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NZ's fastest growing savings account gets twin

Friday 30 June 2006

Media Release

New Zealand’s fastest growing savings account gets business ‘twin’

Business owners should get the same benefits for their business bank accounts as they do from their personal accounts, according to ASB. It has launched a high interest online savings account for businesses, modelled on FastSaver, the fastest growing retail savings account in New Zealand banking history.

With high interest - currently 7% - and unlimited online transactions, Business Saver is expected to appeal particularly to small to medium-sized businesses conducting the majority of their banking online.

ASB was the first major bank to launch a high interest, low fee account for online retail customers in late 2004. The account has achieved unprecedented growth and now has deposits in excess of $3 billion.

“FastSaver spawned a generation of similar accounts from the other big banks and set a new standard for simplicity, convenience and high returns on savings for online customers,” says Ross McEwan, Head of Retail Banking and Marketing, ASB.

“Customer behaviour has come a long way since we first introduced online banking back in 1997, and their expectations have moved even faster. Now there is a real appetite in the business community for a similar online product, so we developed Business Saver to meet this need.”

For extra flexibility, Business Saver customers can use the account for staff-assisted deposits, transfers and withdrawals for a $3 fee, but if they choose to transact online, Business Saver transactions are fee free.


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