ANZ are increasing the interest rate for their app only ANZ Save account by 0.25% on November 10, going from 3.25% to 3.50%.
It's not the best rate but ANZ Plus isn't without it's perks. I think this is the highest interest rate around that has no hoops, as long as you don't consider it being app only a hoop. The app is coming along but is still missing some functionality like recurring payments, you also can't make payments directly from the Save account.
Nope
I think so? I can see the PayID option in the app and it's also listed on their website.
You can send payments to a PayID from ANZPlus but you can't yet have a PayID on your ANZPlus account. But apparently that's coming soon.
Got it, thanks for the info.
without hoop, 3.5% is fantastic
lol. Whats the current inflation rate?
about 7%, and what is your suggestion mr. buffet? keep money under your bed? or invest in pyramid scheme generating 10%? let me hear your wise advice if you have any at all!
Put it in your Parents offset account? Even better if its an IP IO.
Get 5% and your parents get 0.2% off.
Obviously you would have to trust the people who gave birth to you and raised you for 18 years (on average).
Dont trust them? ANZ shares were offering 5.5%, and if you cared about franking credits it goes up to 8%.
Obviously share price is a risk, but at $20 a share and major money printing it probably hit its lows, especially as the Aus Gov is happy to throw everything including my, your and your neighbours kitchen sink to protect the banks, it probably wasn't much of a bigger a risk. Or go 25% for each of the Big 4 for extra diversification, as dividend is similar. Or buy a far out of the money covered put options. Unless you think Comsec is going to go bankrupt.
Everything is a risk. But its all connected anyway. I mean savings over $250k are not exactly safe if you have a Bank bail-in, correct? (well you can get stock but the RBA would just print more money probably and give it to the Banks).
SO there are 2 ideas.
@Ti-au: there are others but you would probably scream blue murder, but in my imh OPINION they are safer than bank bonds (better customers, lower default rates, lower LVRs) and pay a lot higher, but whatever…..
come on commbank, you can do better
Lol.
Yeah but they don't need to. They managed to trap most of us with their stupid "dollarmite" accounts from age 5. Properly switching banks is an excruciatingly annoying process. This was probably the easiest and cheapest way for them to get an enormous advantage in market share.
Whilst I agree that their strategy was outstandingly brilliant and effective, it's really not hard to switch.
- Deposit accounts taken minutes to setup.
- Credit cards are the same assuming steady income.
- Mortgage is more difficult and lengthy but certainly possible.
What is excruciatingly annoying, perhaps myself or others could offer some advice to assist?
What about all those monthly memberships tied to your previous account?
@e3lo: Not sure how many memberships you may have but updating is not that daunting once you have a good process in place.
I highly recommend a simple excel spreadsheet with a list of all your membership and what card or account they are linked to. Easy to see everything and update in one place.
PayPal is another shortcut, link your membership to PayPal and then simply update the linked credit card once in PayPal vs every membership individually.
@cook99: Good tip, also good to add address records to this, especially if renting. Mail redirection is a clunky and temporary solution. Much better to know who has which address from the outset.
The first time you switch it seems daunting. You're 20 and know nothing yet about finances
Laziness tax.
It is hardly excruciating.
I actually find it refreshing to break all my payments and start again every so often. It gives me an opportunity to consider how many organisations are holding my card info and consciously decide whether I want to cancel those subscriptions.
But that said, you can also always keep the old account open and do these things very gradually. You can even keep them both open forever just as you probably already have a separate transaction and saving account. Jus different banks.
As well, quite a few banks even let you import all your address book, update your employer, and tag your recurring bills.
If that’s not worth the effort then fair enough. But I’d love to be that rich.
I switched from CBA to Macquarie recently and the main issues were:
- remembering every single direct debit to change
- re-linking cards to amazon, paypal and other such services (just one of those not a huge pain, but lots of them)
- making sure all my friends and family had my new account details and deleted the old ones
- cancelling all of the automated interbank transfers I'd set up to satisfy savings hoops and such, and then re-creating all of these schedules in the new accounts.
- setting up all the new accounts in the same way that they had operated previously to facilitate budgeting etc
- then later realising there were even more services with my old bank details, like medicare, ebay, ATO etc.
Setting up the debit cards and creating the accounts was the easy part.
Basically you can see the trend here - if you love to automate your payments and organise things into a few separate accounts, it's a bit of a nightmare. That said, I've been impressed with Macquarie so far. One unexpected convenience is that all their account BSBs are "182-182" which is really easy. I'm glad I made the switch in hindsight with CBA charging me $4 per month per account, vs macquarie paying me decent interest on all transaction accounts - even just considering that point, it's hard to justify effectively paying CBA $500+ per year just to avoid the pain of switching.
@eggboi: Nobody should be paying account fees there are too many free accounts available. In fact, most are free.
@Ti-au: Hahaha sly jab at my phrase, fair. I guess ‘refreshing’ isn’t the right term. But what I meant was it’s nice to catch old subscriptions you might not be aware of and start a clean slate.
But still, calling it “daunting” and “excruciating” is absurd. It’s a few digital clicks over a weekend for hundreds of dollars difference in your pocket.. maybe a few hours tops.
Very fair if not worth your time, but personally my “hourly rate” pays me a lot lower than a few hundred an hour. So no way am I not moving if rates change against my favour. I’m out next day. Otherwise, you pay the laziness tax.
@haemolysis: It seems you’re talking about simply setting up new accounts to shift the majority of savings between various accounts. This is generally the best way to do things and very easy. However I wanted to move everything away from CBA which was not easy at all, but I’m still glad I did it. If totally switching banks and closing previous accounts is easy for you, then that’s great for you. It’s silly to pretend that everyone’s financial circumstances are the same as yours though.
@eggboi: "…making sure all my friends and family had my new account details…"
I use PayID, which is available from the larger banks/financial institutions. I've set it up for both my mobile number and email address, so that transactions are done via either - means that I don't have to give out my account details to anyone (especially if buying/selling things from a stranger).
Transfers are instant. I think it is much more secure than giving out your account details.
You don't need to switch banks to keep your savings in another bank.
That's a decent rate. Ubank still at 3.60% til next month
Except that ANZ rate of 3.50% is the ongoing standard rate in only 8 days time, if you compare that to Ubank of 0.10% (or wait almost a whole month to add their 0.25% increase to the introductory rate) then ANZ is more than decent. The other bank that has a high ongoing rate is Macquarie with its increased 3.45% ongoing standard rate in 2 weeks time (see this deal).
I personally prefer Macquarie as it allows for high daily limits, bpay and credit card direct debit agreements - which avoids the monthly money shuffle while getting maximum number of interest free days on the credit card and the maximum possible days of high interest on savings.
UBank is 3.6% right now.. so I'm not sure how this is better?
Doesn't really matter that Ubank will give this extra .25% that was announced yesterday next month.. cause in 8 days time Ubank will still be higher than this offer.
And assuming that rate increase again by .25% next month and ANZ passes it on, again on the 10th, then Ubank will be 3.85% and ANZ will be 3.75%.. am I missing something?
You are correct, the point I make is 3.6% is made up of 3.5% bonus rate and 0.1% ongoing standard rate, whereas for ANZ, 3.5% is the ongoing standard rate. The hoops for getting the bonus rate for Ubank are quite small though which is good.
@bigmudcake: Ahh.. Gotcha. I forgot that bonus rates only applies if you meet requirement, but as you said Ubank req is quite small which is why I didn't even consider it.
@buckethat: It also looks like with Ubank you can "Make payments, set up direct debits and pay bills using BPAY straight from your Save accounts" so has same features as Macquarie account. I may be switching to Ubank :)
Macquarie are actually even offering a bonus 4 months at 4.25% in this deal -> https://www.ozbargain.com.au/node/734218
Amp around this also
AMP is 3.6%, but there is a hoop - you need to deposit $250/month
And wait another month! Then again if you wish you could donate 2.5k to StealPal!
huh ?
It's time to open ANZ acc, I stick with NAB last 7 years.
Is there any good promotion for new customers except credit card promotions?
Poor experience with ANZ support, would not trust them with my money. Very hard to reach somebody in Australia.
Have to strongly agree with this. Parents tried to set this up (barely retired) and found it exceedingly difficult to transfer large sums from pre-existing ANZ accounts to this service.
'Coaches' on the app fob you off back to ANZ proper. ANZ proper dont know what to do. In the end, they had to go into a branch (try finding one!), draw a cheque (thankfully ANZ did it for free), deposit their own cheque into their own ANZ Save account 🤦♀️
If you're looking at transferring funds greater than $25k and dont have the patience or technological wherewithal, this may not be the service for you.
Similar experience here. Anz 'coaches' didn't respond in days
I'll agree the app support sucks. Usually 2-3 day wait for even a response, only to be told to call the number on the back of card when they couldn't help. Awful
Support staff (and also support chat bots) who simply tell you to “call support” really are the worst customer experience imaginable.
The least they could do is schedule a callback for you. Total waste of time.
You can only withdraw $5,000 per day also. So if you park some savings it can take some time to get it out
30k now
30k is for bpay
“ for a Pay Anyone Payment, the limit is $5,000 a day or any higher limit that we allow you to set
for a BPAY Payment, the limit is $30,000 a day or any higher limit that we allow you to set”
App shows 30k pay anyone
Its $30k now, just tried it out to confirm
You can up it to 30k in your settings on the app, under 'Daily Pay Anyone Limit'. I did three separate 30k over three days when I set up my ING account last month.
It's $30k for everything , I just transferred out to ubank last month
Any business account that has high interest?
looking for the same, not sure why all the business account has a bare min interest rate
I asked this question before. See the replies here: https://www.ozbargain.com.au/node/724495#comment-12668827
Note:
* the interest rates have gone up a bit since my post.
* the directors loan is what I decided to do. $240,000 into Virgin Money at 3.9% locked. Made it set&forget by scheduling a $2000 transfer in/out each month and 5 x $0.01 bpay transactions. Will pay it back to the company before June 30. Of course, I will have to pay personal tax on the $780 interest each month.
When pay it back to the company, do you need to pay interest to the company as a loan?
My understanding is that no interest is payable providing all funds are returned before the 30th of June. You should seek your own advice from your accountant.
one thing to note here is, you must have the ANZ Plus account (transaction) and the ANZ Save account. Which only works on its own dedicated App, that is different to the normal ANZ app.
Pain to have 2 different ANZ apps if you're also on one of their credit cards or are trying to sign up to offers for existing customers
Once off set up for ANZ plus.. you can pretty much then top up money, it's a set and forget
Might be better than ING which is just one app but you have one more card to carry and to transfer $$ monthly. 😎
plus ing is max 100k balance whereas anz is 250k balance.
Can you set up direct debits on ANZ Plus account?
Haven't tried, but don't see why not as all you need to do is to put in the BSB and AC no when you set up direct debit.
Hey guys I’m with Commbank and just checked my Goal Saver account I get 2.4% if I transfer $200 deposit each month.
I use CommBank for direct rent transfer and payments.
If I choose Macq Bank I’ll get 3.4% correct me if I’m wrong I can have all the privileges just like CommBank? ING gives good rates too.
ANZ is with IOOF now they simply suck.
Get out of Commbank ASAP. Go Macquarie or ubank. ubank you will get 3.6% and the App is great.
Commbank's rates may suck but their app is way better than UBank's.
uBank makes you jump through a lot of hoops to get their top rate. If you spend some money across a couple of months each year, you may as well bank with someone else
@PhilToinby: The only hoop is deposit $200 per month.
their app is way better than UBank's
The ubank (old 86400) App is good maybe you are thinking of the original UBank App.
@Yola: I thought with UBank if your balance decreased in a month that you lose your bonus interest. I could be wrong…
@Yola: Technically the other 'hoop' is that UBank require you to have one of their transaction accounts, which isn't ideal for those with long standing accounts with other banks
@PhilToinby: You can have as many accounts as you wish and use them or not as you wish. What does having a long standing account with another bank get you? If its not getting you the best rate you do not need it. Are you OK with having the Saving account but not the transaction one? If that is the case you do not need to do anything with the transaction one - not even deposit anything into it.
I’m moving to Macq Bank and will keep CommBank active with some money on it. How is the Macq Bank app? Can I BPAY? Pay bills or withdraw money? Is there any “hoop” after reading through their site there are no monthly deposit example commbank requires $200 monthly deposit to get their top rate of 2.4%?
As someone with an existing anz saver account this was too much of a hassle to setup and ended up just migrating everything to ubank. Also personally didn't want to move to a banking system with no web interface. Not sure why they couldn't just do similar rates for regular anz accounts instead of forcing you to use app only accounts. Anz support being crappy in general doesn't help either.
Also personally didn't want to move to a banking system with no web interface.
New Ubank doesn't have web interface, either.
Unless I've contracted early onset dementia, I'm pretty sure they do. Signed up to the new purple themed ubank site 2 weeks ago and have been using their web interface for several days now.
OK, as a early registered user and not use it regularly, I didn't know.
The predecessor 86400 is App only if I remember correctly.
They do now.
The new (86400) Ubank was app-only but it does now have a basic web-based interface as well.
Many years ago I tried to get an ANZ account as a secondary account, they did not want my business. Sounds like nothing has changed.
Appologies for stupid question: Does their app have a logout?
I don't think so. Couldn't find it myself so just swipe to close the app and when you open it again it will ask to login in again, but you need to turn off Quick Login.
Would you trust 250k to something as dodgy as this? ANZ was just stupid enough to spend billions on Suncorp's banking arm.
Hold down the icon on the Home Screen till you see
[-] button.
sorry no go on Android
same issue with up bank
Sorry for being vague, I meant probably you have to delete the app on iOS.
For android you’re in luck,
Go to the app settings for your device and choose “clear cache and data”.
Wasn't there a spreadsheet that keep tabs on these high interest savings account? Can anyone share that link. Thanks.
Thank you sir.
I have this account and I get the interest based on the daily amount I have on my savings account (at the end of the month). ING only takes into account what is in the saving at the last day of the month. Is there anyone that keeps their money in one account and change the last few days so it gets almost double interest? It happened to me this past month and I’m curious to see if more people know and are doing that.
ING's Savings Maximiser is an online savings account which offers a high rate of interest calculated daily and paid monthly, so you earn interest on your interest.
https://www.ing.com.au/savings/tips-hints-guides/types-of-sa…
The saving at the end of the month is considered for eligibility for the bonus interest and has to increase from the previous month.
yeah following all the hops required. That’s not the point I was trying to make. My question is: Do people move money around from interest calculated daily vs at the end of the month?
pretty sure that's not how interest works, no bank that I know of gives you a whole month's worth of interest for the amount you have on the last day.
https://www.anz.com.au/plus/terms-conditions/product-terms-c…
We calculate interest for each day by dividing the applicable annual interest rate by the number of days in the calendar year (usually 365 but 366 in a leap year) and applying this rate to the effective daily balance in your ANZ Save Account above $0 at the time we do the calculation.
Hey thanks for advising on this deal. I've just signed up to have a little savings account for something extra. Just realised that a debit/savings card will be sent out with it which I don't want. I've contacted them so hopefully I can just have a straight savings account and not need yet another credit/debit card
the savings account is contingent on also having their ANZ Plus account which is the reason they send out the debit card
Card can’t be stopped, just cut it up
This is really not a good rate and people seem to be having alot of issues. Try ubank. Depositing $200 per month is not difficult and rate is 3.6% now going up to 3.85% on 1 December. You can use it on the web and the App is good.
I just moved to Macquarie bank. Transferred $10 from commbank it was instant. Trying to transfer $3000 it’s pending transfer since morning. Is there a cut off time or based on amount?
![[iOS, Android] ANZ Save Account (App-Only Account) 3.50% p.a. Interest on Balance Less than $250,000 @ ANZ Plus](https://files.ozbargain.com.au/n/62/734262.jpg?h=45dc0df2)
Can you make PAYID payments yet? Cos that was a pretty glaring omission.
I think you can get a better interest rate at BOQ as well.