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ANZ Continues Revamp With New Teen Accounts

ANZ Continues Revamp With New Teen Accounts

ANZ has launched a banking package designed specifically for teenagers.

Named ANZ equip it includes a transaction account with no monthly administration or ANZ transaction fees, and a savings account that offers the best available interest of the big 5 banks and Kiwibank (see table below).

ANZ equip is the latest initiative unveiled by the Bank in 2002. In February it launched ANZ Beanstalk for under 12 year olds; in July it introduced a new range of three low cost transaction accounts; and in August ANZ announced it was restructuring it's business into a franchise model - a move completed last month.

"This package continues ANZ's drive to increase customer satisfaction, by amongst other things enhancing our product range to meet the demands of our customers as they move through key life stages," ANZ Head of Consumer and Rural Markets, Natalie Sutherland, said today. "These will be our fifth and sixth new products in the last 9 months."

The package was designed with the help of a group of Auckland teenagers at Auckland's Takapuna Grammar School. Available for 11 - 18 year olds while they are attending school or not in full time employment, the key features of the products are as follows:

ANZ equip account
· No monthly administration or ANZ transaction fees
· Specially-designed debit card (selected by the research group)

ANZ equip saver
· No monthly administration or ANZ transaction fees
· Promotes disciplined savings behaviour: allows only one free withdrawal per month
· Highest interest-earning potential on the market
· Pays interest from the first dollar deposited: 1.00%p.a interest on all balances under $500
· Achievable, market leading interest structure: pays 2.25% p.a. interest on balances of $500 or more (the standard ANZ Serious Saver rate is 2.00% p.a.)
· Rewards regular saving: if a deposit of $10.00 or more is made within the customer's monthly key date cycle, and the account balance is $500 or more, bonus interest of 2.50% p.a. is payable
· A choice of specially-designed statement images that reflect savings goals

"ANZ equip reflects the work of our customer segment team," says Ms Sutherland. "We restructured our marketing team around specific demographics last year, so that we can develop products and services to better meet the needs of different customer groups."

Account Comparisons The following comparisons are based on similar accounts from other banks, although ASB is the only other bank with an account specific to teenagers.

Interest offered on $500 Max interest available
ANZ equip* 4.75% 4.75%
Kiwibank First Saver 4.50% 4.50%
Westpac Bonus Saver 4.25% 4.25%
ASB Headstart* 3.00% 4.00%
National Thoroughbred Saver 2.50% 3.75%
BNZ Achiever Savings 2.00% 3.25%
Interest rates as at Monday 25 November. Subject to change without notice.

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