If you’re looking to open or compare savings accounts, you may have come across savings accounts from ANZ.
ANZ is one of Australia’s biggest banks and offers a wide range of savings accounts, home loans, term deposits, personal loans and credit cards. Regardless of whether you’re opening your first savings account, switching from another bank to ANZ or simply comparing savings account options, ANZ is a big bank, with big options.
About ANZ Bank
Most commonly known as ANZ, the Australian and New Zealand Banking Group Limited is one of Australia’s ‘big four’ banks. Since opening its doors in Melbourne in the 1830s, ANZ has grown its branch network from one to a global footprint of over 800 outlets. In its 180 years of operation, ANZ has built a global customer base of over 10 million. Considered one of the top 50 banks in the world, this big bank has a big offering. From savings accounts to mortgages and investments, from retail banking to regional, rural and small business banking, there is an account, loan or investment for almost everyone.
In addition to its vast global presence, ANZ has more than 2,600 ATMs across Australia.
Being a big bank, ANZ offers a range of savings accounts. Whether you’re looking for a regular everyday savings account, something to kick-start your children’s savings, a goal-based savings account or a flexible savings account, ANZ has a savings account to suit your needs.
Features of an ANZ savings account
One of the advantages of banking with one of the big four banks are their added features and flexibility. Aside from having a larger branch and ATM network than a lot of other banks, accounts with bigger banks like ANZ often have more options and bells and whistles.
For example, ANZ was one of the first of the big four to launch Apple Pay. Apple Pay lets you use your iPhone to pay for things in shops and online using an app and a fingerprint ID. ANZ also gives you more ways to pay using your compatible wearable devices such as Apple Watch, iPad, FitBit and other Android devices.
Other features of ANZ savings accounts include 24/7 access to your money and accounts using the internet and mobile banking. Using a four-digit pin to log into the ANZ mobile banking app, you can access your ANZ savings accounts, activate cards, check your balance and transfer money between accounts. You can also pay bills using BPAY, transfer funds overseas and find your nearest branch or ATM.
Another advantage of an ANZ savings account is that deposits of up to $250,000 are protected by the Australian government guarantee scheme.
What to look for in a savings account
Regardless of who you bank with or which savings account you open, you still need to do your research to make sure you find an account that works for you. If you’ve got your sights set on saving, finding an account with a decent interest rate, good features and low fees can make a big difference to your end outcome. Finding the right savings account will depend on your savings habits, ultimate end goal and the number of regular deposits you can make to the account.
There’s no such thing as a one-size-fits-all savings account, and every account holder will want and need different things from their account. More often than not, when you’re comparing savings accounts, you’ll come across a few different types of accounts. These include online saver accounts, high-interest and bonus interest savings accounts, long-term savings accounts and different savings options for kids.
When you’re comparing your options, make sure that you pay attention to features like interest rates, account fees, minimum monthly deposits, access to funds and introductory rates. Also, be aware as to whether the savings account needs to be linked to any other transaction account.
How to apply for an ANZ savings account
Once you’ve compared your options, applying for an ANZ savings account is quite simple. You can apply online, over the phone or by visiting a branch. At the time of application, you will need to provide the bank with proof of ID, contact information, your tax file number and personal details such as your address. To meet the criteria, you’ll need to be an Australian resident and at least 18 years old.
If you’re transferring your accounts to ANZ from another bank, they have a convenient self-service online switching tool. This feature automatically generates letters you can send to your employer and regular billers to let them know your new bank account details.