ANZ will start selling a new transactions account

ANZ will start selling a new transactions account next week, offering a raft of banking and non-banking extras for an $18 monthly fee. Banks have given away a lot of revenue on retail transaction banking since dropping or reducing overdrawn account, late payment and other exception fees last year.

ANZ, which charges a flat rate of $5 a month on its standard transaction accounts, is hoping it can persuade customers to trade up to ANZ Extras, costing $18 a month, with an offer that includes dining and shopping discounts, bonus rates on savings accounts, emergency services and insurance.

ANZ’s general manager deposits, Mandy Simpson, said the bank’s research showed that customers liked the peace of mind of a flat fee account. Simpson said: “The other thing they tell us is that they are busy and they like the idea of a package of services that are good value and are covered by one fee.”

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