Bid to encourage culture of savings
5 October, 2018, 9:28 am
THERE is a need to build a strong savings culture across the Pacific and the blue bank has taken the lead in encouraging its customers to become financially confident.
ANZ Fiji country head Saud Minam yesterday announced that customers would now be able to enjoy a 3 per cent interest rate for 12-18 months with an ANZ term deposit for deposits over $500.
“As the largest bank in Fiji, we recognise that we need to take a lead role in helping Fijians get ahead in life and become more financially confident.
“There’s healthy competition for deposits here in Fiji and we want to ensure we can give our retail customers reliable growth over the long term.
“I have tried to teach my own children from a very young age that it’s important to establish and maintain good savings habits.
“Even if it’s a small amount, start saving as early as you can, keep track of everything you’re spending and only borrow what you know you can afford to pay back,” said Mr Minam.
The ANZ Bank has 250,000 customers out of which 150,000 are card holders and 20,000 internet banking customers.
ANZ retail banking head Joanne Stewart said their MoneyMinded program had been very influential in raising awareness on savings and had encouraged people to start savings.
Ms Stewart said through their financial literacy program the bank was committed to helping people understand the importance of savings.
The bank also announced that from December 1, it would remove EFTPOS, internet banking and bill payment fees for retail customers in Fiji.
Mr Minam said this was their bid to promote a cashless economy and provide better, more affordable access to digital services.
“All ANZ Fiji customers with transaction and savings accounts will benefit from unlimited free EFTPOS transactions and for those who use digital payments, they will also be able to make internet banking, ANZ Pacific App or Bill Pay transactions for no charge,” said Mr Minam.
Deputy head of retail banking and district sales head Veilawa Rereiwasaliwa said they were cutting costs from online banking to increase uptake on internet banking by people who may have been hesitant to use the service because of the fees and charges.
ANZ fee changes:
- Remove EFTPOS fees (fees charged for making point-of-sale purchases with an ANZ Access card or ANZ Visa debit card ) on all accounts.
- Remove transfer fees (fees charged for making transfers to other bank accounts via ANZ Internet banking or the ANZ Pacific App) on all accounts.
- Remove Bill Pay fees (fees charged for paying a person or a bill via ANZ Internet Banking) on all accounts.