ANZ Saver Plus matches savings accounts with great incentives

Thursday December 10, 2009

ANZ's Saver Plus is one of several savings accounts the banks is offering, with this particular program targeting low income earners with monetary rewards and free financial training. The ANZ Savers Plus program was developed with the Brotherhood of St Laurence after detailed banking research showed a clear link between those individual with low or no savings and those who fall into the below average financial literacy.

What is ANZ Saver Plus and how does it work?

ANZ Saver Plus is a simple enough process with those interested needing to apply with the community partners of the program which will determine an individual's eligibility based on certain criteria. If successful, the individual will then be required to set a savings goal, an amount to aspire to, and will also need to open a Progress Saver Account at a local ANZ branch.

Over a 10-18 month period the account holder will need to make regular deposits while also remaining in contact with their appointed Saver Plus Worker who will monitor their progress.

When the savings goal is met, it is then that ANZ matches their savings dollar-for-dollar (up to a cut off amount of $1000) with there being certain criteria attached for expenditure, ie educational purposes or similar costs.

Saver Plus is now offered in 20 locations to over 4,600 people who have used the program across Victoria, NSW, Queensland, Tasmania and the ACT. So far the ANZ Saver Plus program has resulted in $4 million being awarded to more than 5000 program participants that successfully reached their goals.

In recent news, the program received an extra $13.5 million in Australian government funding that will see the program now available to an additional 50 sites. This correlates to savings accounts education and assistance now being available to an additional 7600 people by 2011, which is almost double the amount according to ANZ.

What's more, the savings accounts program is offered in addition to 10 hours of financial education workshops that will give tutorials on money management and the benefits of saving.

The overall approach of the program has reported significant success with RMIT University completing a study in 2008 which found that 96 per cent of ANZ Saver Plus participants had met or even exceeded their savings goals with 70 per cent of previous participants reporting that they had maintained their savings for over 2-3 years after completing the program. The study concluded that Saver Plus "has the highest level of success of any international matched savings program."

It is not only presented as a successful option as a savings accounts but as a benefit for the ANZ brand with most participants reporting a decidedly more favourable opinion and view of both the banking industry and ANZ.

According to surveys by ANZ the majority of Saver Plus participants changed their negative attitudes towards banks and were more inclined to favour ANZ products. In fact, RMIT researchers found that these customers even became sympathetic to banks levy fees and charges

Learn more about ANZ and its range of savings accounts here

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