ANZ Extras presents new savings account option

ANZ has launched a new transaction account that offers bonus interest rates on savings and a range of non-banking benefits.

Finance expert John Kavanagh claimed that the product, named ANZ Extras, is part of a trend towards "more innovation in the transaction and savings account market".

The launch may encourage more consumers to compare savings accounts, he suggested, particularly after St George Bank recently won acclaim for its own unique transaction account, Sense, which links transaction and savings functions and provides customers with detailed monthly reporting aimed at helping them manage their budgets and increase their regular savings.

ANZ Extras works like a regular transaction account and is operated with a Visa debit, with customers given a fee-free overdraft of up to $500.

If customers then choose to open a linked online savings account, they get 0.2 of a per cent on top of the base rate.

Mr Kavanagh said that one of the pros of ANZ Extras is the $18 monthly flat-fee which will be attractive to those who like the peace of mind of knowing exactly what they are paying for their transaction service. He added that a con is the choice of only one credit card with the account.

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