ASB’s FastSaver hits $2B in just nine months
ASB’s FastSaver online and phone banking account has become the fastest growing savings product in the bank’s 158 year history. Since FastSaver became available last November, 150,000 customers have deposited over $2 billion in savings.
FastSaver was the first savings account from a major New Zealand bank designed specifically to reward phone and internet banking customers with a single high rate of interest on every dollar and no base or transaction fees.
Key FastSaver Statistics
- Reached $2 billion in deposits in nine months, making it ASB’s fastest growing savings product in 158 years
- Over 130,000 accounts opened by 150,000 customers (some joint)
- 12% of customers are new to ASB
- More than a quarter of ASB’s FastNet Classic internet banking customers have set up a FastSaver account
- Over 75% of FastSaver accounts have been opened in branch
- Customer ages range from 6 months to 104 years old
Ross McEwan, Head of Retail Banking and Marketing, ASB says that while mortgages have dominated public interest recently, deposits remain vitally important for banks.
“New Zealanders currently have more than $56 billion in various forms of bank savings accounts (RBNZ: NZD Funding from Households May 2005). This represents a huge market for banks and we expect to see more products with features like FastSaver introduced.
“Traditionally banks have developed products and marketed them across all banking channels. FastSaver was created to suit the needs of our customers who primarily bank by phone or online.
“What the popularity of FastSaver tells us is customers are more than ready for an account like this. They like its simplicity, the freedom it gives to do what they want with their money, and the convenience of banking online or by phone.
“Importantly, new customers have been attracted to the product for all these reasons too, plus the fact they don’t have to have an existing banking relationship with ASB.”
FastSaver holds strong appeal for the huge number of ASB online customers who now comprise more than fifty percent of the bank’s customer base. The number of ASB customers registered for Internet banking continues to grow too, with the latest figures seeing it increase by 24% from last year.
FastSaver Account Overview
Interest rate currently 6.45%
No FastSaver base or transaction fees
Phone/Internet access only
Same interest rate applies to all balances – calculated daily and paid monthly
Funds cannot be accessed by EFTPOS or ATM or through branches
Existing customers registered for FastNet Classic can open an account online with just a few clicks