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.