Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

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.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


MPI: Dry Autumn In Waikato And South Auckland Leads To Drought Classification Drought conditions affecting the primary sector in the Waikato and South Auckland were today classified as a medium-scale adverse event, enabling a package of support for farmers and growers... More>>



Commerce Commission: Invites Feedback On Its Initial Views Of Wellington Airport’s Pricing Decisions

The Commerce Commission is inviting feedback on its initial views, released today, about Wellington Airport’s pricing decisions for specified airport services, such as aircraft parking or airfield and passenger terminal charges, for the period 1 April 2019 to 31 March 2024... More>>



Government: Lower Card Fees On Way For Business, Consumers

A Bill to help lower the fees charged when credit and debit transactions are made, will save New Zealand businesses around $74 million a year... More>>



Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>


DoC: Smeagol The ‘Gravel Maggot’ Leaves Its Rare Mark On The Remote West Coast
An extremely rare species of sea slug or ‘gravel maggot’ has been detected for the first time on a remote beach in South Westland... More>>



Immigration: Annual Net Migration Loss Of 7,300

The provisional net loss of 7,300 people in the year ended March 2022 was the lowest net migration for a March year since 2012, Stats NZ said today... More>>