UBank vs ANZ Plus – Which Bank to Choose in 2023?
When it comes to banking in Australia, there are plenty of options to choose from. Two popular banks are UBank and ANZ Plus. Both banks offer a range of financial products and services, but which one is right for you? In this article, we’ll compare UBank and ANZ Plus and highlight some of their key differences to help you make an informed decision.
UBank vs ANZ Plus: Differences
- Ownership: UBank is owned by National Australia Bank (NAB), while ANZ Plus is owned by ANZ. This difference in ownership may impact the culture and direction of each bank.
- Product Offerings: While both banks offer a range of financial products, UBank is focused on home loans, savings accounts, and term deposits, while ANZ Plus offers more diverse products, including credit cards, personal loans, and insurance.
- Interest Rates: UBank’s savings account offers a higher interest rate than ANZ Plus for balances under $50,000, but ANZ Plus offers a higher interest rate for balances over $50,000.
- Fees: UBank’s transaction account has no monthly account fees, while ANZ Plus charges a monthly fee for their transaction account.
- Customer Support: UBank offers customer support via phone, email, and live chat, while ANZ Plus offers support via phone, email, and in-branch.
✅ Also Read: Ubank vs UpBank Australia
UBank vs ANZ Plus: Table of Differences
|Differences between UBank and ANZ Plus||UBank||ANZ Plus|
|Ownership||Owned by National Australia Bank||Owned by ANZ|
|Product Offerings||Home loans, savings accounts, term deposits||Credit cards, personal loans, insurance|
|Interest Rates||Higher for balances under $50,000||Higher for balances over $50,000|
|Fees||No monthly account fees for transaction account||Monthly fee for transaction account|
|Customer Support||Phone, email, live chat||Phone, email, in-branch|
More about ANZ Plus
ANZ Plus offers a range of savings accounts, including the ANZ Progress Saver and the ANZ Online Saver. The ANZ Progress Saver offers a competitive interest rate when customers deposit $10 or more each month and make no withdrawals. The ANZ Online Saver offers a higher interest rate for customers who make no withdrawals and deposit $10 or more each month.
ANZ Plus also offers a range of credit cards, including the ANZ Rewards Black and the ANZ Low Rate credit cards. The ANZ Rewards Black offers a range of rewards and benefits, including bonus points for signing up and rewards for spending. The ANZ Low Rate credit card offers a low interest rate for customers who want to keep their credit card costs down.
More about UBank
UBank is an Australian online-only bank that was established in 2008. It is owned by National Australia Bank (NAB), which is one of the four largest banks in the country. UBank offers a range of financial products and services, including savings accounts, home loans, and term deposits. One of its standout features is its user-friendly online platform, which allows customers to manage their finances easily and efficiently. Some of the benefits of banking with UBank include:
- High-interest savings accounts: UBank offers some of the most competitive interest rates in the market, making it an attractive option for savers.
- No account fees: No account fees is charged, which is a great incentive for customers who are looking to save money.
- Flexible home loans: UBank offers a range of home loan products that cater to the needs of different customers. Whether you’re a first-time buyer, an investor, or looking to refinance, this bank has a loan option for you.
Which Bank to Choose?
Deciding between UBank and ANZ Plus ultimately comes down to an individual’s financial needs and preferences. If you’re looking for a bank that specializes in home loans and savings accounts, and has no monthly account fees, UBank might be the right choice for you. On the other hand, if you’re looking for a more diverse range of products, including credit cards and personal loans, and are able to maintain a higher balance in your account, ANZ Plus might be the better option.
It’s important to do your research and compare the benefits of each bank before making a decision between UBank Vs ANZ Plus. Both are reputable banks that offer competitive rates and services. Visit ThinkMoneyTrader for more financial bytes like this.