ANZ Plus Save is a straightforward high-interest savings account, available to Australians above the age of 15. With no monthly deposit conditions, account holders are assured of the high interest rate every month which, at the time of writing, is 4.90%. The account is only available via an app with no in-store or internet banking available, so customers not comfortable with banking on their mobiles should look elsewhere.
Related: Best High Interest Savings Accounts
Pros
- No monthly deposit conditions apply
- Automatic monthly high-interest rate
- Available to under 18s
Cons
- Requires an app
- Fees for overseas transactions
- No internet banking available
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About ANZ Plus
The Australia and New Zealand Banking Group Limited–known colloquially as ANZ–is one of Australia’s big four banks, and Australia’s second largest in terms of assets.
ANZ recently opened a new, digital-only subsidiary, ANZ Plus. ANZ Plus is only available through a mobile app, meaning there are no in-person branches or an online web portal for internet banking.
Instead, ANZ Plus offers Australians a “new way of banking” with a range of features to provide visibility over spending and support further savings. Customers can open an ANZ Plus everyday account–a regular transaction account for spending–and the linked ANZ Save account.
As ANZ Plus and its high-interest account are new products, it does not yet have a consumer review rating on ProductReview. Forbes Advisor has reviewed the savings account below.
Related: ING Savings Maximiser Review
ANZ Plus Save: Interest Rate Explained
Please note: Information and interest rates are current at the time of writing and are subject to change.
The maximum interest rate you can currently receive with ANZ Plus’ Save account is 4.90%.
As it is a high-interest savings account, rather than a bonus interest account, there aren’t monthly conditions that must be met in order to receive the interest rate. Instead, balance limits apply–as explained below.
Interest Conditions
To receive the maximum interest rate available with ANZ Plus’ Save account, you must have a balance under $250,000. If you have a balance over $250,000, your interest rate will be significantly lower. At the time of writing, the interest rate for balances over $250,000 is a miserly 0.60%.
Additional Key Features
While the high-interest rate is the draw card for opening an ANZ Plus Save account, it isn’t the only benefit available to Australians. Additional key features of the saving account include:
No fees
Account holders are not charged any monthly account fees when using ANZ Plus Save, and won’t be charged any withdrawal fees at major Australian ATMs either.
Coach support
ANZ Plus customers can access support from financial coaches, trained to help Australians be more diligent and dedicated to their savings goals. These coaches can be accessed via interactive workshops, one-on-one sessions, and through instant messaging via the app at any time Monday-Friday, 9am to 5pm AEST.
Goal trackers
Account holders with ANZ Plus Save can set up to 99 goals within the one savings account, helping to save money towards different aspects of their lives–such as a holiday account, rainy day fund and more.
ANZ Plus Save Eligibility
To open an ANZ Plus Save account, you first need to open an ANZ Plus transaction account. Currently, these accounts are only available to those aged 15 years and older, who have an Australian residential address and a valid form of ID.
ANZ explains that valid ID documents are either an Australian driver licence, Australian passport or international passport.
Frequently Asked Questions (FAQs)
What is the difference between ANZ Plus and ANZ Save?
ANZ Plus is ANZ’s new app-only subsidiary, and the day-to-day transaction account available via the app is known simply as ANZ Plus. The savings account that savers can choose to open alongside the transaction account is then called ANZ Save, or ANZ Plus Save.
How do I open an ANZ Plus Save account?
To open an ANZ Plus save account, you need to have the ANZ Plus app and a valid form of ID (either an Australian driver licence, Australian passport or international passport). According to the ANZ Plus website, it only takes a few minutes to sign up by following the below steps:
1. Download the ANZ Plus app from either the App Store or Google Play Store.
2. Enter your details.
3. Scan your identity document.
4. Take a selfie to prove it’s really you.
What savings accounts does ANZ offer customers?
ANZ currently offers Australian savers four different options to grow their funds. This includes two savings accounts via ANZ (the ANZ Online Saver and ANZ Progress Saver), term deposits, and the ANZ Plus Save account as reviewed above.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
