ANZ are increasing the interest rate for their app only ANZ Save account by 0.25% on February 14, going from 3.75% to 4%.
No hoops but it is app only, no net banking. It also comes with a transaction account (ANZ Plus), it's similar to ING where payments/transfers can only be done from the transaction account and not the savings account.
Says you, I got $40 in me savings acc
Nice. With them adding scheduled transfers/payments, there's very few reasons not to have your savings in ANZ Plus. No hoops to jump through at all.
ubank mostly, the $200 monthly deposit is barely a hoop. They're 2-3 weeks late to implement rate rises but the old rate still higher at 4.1% (4.35% in March).
Plenty of options out there if you're willing to jump through hoops.
Virgin Money, ING, uBank, AMP etc…
To be clear, this is if you don't want to jump through hoops for a decent interest rate. Pretty much the only option at this interest rate.
My point exactly, the $200 is barely a hoop and worth the extra 0.35% in my opinion.
Macquarie is 3.7% with no hoops, 3.95% should be a given since they have been fairly consistent with rate rises.
@Hiphopopotamus: Depends on your needs. My partner doesn't work but has a decent chunk of savings. So this is perfect for her use-case.
But if you earn an income and can satisfy requirements, you can get a better interest rate.
@soundboy5010: I'm in the same situation currently.
I don't want to sound pushy but definitely look into ubank, that $200 can be fully automated with monthly recurring payments, it just needs to be from a different account (like yours if your partner doesn't have another). 0.35% could be a few dollars to tens of dollars a month depending on your savings, it may be worth the effort.
ING and Virgin seem to have the best rates if you're willing to deal with more hoops.
@Hiphopopotamus: St George is 4.00 and the hoop is +$50 by end of month, not sure if they are passing on the 25bps or not, it’s decent for a big 4
@Capitalshark: Balance increases are one of the worst hoops though, it sucks if you ever need money unexpectedly.
@Capitalshark: Big 4 is Wespac, ANZ, CBA, NAB.
St George is owned by Westpac, but it's not a Big 4, jist like NAB & uBank
@Hiphopopotamus: It is perhaps a hoop if you are chaining accounts that you already have hoops to jump through.
For example if you have 100k in ING, HSBC Global Account for 2% cashback, money in the uBank account.
It starts getting difficult when $1K of money from your paycheck is continuously going from account to account every few days.
is the interest paid monthly or yearly?
if you take out some money will that reset the interest for the month/year? or do you still continue to get interest adjusted by the amount that was taken out?
Paid monthly and calculated daily.
Still waiting for BOQ's announcement
App only.. and then an extra app on top. useless
Will this work for existing accounts
Wow kyc is insane. Requires photos of id and a selfie and still couldn't confirm id. Even though I'm an existing ANZ customer.
I wonder if they store all this stuff. Good to see organisations learning from others mistakes.
It's up to 4.25% now…
![[iOS, Android] ANZ Save Account (App-Only Account) 4% p.a. Interest on Balance Less than $250,000 @ ANZ Plus](https://files.ozbargain.com.au/n/00/755800.jpg?h=45dc0df2)
Pretty useless then around here. Maybe try Reddit.