ASB Bank Sets New Benchmark
ASB Bank Sets New Benchmark with FastSaver Account High rate of interest No FastSaver base or transaction fees Phone/Internet access
The huge growth in internet and phone banking has led ASB Bank to become the first major bank in New Zealand to develop a new type of savings account.
Called FastSaver, this account is part of a suite of new products designed to match the changing needs of the Bank’s customer base.
FastSaver offers a high rate of interest - at launch FastSaver’s interest rate is 6.20% per annum. The same interest rate applies to all balances and will be calculated daily and paid monthly. Additionally, there are no FastSaver base or transaction fees.
Jonathan Symons, General Manager Marketing, ASB Bank explains why the time is right to launch FastSaver.
“More than half our personal banking customers have access to Fastphone or Fastnet internet banking. The number of our customers choosing to bank online grew by more than 45% between 2002 and 2003.
“Customers banking predominantly online feel it is fair that they receive higher interest and lower fees in return for handling a lot of their own banking. Our product set is evolving so that we have products such as FastSaver to appeal to this part of our customer base, while also being able to provide for customers who prefer to go into a branch, and value face-to-face service and a more intensive management of their accounts.
“We believe FastSaver marks the future direction of banking because it is tailored specifically to how our customers interact with us. It is also an excellent example of how ASB Bank is providing what may have previously been considered a niche product to the mass market.”
ASB Bank customers can set up a FastSaver account through Fastnet Classic or ASB Bank’s Contact Centre. Each customer can set up one self-selected bill payee for free. This can be an ASB Bank or non-ASB Bank account and will be the primary channel for transferring funds.
FastSaver is designed for savings rather than as a transactional account. As a deterrent to customers using their savings, funds cannot be accessed by EFTPOS or ATM.