ANZ's New Children's Account Raises The Bar
Tuesday 5 February 2001
ANZ launched a new savings account for children today with the highest interest-earning potential in the market.
Named ANZ Beanstalk, the new account has been designed specifically for children under 12 years-of-age and has no transaction or monthly base fees.
ANZ Head of Metrobanking NZ Judy Whiteman says ANZ Beanstalk sets more realistic savings targets for children than what is currently available, rewarding them with a tiered interest structure and interest rates that ANZ believe are better than all of its competitors (see comparison below).
"Other than providing some fee waivers for children, most banks have largely neglected children's banking needs," says Ms Whiteman. "Other than ANZ only one other bank appears to have a specific account for children."
"Beanstalk's five-tier interest structure encourages good savings habits because the more you save the more interest you earn (see below). These tiers are set at realistic levels for children, making this account a much better option for them than any of our existing savings accounts which are designed for adult customers."
ANZ Beanstalk's interest structure is as follows: $0 to $199 = 2.00% p.a; $200 to $499 = 2.25% p.a; $500 to $999 = 2.75% p.a; $1000 to $2,999 = 3.25% p.a; $3000+ = 3.75% p.a.
Ms Whiteman says that as well as recognising the unique needs of younger customers banks need take more responsibility for teaching children about money management and making the best use of their banking.
"Beanstalk recognises that children are important customers who will grow financially if they are taught good savings habits at a young age.
"ANZ's new account comes with a 16-page educational booklet that includes information and interactive games designed to teach children about the history of money, the Reserve Bank, interest, and ways to conduct their banking."
Account Comparisons for Below:
* ANZ 'Beanstalk'
* National Bank 'School Plus'
* ASB, BNZ, WestpacTrust and TSB do not have specific children's accounts