other savings in a 3.30%. I'll also note, its only 31/32days locked away, so it's a good way to earn a little more.

        • BuyNow Think Later on 14/09/2022 - 19:18

          How do you automatise bpay (credit card) transactions?

          • Froot Loops on 14/09/2022 - 19:21

            @BuyNow Think Later: Sorry
            Setup bpay transactions to go out 5 times a month (in app) for the amount of 1 cent and pay it towards your credit card bill

  • scaryspace on 14/09/2022 - 18:55

    So the first time they didn't pass on an RBA rise in full. Interesting…

    • Hiphopopotamus on 14/09/2022 - 18:58

      Last time they did a small 2.5% to 2.7% jump out of nowhere, there's a chance they'll do it again.

      • scaryspace on 14/09/2022 - 18:59

        Ah that's right. Completely forgot about the 0.2%.

  • wetwork on 14/09/2022 - 18:56

    $30k per day limit when you need to jump around as interest rates change rapidly. Nup.

    • thebarrel on 14/09/2022 - 20:03

      Out of interest, how do you usually pay more than this in a day - go to a branch?

      • wetwork on 14/09/2022 - 20:51

        Others have a higher limit and yes you can go to a branch with banks like Suncorp.
        This is all hypothethical for me unless I actually had lots of spare cash.

    • stockastics on 14/09/2022 - 22:12

      Only $5k I thought?

      • souths123 on 15/09/2022 - 09:59
        +1

        you can increase in the app to $30k max

  • Jimothy Wongingtons on 14/09/2022 - 18:58
    +1

    Bro

  • Ryk on 14/09/2022 - 19:01
    +2

    obligatory post: ING Savings Maximiser 3.60% p.a.

  • doobey1231 on 14/09/2022 - 19:05
    -1

    So many better options out there, sorry but not a bargain imho.

    • derdew on 14/09/2022 - 20:20

      which others do you recommend?

      • doobey1231 on 14/09/2022 - 20:51
        +1

        I am with ING whos doing 3.60% at the moment, their app is a bit ugly but aside from that I cant complain, the only thing is the requirements vary, ING wants you to increase your savings every month, UP, Ubank and Mebank were on the cards when I looked at options, the requirements are relatively simple to understand so check out all the websites and see how you go.

        • ranma241 on 15/09/2022 - 03:22

          One of the condition is your account balance needs to be higher than the month prior ie if your last month balance is $30k, transfer $1k to ING and withdrawal $5k you become ineligible.

          • doobey1231 on 15/09/2022 - 08:16

            @ranma241: Yeah thats why I said its best to go check all the banks and see what suits you best, ING wants you to treat your savings account like an actual savings account so if you are prone to dipping in then its not a good idea, but you can put in $1 and still be eligible for the 3.60%, which afaik is the best rate going at the moment.

  • shaibankek2 on 14/09/2022 - 19:06
    -3

    Terrible "deal" considering I can get a high rate elsewhere

  • BuyNow Think Later on 14/09/2022 - 19:16

    You can make a payment to someone's PayID. But you can't create a PayID from ANZ Plus accounts.

    • askbargain on 14/09/2022 - 19:17
      +1

      feature coming soon

  • LittleTicket on 14/09/2022 - 19:20
    +10

    Rough downvotes tbh. This is extremely palatable and up there for rates. And the rate is just around the corner, not start of October.

    • Associatedjcoccio @ Savings.com.au on 14/09/2022 - 19:34
      +2

      Appreciate it LittleTicket!

    • Hiphopopotamus on 14/09/2022 - 19:34
      +5

      I agree. Clearly it's not the best, but it's OK.

      This or Macquarie would be my choice if I wanted a hoop-free account to pair with ubank.

  • robinsoa on 14/09/2022 - 19:41
    +1

    Yeah for no hoops its great. UBank is better albeit with just one small $200 hoop. Macquarie is good if you want full (but a bit lower) interest on the linked trans account too. ING and Virgin are the best if you do the extra (yet simple) hoops. I got all 5 and they each have a pro and con.

  • soundboy5010 on 14/09/2022 - 20:27
    +3

    3% no hurdles? Best offer out there for a savings account with no hurdles to jump. The app is quite nice too, refreshing since ANZ's main product and app sucks so much.

  • JMxoxo on 14/09/2022 - 20:38

    Cheers brother, been super lazy moving savings to somewhere better than CBA. ANZ sign up to legit 5 minutes.

  • squeeb on 15/09/2022 - 08:56
    +2

    It is a good back up account. App is easy and clean.
    Don't like that you can only have the app on one device.
    Can move money here until Ubank increase on 1 October.

    • souths123 on 15/09/2022 - 10:03

      yes, I am doing that as well, but I hate that the max you can take out on one day is $30k….now THAT is very restrictive. At least others give the option of ringing them to transfer larger amounts, or some allow quite a high transfer limit via the app, once you do an extra verification.

  • bcdefg on 15/09/2022 - 21:28

    I prefer ANZ over ING / Virgin. I had bad experience of ING customer service and restrictive Virgin app.

  • FOX on 16/09/2022 - 11:50
    +6

    Why are people negging this deal? ANZ Plus is now a lot more competitive with a 3% interest rate and a proper daily pay anyone limit of $30,000, and NO HOOPS to jump through! I actually like that it's app only: more secure.

  • fchis on 17/09/2022 - 22:54
    +1

    for people who have more than 250k in savings, this is a good alternative to be honest and you can move the money around pretty quick these days.

  • hodgey on 05/10/2022 - 07:41
    +3

    This is going up to 3.25 on the 12th of October.

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