The FastSaver Account is, ASB says, part of a suite of new products designed to match the changing needs of the bank’s customer base.
FastSaver's interest rate at launch is 6.20%. This compares with Superbank's 6.35% and Bank Direct's 4.35%.
ASB says the same interest rate applies to all balances and will be calculated daily and paid monthly. Additionally, there are no FastSaver base or transaction fees.
ASB general manager marketing Jonathan Symons says the account has been launched as “more than half our personal banking customers have access to Fastphone or Fastnet internet banking."
“Customers banking predominantly online feel it is fair that they receive higher interest and lower fees in return for handling a lot of their own banking. Our product set is evolving so that we have products such as FastSaver to appeal to this part of our customer base, while also being able to provide for customers who prefer to go into a branch, and value face-to-face service and a more intensive management of their accounts.
FastSaver is designed for savings rather than as a transactional account. As a deterrent to customers using their savings, funds cannot be accessed by EFTPOS or ATM.
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