ASB launches Save the Change

Tuesday, 5 October 2010, 12:08 pm
Press Release: ASB Bank

Media Release
5 October 2010

ASB launches Save the Change

A New Zealand first - a new way to help Kiwis to save
Based on a flexible, simple rounding system
Encourages the saving of a small amount every time an electronic transaction is processed

ASB has made the challenge of saving easier for its customers with the introduction of Save the Change, the modern day equivalent of putting loose coins in the money jar.

Save the Change enables customers to choose to round up their EFTPOS and Visa Debit card transactions to the nearest multiple of $1, $2, $5 or $10 with the rounded up amount being transferred to their nominated ASB savings account overnight Customers can also choose to round up their other electronic transactions, such as automatic payments, bill payments and direct debits.

Savings can be split between up to ten ASB savings accounts and customers can nominate another person’s ASB savings account to direct all or a portion of their savings to.

The ‘change’ accumulated during each day is transferred to the customer’s nominated savings accounts overnight. The average customer doing three transactions per day could save between approximately $328 and $4,577 per year depending on the rounding option they choose.

If a customer only has funds in their account to cover a transaction, then the transaction will be processed but Save the Change will not happen. A Save the Change transfer will only occur if there are sufficient funds in the customer’s account at the end of the day which means that customers will not be go into unarranged overdraft.

“We recognise that some people find it difficult to save regularly. Save the Change has been designed so the savings increments are small enough not to amount to significant deductions from a customer’s transaction account,” says Catherine McGrath, Chief Executive Customers, Markets and Products.

“ASB is giving customers flexibility and control when it comes to saving,” says Ms McGrath. “Save the Change will enable customers to change their savings options at any time, including the rounding amount they choose, and whether they opt to include other electronic transactions in addition to EFTPOS and Visa debit card transactions. Customers can elect to turn off Save the Change for a period if they wish.”

ASB customers can sign up to Save the Change either online under the ‘My Money’ toolbox in FastNet Classic, in ASB branches, or by calling the Contact Centre.

As part of the registration process on FastNet Classic, ASB customers will be able to work out how much they would have saved based on their transactions over the last year. They can also test out the different rounding options to work out which saving arrangement suits then best.

“Customers will be able to see just how quickly small savings amounts add up over a relatively short period of time, proving that the business of saving does not need to be an insurmountable challenge,” adds Ms McGrath.

ENDS

© Scoop Media

ASB Bank

Helping you get one step ahead.

In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today.

ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance.

ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want.

We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.

Contact ASB Bank

• Info on - Bank Accounts
• Info on - ASB Home Loans
• Info on - ASB Credit Cards
• Link to - Mortgage Calculator
• Info on - Business Banking
• Info on - ASB Kiwisaver
• Link to - ASB Blog
• Info on - Personal Loans