ANZ savings accounts scheme extended

ANZ has announced an extension to its scheme to match very low income earners’ deposits into its savings accounts.

Business news provider The Sheet reports that the initiative helps not only those with savings accounts at ANZ, but also the bank itself.

Many of those assisted through the scheme so far raised their opinions of ANZ as a result and become more likely to choose further products or services from the bank, the news provider explains.

Almost all participants at least reach – and in some cases exceed – their savings target, while seven in ten continue saving once they leave the programme.

With $13.5 million of government funding newly announced, the matched savings accounts scheme is now due to double in size.

The ANZ Saver Plus programme promises $1,000 in financial assistance to put towards educational costs when the accountholder saves $1,000 of their own money.

ANZ also offers SmartyPig, an easy way to save towards a goal by setting a target figure and allowing contributions from friends and family to be added to the account.

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