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

 

Small Change Adds Up To Nearly $4m A Month For ASB Customers


ASB customers using the bank’s Save the Change tool are collectively saving nearly $4 million a month by simply rounding up their ASB EFTPOS or Visa Debit card purchases to the nearest $1, $2, $5 or $10.

ASB is celebrating 10 years of Save the Change which sees customers select a rounding amount and an ASB account into which their spare change for the day is automatically deposited overnight.

October was the biggest savings month of 2020 with $3.8 million dollars in spare change transferred into customers’ savings accounts.

ASB’s Chief Executive Officer Vittoria Shortt says, “Kiwis reflecting on their New Year resolutions and asking themselves if they could manage their money better in 2021 might be inspired to know that our biggest saver has squirreled away $26,500 using Save the Change over the past two years. And you’re never too old to start – we have two savvy 99-year-old customers using the tool.”

Ms Shortt says the names customers give their Save the Change accounts offers an insight into how they are hoping to spend their extra cash. Travel fund, university fees, house renovations, Christmas, wedding, charity, and emergency fund are all popular.

“Our purpose at ASB is to accelerate the financial wellbeing of all New Zealanders, and Save the Change is a great example of how we’re doing that. Saving is not always easy, especially in the past year when more people have been financially challenged. That’s why Save the Change starts by rounding purchases to the nearest dollar. It might not seem like a lot, but every bit counts as we’re seeing with customers who’ve been using it for a while,” adds Ms Shortt.

It’s estimated the average customer making three transactions per day could save between $328 and $4,577 per year, depending on the rounding option they choose. ASB customers registered for FastNet Classic can use an online tool to find out how much they could have saved last year based on their transaction history.

“It’s great to celebrate 10 years of Save the Change helping our customers build good savings habits. The number of customers using Save the Change grew nearly four percent last year and we’d love to see even more customers take up this easy saving habit in 2021,” concludes Ms Shortt.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Policy Lessons From A Year Of Covid-19

The Reserve Bank of New Zealand – Te Pūtea Matua was in a sound position to continue to meet its mandate in the face of the COVID-19 induced economic shock. However, we must continue to transform so as to remain relevant and effective in addressing longer-term challenges, Reserve Bank Governor Adrian Orr said... More>>


Transport Industry Association: Feb 2021 New Vehicle Registrations Strongest On Record

Motor Industry Association Chief Executive David Crawford says that the February 2021 figures are the strongest for the month of February ever. Registrations of 12,358 were 8.0% up on February 2020. Year to date the market is up 7.1% (1,735 units) compared to the first two months of 2020... More>>

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>



Psychic Ventures: US Consumer Spending On Video Games Jumped By 42% In Jan 2021

On a global scale, there was a 15% increase in digital games revenue in January 2021, pushing the total to $11.6 billion.
In the US, gaming revenue rose to an impressive high during the month thanks to the new generation of consoles. ... More>>

OECD: Annual Inflation Picks Up To 1.5% In January 2021 While Euro Area Records Sharp Increase To 0.9%

Annual inflation in the OECD area picked up to 1.5% in January 2021, compared with 1.2% in December 2020. Following a rebound between December and January, the annual decline in energy prices was less pronounced in January (minus 3.9%) than in December... More>>


Hemp Industries Association: Could The Next Team NZ Boat Be Made Entirely Of Hemp?

With The America’s Cup due to start in a few days’ time, innovators from a very different sphere have been wondering how long it could be before New Zealand could be competing in a boat entirely built from hemp, with the crew eating high-energy, nutritious hemp-infused foods and wearing high-performance hemp kit..? More>>


ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>