ANZ Business Online Saver

Last updated: Sep 30, 2020

Give your business capital the chance to grow in an online account with a competitive interest rate and no fees.

The ANZ Business Online Saver pays interest on your balance and charges no monthly account keeping fees. Balances above $5,000 will earn 0.05% interest.

0.05% p.a.

Maximum variable rate

0.05% p.a.

Base interest rate

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Product Name	ANZ Business Online Saver
Maximum Variable Rate	0.05% p.a.
Standard Variable Rate	0.05%
Bonus Variable Rate	0.00%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

No monthly fees
Unlimited free ANZ transactions
Earn interest on your business savings

Cons

Balances should be $5,000 or more to earn interest.

Expert review

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

This accounts makes managing your excess business capital easy while giving it a chance to grow when you don’t need it.

Key features

Max interest rate of 0.05%

New customers who open an account online will earn the maximum interest rate of 0.05% when your balance is at least $5,000. Balances below this amount will not earn any interest.

No account keeping fees

ANZ charges no monthly account keeping fees for this account.

No transaction fees

Your account will not be charged any fees for making deposits or withdrawals from the Business Online Saver to your linked ANZ transaction account.

Interest calculated daily

Interest is calculated daily on the balance and deposited into the account on the last business day of each month.

Flexibility

This is an online account where you can access and transfer your money online or over the phone at any time of the day or night, any day of the week.

Linked account

You will need to have an ANZ business transaction account in order to move your savings in and out of the Business Online Saver. There could be fees and charges with that account which you should also compare before making your final choice.

Easily view your balance

You can view your savings balance by logging in to any ANZ ATM through your linked transaction account.

How to apply

If you like the features and benefits that the Business Online Saver offers and believe it is a good fit for your business needs, you can start an online application.

Eligibility

You should check first to ensure that you and your business meet ANZ's eligibility requirements first:

Use of account. This product is available for an Australian business only. ANZ does offer separate online savings accounts for personal use.
Residency requirements. Applicants must be permanent residents of Australia, and the business must be operating inside of Australia with all supporting documentation.

Depository requirements. There's no minimum balance requirement to open this account.

Documentation needed

Certain documentation will also be necessary in order for ANZ to be able to complete your request for a business savings account:

Tax file number. Your Australian tax file number (TFN) or exemption code will help to ensure that ANZ is withholding the correct amount of tax on your interest earnings.
Identification. If you are not already an existing ANZ customer they will need to verify your identity with a photo identification document and other paperwork. The same applies for any joint applicants you may have.
Business number. You will be asked to provide your Australian Business Number (ABN) in order for the application to be processed.

What happens after I submit my application?

You will be notified immediately of the receipt of your application along with a reference number that can help you to track it. If ANZ needs further proof of your identity they may ask that you visit a local branch with other documentation. Once your application has been approved, you will be given the details through an email.

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2 Comments

Ying
December 30, 2015

Hi There,
Does the bank charge any fees if my business online saving account balance is lower $5000?
cheers,
Ying

Reply
- finder Customer Care
  
  Shirley
  December 31, 2015
  
  Hi Ying,
  
  Thanks for your question.
  
  ANZ doesn’t charge any fees if your balance is lower than $5,000, you just lose the bonus interest for that month.
  
  Cheers,
  Shirley
  
  Reply

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