As one of Australia’s largest banks, ANZ Bank offers the widest possible range of personal, business and investing bank accounts and financial products. In March 2022, it launched its new digital and online banking app, ANZ Plus, which offers customers many of the sophisticated banking features previously only offered by digital online banks or neobanks.

For example, in ANZ Plus transaction accounts, customers can now see their spending added up and categorized per week, month or year. In ‘Money Tiles’, spending and saving summaries are provided and future bills and subscriptions can be predicted and planned for using the app’s Upcoming Expenses Predictor. Multiple savings goals (up to 99) can be created in the savings account arena.

Transaction accounts
ANZ’s main transaction account is called an ANZ Access Advantage account. For a $5 monthly fee, it offers fast payments using PayID, voice-activated ‘OK to pay’ authorisation for transactions over $1,000, and a linked Visa debit card (which you can choose the colour of). There’s a rewards program called Cashrewards Max, offering cashback offers when you earn points through more than 1,700 affiliated retailers.

ANZ offers to waive the monthly $5 fee for children’s accounts, if you’re a full-time student, aged under 25 or over 60 or deposit at least $2,000 a month (or have your salary paid into a linked account). There are also fee waivers available for pensioners, namely those on a disability support pension or Centrelink mobility allowance.

Savings accounts
ANZ’s savings accounts include the ANZ Online Saver account or the ANZ Progress Saver account. The Online Saver account offers a standard variable interest rate of 0.05% p.a., with a bonus interest rate of 0.10% p.a. for the first three months for new account holders. There’s no monthly fee and access to the account is only through the online app, not through a bank branch.

The ANZ Progress Saver account offers a basic interest rate of 0.01% plus a bonus interest rate of 0.14% when you make at least one deposit of $10 or more and no withdrawals from the account each month. Both of these accounts offer the opportunity to use the ANZ App savings goal feature. This allows you to set up a savings goal and give it a category, name, achievement date and picture. The app will send you reminders and encouragements towards your savings goal and includes a savings goal calculator to tell you how much you’ll need to save per week or fortnight to achieve your goal.

There’s also the ANZ Access Basic savings account aimed at concession card holders and the ANZ Pensioner Advantage account for those over 60, both of which offer monthly fee waivers so that banking for pensioners is free as long as no overseas transactions are undertaken.

Term deposits
Being such a large retail bank, ANZ Bank also offers multiple options for term deposits, with a minimum deposit of $5,000. Interest rates are currently 0.05% for a three-month deposit, 0.10% p.a. for between six months and 12 months and 0.15% p.a. for 12 months or over. Another term deposit product, called ANZ Advanced Notice Term Deposits, offers slightly higher interest rates if at least 31 days’ notice of withdrawing funds is given. For instance, for three months the interest rate is 0.08% p.a., for six months it’s 0.15% p.a. and for 12 months or over it’s 0.20% p.a.