Savings Plus ASB Bank is a savings account that rewards you for not making withdrawals. The fewer withdrawals you make, the better off you are.
Your savings earn a base rate of interest and then you have the opportunity to earn reward interest on top, depending on the number of withdrawals you make during a calendar quarter.
What are the benefits of Savings Plus ASB Bank?
There are several benefits to Savings Plus ASB Bank, including:
- High interest rates: Savings Plus ASB Bank offers competitive interest rates on your savings.
- Reward interest: You can earn reward interest on top of your base interest rate, depending on the number of withdrawals you make during a calendar quarter.
- No monthly fees: There are no monthly fees associated with Savings Plus ASB Bank.
- Easy access to your money: You can access your savings money at any time through internet banking, mobile banking, or ATMs.
How do I qualify for Savings Plus ASB Bank?
To qualify for Savings Plus ASB Bank, you must:
- Be a New Zealand resident
- Be over the age of 18
- Have a valid New Zealand driver’s license or passport
- Have a minimum deposit of $1
How do I open a Savings Plus ASB Bank account?
To open a Savings Plus ASB Bank account, you can visit an ASB Bank branch or apply online. You will need to provide your personal information and proof of identity.
To earn reward interest on Savings Plus ASB Bank, you need to make fewer than five withdrawals during a calendar quarter.
If you make five or more withdrawals during a calendar quarter, you will not earn reward interest.
What are the interest rates on Savings Plus ASB Bank?
The interest rates on Savings Plus ASB Bank are as follows:
- Base interest rate: 0.80% p.a.
- Reward interest rate: 1.20% p.a.
The combined interest rate is 2.00% p.a., but this is only available if you make fewer than five withdrawals during a calendar quarter.