No Interest - ANZ Serious Saver

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Forums › Finance and wealth management › No Interest - ANZ Serious Saver

halper86

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#284394 19-Apr-2021 13:47

Hi all,

Just been looking over bank statements and one thing caught my eye - $'s in a savings account not receiving interest. I know that the current rates are abysmal (0.15%) but the banks guarantee this don't they? I have asked around my mates and quite a few of them mention they have made the right deposits and adhered to the no withdrawal requirement with no avail to interest. Has anyone on here got the same problem? For someone like me with very little money in this account I am not worried, but what about many other people getting fobbed off by ANZ.

Cheers H

kingjj

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#2694795 19-Apr-2021 13:49

Just checked both my ANZ Savings accounts and they received there interest on March 31 as expected (a Serious Saver at 0.20% and Online Account at 0.05%).

halper86

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#2694797 19-Apr-2021 13:57

kingjj:

Just checked both my ANZ Savings accounts and they received there interest on March 31 as expected (a Serious Saver at 0.20% and Online Account at 0.05%).

Thanks for sharing, just on the phone now and they confirm I meet the premium interest criteria

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Smpl Mnmlst
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#2694807 19-Apr-2021 14:32

Sorry, I don’t quite follow this. You were entitled to receive interest but didn’t get it until you called them?

Sometimes I just sit and think. Other times I just sit.

michaelmurfy

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#2694808 19-Apr-2021 14:35

But do you even have enough in your account in order to give you the minimum payment possible for interest (1c)?

Edit: I've confirmed this internally. If an account is due an interest payment less than 1c then a credit won't happen. I suspect @halper86 this is your case as you've said you don't have much in this account.

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timmmay

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#2694810 19-Apr-2021 14:43

I gave up on banks for savings, the interest they pay is less than inflation. I put money into a managed fund, though there is a much higher risk of fluctuation or loss.

BlinkyBill

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#2694946 19-Apr-2021 17:43

timmmay:

I gave up on banks for savings, the interest they pay is less than inflation. I put money into a managed fund, though there is a much higher risk of fluctuation or loss.

Not to mention the buy/sell spread.

mattwnz

20162 posts

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#2694964 19-Apr-2021 18:45

timmmay:

I gave up on banks for savings, the interest they pay is less than inflation. I put money into a managed fund, though there is a much higher risk of fluctuation or loss.

People with more savings have also been buying houses too. Others have been buying shares, ETFs and other assets, which is pushing up those prices too, which can be far higher risk. I wouldn't be surprised to see some bubbles pop and especially older people losing a lot of their savings. It wasn't that long ago since the finance company collapses, just a different generation of people. IMO it is a big mistake to hardly pay savers anything on bank accounts. The reserve bank has also brought in the lending program, so banks don't need as many deposits. And they wonder why people aren't saving.

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mattwnz

20162 posts

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#2694967 19-Apr-2021 18:48

halper86:

Hi all,

Just been looking over bank statements and one thing caught my eye - $'s in a savings account not receiving interest. I know that the current rates are abysmal (0.15%) but the banks guarantee this don't they? I have asked around my mates and quite a few of them mention they have made the right deposits and adhered to the no withdrawal requirement with no avail to interest. Has anyone on here got the same problem? For someone like me with very little money in this account I am not worried, but what about many other people getting fobbed off by ANZ.

Cheers H

There are other banks, some paying closer to 1%. Interest.co.nz compares a lot of different accounts. But maybe higher risk? People need to do their own research because more interest can mean higher risk.

But the low interest rate that banks are paying savers is totally ridiculous, especially considering NZ is one of only a few OECD countries that doesn't have guarantee banks deposits. It is almost as though they don't want people to save.

mattwnz

20162 posts

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#2694980 19-Apr-2021 19:13

BlinkyBill:

timmmay:

I gave up on banks for savings, the interest they pay is less than inflation. I put money into a managed fund, though there is a much higher risk of fluctuation or loss.

Not to mention the buy/sell spread.

Plus fees. Must be a good time to be working in that sector.

Handle9

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#2695014 19-Apr-2021 20:44

mattwnz:

halper86:

Hi all,

Just been looking over bank statements and one thing caught my eye - $'s in a savings account not receiving interest. I know that the current rates are abysmal (0.15%) but the banks guarantee this don't they? I have asked around my mates and quite a few of them mention they have made the right deposits and adhered to the no withdrawal requirement with no avail to interest. Has anyone on here got the same problem? For someone like me with very little money in this account I am not worried, but what about many other people getting fobbed off by ANZ.

Cheers H

There are other banks, some paying closer to 1%. Interest.co.nz compares a lot of different accounts. But maybe higher risk? People need to do their own research because more interest can mean higher risk.

But the low interest rate that banks are paying savers is totally ridiculous, especially considering NZ is one of only a few OECD countries that doesn't have guarantee banks deposits. It is almost as though they don't want people to save.

Why is it ridiculous? The OCR is 0.25% and retail lending rates are ~3%. Banks aren't a charity, they rely on the spread between deposits and lending for their margin.

mattwnz

20162 posts

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#2695047 19-Apr-2021 21:21

Handle9:

mattwnz:

There are other banks, some paying closer to 1%. Interest.co.nz compares a lot of different accounts. But maybe higher risk? People need to do their own research because more interest can mean higher risk.

But the low interest rate that banks are paying savers is totally ridiculous, especially considering NZ is one of only a few OECD countries that doesn't have guarantee banks deposits. It is almost as though they don't want people to save.

Why is it ridiculous? The OCR is 0.25% and retail lending rates are ~3%. Banks aren't a charity, they rely on the spread between deposits and lending for their margin.

A savings interest rate at less than the amount inflation as an incentive to save is ridiculous and unprecedented in recent times. It is not a good sign. Then they complain that NZers aren't saving enough, and are borrowing at record amounts. Anyone with a lot of savings in the bank is losing buying power on their savings if they keep it in the bank.

It is the savers who are taking the risk by keeping it in the bank when there is no guarantee, and banks are making all the money from those peoples deposits as a result. They say banks never lose. The government is wondering why house prices and other assets are causing a bubble, the almost zero percent interest rate is the main culprit, because people have no choice but to look at other potentially higher risk options.

Handle9

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#2695054 19-Apr-2021 21:47

mattwnz:

A savings interest rate at less than the amount inflation as an incentive to save is ridiculous and unprecedented in recent times. It is not a good sign. Then they complain that NZers aren't saving enough, and are borrowing at record amounts. Anyone with a lot of savings in the bank is losing buying power on their savings if they keep it in the bank.

It is the savers who are taking the risk by keeping it in the bank when there is no guarantee, and banks are making all the money from those peoples deposits as a result. They say banks never lose. The government is wondering why house prices and other assets are causing a bubble, the almost zero percent interest rate is the main culprit, because people have no choice but to look at other potentially higher risk options.

So the banks should be giving money away for free? mmkay.

michaelmurfy

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#2695055 19-Apr-2021 21:50

This has been answered and has now gone vastly off-topic. I'm closing this off.