Looks like ANZ plus has followed others in bumping their rate on the back of the RBA decision.
An increase of 25bps from 4.65% to 4.9%. Still not the best on the market but a decent offering that requires no hoops.
4.9% interest on balance up to 250k.
3.75% interest is paid on the entire balance if it exceeds 250k.
Really easy to set up an account and save some cash.
Then they can lay off employees and close more branches to make more profits.
New platform not tied to their antiquated systems.
Probably a similar reason to why UBank merged with 86400 and transferred the accounts to the 86400 system - because the existing ANZ systems are likely old and not that great to use, so they figured it was easier to just start from scratch with a fresh new system. I wouldn't be surprised if ANZ moved their standard accounts to the new ANZ Plus app in the future (hopefully with less pain than UBank lol)
As someone else kinda mentioned, this is a seperate neobank system away from the regular ANZ bank.
They really want a lower cost base with this product which is why you can't transact with branches with it…
Any bumps at commonwealth bank?
yeah: Greeeed Bumps….
The "hoop" is having a seperate app.
They don’t accept proof of age cards as ID…
Beware of the withdrawal restrictions for these guys.
Needed to take out a large chunk or change for a house deposit a couple months ago. Turns out they had a stupid limit ($20k per day from memory).
After pleading with them, they said they can do a manual paper transfer that can take up to 5 business days. Massive pain in the ass. Stick to ubank, no withdrawal restrictions, much better service.
The app now allows a maximum $250k per day. But you’re right, the previous limit of $30k is quite stupid. Even worse, the normal ANZ internet banking (not ANZ Plus) only allows a maximum of $25k……
great they fixed that!
![[iOS, Android] Earn 4.90% p.a. on Savings Balance of up to $250,000 @ ANZ Plus](https://files.ozbargain.com.au/n/05/812205.jpg?h=45dc0df2)
Can anyone tell me why they thought it a good idea to have a separate app for this? I mean seriously why ?