Previously, ANZ Plus offered an unconditional 4.90% p.a. up to a balance of $250,000. This was one of the highest unconditional savings account rates out there according to the InfoChoice product database.
Now, customers have been notified via email and on its website that the major bank will introduce deposit criteria.
Customers will need to increase the balance (not just deposit) $100 per month, not including interest paid.
The rate will be boosted to 5.00% p.a. and the balance limit of $250,000 removed, however. Previously, a rate of 3.75% p.a. applied on the whole balance if it exceeded that cap.
The new rate consists of a 0.50% p.a. standard rate, and 4.50% p.a. bonus provided that condition is met.
This places the bank more in-line with other banks' products, including ubank's Save account, ING's Savings Maximiser, and ME Bank's HomeME account.
This comes after the ACCC published a report that found more than 70% of savings account customers aren't satisfying the conditions to meet their bonus interest rate.
"While high headline interest rates may seem attractive to customers, they can come attached with conditions that are hard for customers to meet and keep track of," said Gina Cass-Gottlieb, ACCC chair.
Photo by Pear285 on Wikimedia Commons
