One of the big four banks, ANZ has been helping Aussies with their savings needs for 180 years. The Online Saver offers an introductory bonus rate of 2.55% p.a. for the first 3 months. If you already hold an ANZ bank account and looking for somewhere to temporarily park your funds, this could be an account worth reading about.
Remember to check if your interest rate is still competitive after the introductory period.
What are the features of the ANZ Online Saver Account?
There are plenty of reasons to think about the ANZ Online Saver if you have big plans for the future. When comparing other savings accounts with this one, you should keep the following features in mind:
Bonus interest of 2.55% p.a. for the first 3 months
New customers are given a bonus rate on top of the variable standard interest rate, just for opening the Online Saver account. This introductory interest rate lasts for 3 months before it will revert back to the standard interest rate. The bonus rate offer is only available to new ANZ Online Saver customers who have not held an ANZ Online Saver account during the last 6 months and apply online. The maximum variable rate is also not available to beneficiaries for an ANZ Online Saver account held on trust within the past 6 months.
Standard interest rate of 0.50%
After the introductory period, the rate will revert to the standard variable rate.
You can transfer funds in and out of your savings account easily by logging into your account and making the transfer. You can use ANZ internet banking, phone banking or the ANZ goMoney app for iPhone or Android to log into your savings account whenever you need to.
Linked bank account
You can only link this account with an ANZ Everyday transaction account. This account can only be linked to: the ANZ Access Advantage, ANZ Access Select, ANZ Access Basic, ANZ Pensioner Advantage, ANZ Progress Saver, ANZ V2 PLUS, ANZ Premium Cash Management Account and ANZ Everyday Visa Debit. Please note that fees could apply to these accounts and these cards all come with linked debit cards.
The ANZ Online Saver account can support direct debits, but cannot support periodical transfers.
The ANZ Online Saver carries no monthly service fees.
No minimum balance
With an ANZ Online Saver you are not required to maintain a monthly minimum balance.
How is my interest calculated?
Your interest will be calculated daily and deposited into your account at the beginning of the following month. It is a variable interest rate, so will most likely move alongside the RBA cash rate.
With a 4 digit pin to log in, you can access your ANZ online saver from an iPhone or Android mobile phone. This feature allows you to check your balance and transfer money between accounts as well as pay bills and find the nearest branch.
Transfer instantly between ANZ accounts
You can transfer funds instantly between your ANZ Everyday account and your ANZ Online Saver account, so you hav the convenience of accessing larger amounts of money in real time should you ever need to. Just remember, while you be able to access the money in real time, it may still take up to 3 business days for the funds to clear to an external account.
Protected by the Government Guarantee
The ANZ Online Saver is protected by the Australian Government guarantee scheme, securing that your deposits of up to $250,000 are safe.
- Introductory rate of 2.55% p.a. for first 3 months
- $0 Account keeping fees
- Interest rate is available on the entire balance
- Interest rate drops to 0.50% p.a. after the introductory period
- Must link to an ANZ Everyday transaction account
How do I apply for the ANZ Online Saver?
If the ANZ Online Saver has all you need in a savings account, you can click ‘Go to Site’ and be taken to a secure application page.
Eligibility to apply online
There are some eligibility requirements you should make sure you can meet before proceeding to the application:
- Minimum age. Applicants for the ANZ Online Saver must be at least 12 years old.
- Residency requirements. Only Australian residents with a valid Australian address can open an ANZ Online Saver.
- Depository requirements. There is no minimum deposit requirement, but you will have to provide account information for an ANZ transaction account in order to transfer money.
Documentation to apply online
When filling out the application you are going to need information from the following documentation:
- Tax file number. Depending on your circumstance and the amount of interest earned, you could be required to pay taxes to the Australian government. Providing your tax file number ensures that the correct taxes are applied.
- Identification. All Australian banks require that you are able to verify your identity using a valid driver’s licence, passport or other documentation such as a utility bill.
- Transaction account. Be sure that you have your transaction account information ready in order to be able to link the accounts.
What happens after I complete the application?
Completing the application should take about ten minutes after which it will be processed through ANZ who will set up your savings account within two business days.
What if I'm a non-resident or not eligible to apply online?
If you're currently overseas but planning to migrate to Australia, you can open an ANZ online saver before you arrive. If you're not eligible to apply online or if none of the above situations apply to you, please visit your local ANZ branch to apply.