ASB launches Save the Change

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.