ANZ Plus Review & Interest Rate Comparison | RateCity

One of Australia’s biggest banks, ANZ, has launched a new banking app that offers customers both an everyday account and ‘multi-goal’ savings account. Let's explore what this is, and how does it compare to other big bank accounts?

What is ANZ Plus?

ANZ Plus is the new online offering from ANZ that allows customers access to two accounts,

• An everyday banking account with no monthly fees, and
• ANZ Save - a savings account offering an interest rate of 0.50%.

The big four bank has paired this announcement with the reveal of its “expertly designed” banking app designed to help Australians better understand their money and meet their savings goals.

ANZ CEO, Shayne Elliott, said: “The release of ANZ Plus marks the beginning of a multi-year plan to provide modern, digital products and services for our customers, and significantly better systems and processes for ANZ.”

“Now we have these scalable new technology platforms in place, we can adapt to the needs of customers quickly and add new features and functionality on a regular basis, including new products,” he said.

“ANZ Plus will enable significant improvements to the way we service customers, meet our obligations, and manage our products both now and into the future,” Mr Elliott said.

Moving into the digital space may be a more popular move in the next few years, as earlier this year, Commonwealth Bank of Australia revealed Unloan, its new, digital home loan.

The ANZ Plus app is designed to be a one-stop shop from Australians who prefer to do their banking in one handy spot, similar to the innovative fintech you see from neobanks.

What makes this different from a regular bank or savings account?

ANZ Plus and Save accounts are exclusive to the ANZ Plus app, meaning you won’t be able to see or access them via any other ANZ app or Internet Banking platform.

ANZ Plus is an online-only offering that allows customers to receive insights from smart tools about your spending and saving and set and track goals, as well as offering security features.

Some of its key features may include:

• Sign up in a matter of minutes
• Automatically categorised spending with insights offered to you to better understand your spending habits
• Regular bills and expenses are predicted and planned for
• Ability to track multiple financial goals without opening multiple accounts
• Coaches that offer expert support via in-app chat.

Unlike traditional bank or savings accounts offered by big banks, ANZ Plus is an online-only offering. Think of it as a new online provider that gives you access to your bank account and savings account through one streamlined app.

Currently, ANZ Plus and Save accounts may be available for eligible Australian customers that hold a valid Australian passport or driver’s licence. Customers must be aged 16-years or older.

By making the accounts app-based, this may allow ANZ to offer a more modern, innovative approach to your funds including lower fees and higher interest rates. Typically, online-based platforms, like neobanks or online banks, are able to offer more competitive interest rates or fewer fees as they have less overheads than the big four banks, such as no branches or staff to account for.

As ANZ Plus and Save will be entirely app-based, this may mean the accounts offer fewer fees and higher interest rates than other ANZ banking products.

How does ANZ Save compare to the big four banks?

At the time of writing, the ANZ Save account from the ANZ Plus app offers the highest base interest rate of any big four bank conditional savings account.

Source: RateCity.com.au. Data accurate as of 26/05/22.

RateCity’s database shows that the current market average interest rate offered by Australian savings accounts is 0.31%, making ANZ Save a higher-than-average savings account offering.

However, there are some market leaders offering higher interest rates, if this is a priority to your savings comparison. It’s worth comparing not only the rate offered by a lender, but the fees and any innovative features as well.

Market leaders - highest ongoing savings rates

Source: RateCity.com.au. Data accurate as of 26/05/22.

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