COVID-19 - Customers' questions answered

Is my money safe in the bank?

New Zealand has a strong banking system.

We are in regular contact with our regulator and there have been a number of measures put in place in recent years that mean we are well placed to manage through this situation.

What should I do if I am feeling under financial pressure?

We know that when you are experiencing financial difficulties it can seem overwhelming.

Our website has a page with information about how we may be able to help you with hardship assistance depending on your circumstances.

https://www.anz.co.nz/here-to-help/banking-updates/

The page also contains a list of self-help resources and tools that can help you better understand and manage your finances.

Many customers are wondering what is going on with their KiwiSaver account balances?

The uncertainty around Coronavirus and its economic impact has affected global markets over the past few weeks.

You may have noticed that your KiwiSaver account balance or other investment fund balance has reduced. This is affecting investors everywhere

So it’s understandable you may be worried after checking your balance on goMoney or Internet Banking. However, it’s important to remember that for most people KiwiSaver is a long-term investment.

Movements in the market are part of investing. ANZ Investments is an active manager, so our team is working hard to manage funds during this significant market volatility.

Investment decisions are personal and so is the level of risk you’re comfortable with.

We have an online risk profile tool which can help you check whether you’re in the right fund for your age, risk appetite and investment timeframe.

If you’re still unsure, we recommend you speak to a financial adviser and explore more resources available on our website.

The Reserve Bank has cut the Official Cash Rate. What about ANZ’s interest rates?

ANZ is passing on the full 0.75% Official Cash Rate cut by the Reserve Bank of New Zealand (RBNZ) to its Floating and Flexi home loans rates.

The Floating home loan rate will drop from 5.19% to 4.44%, while the Flexi rate will drop from 5.30% to 4.55%.

The new rates will take effect from 19 March for new floating rate home loans and 2 April for existing floating rate and flexi home loans.

We are also cutting our 1 and 2-year fixed home loan rates and term deposits.

We are cutting the 1-year fixed rate special by 40 basis points (0.4%) to 3.05% and our 2-year fixed rate special by 30 basis points to 3.35%.

The standard rates for the same terms will also drop. The new rates will take effect from 19 March. Term deposits have been reduced by 0.25% across the board (except for 30 days).

The new rates provide some relief and support for customers during a difficult and uncertain time.

The new fixed loan rates are believed to be the lowest ever offered by a major bank in New Zealand.

We have been mindful to balance the needs of borrowers and savers. For borrowers, every dollar counts. But at the same time, it’s important that bank deposits remain a viable option for savers who are looking for a low-risk investment with a reasonable rate of return.

Is it safe to visit a branch?

Yes, it’s safe to visit our branches. We’ve advised staff who are feeling unwell to stay at home, or self-isolate for 14 days if they’ve returned from overseas or been in contact with someone with coronavirus symptoms.

For the safety of our customers and staff, if you have been in contact with coronavirus, instructed to self-isolate or travelled internationally (excluding to New Zealand from the Pacific Islands) in the last 14 days, please do not visit a branch.

What’s the best way to contact the bank?

Rather than visiting a branch, customers can also use our ANZ goMoney app, Internet Banking, or call our Contact Centre.

You can log in to ANZ Internet Banking to send a secure Bank Mail message.

Our Contact Centre is open for general banking enquiries from 6am to 12 midnight, 7 days a week on 0800 269 296.

At times, our Contact Centre may experience higher than normal call volumes, so we appreciate your patience.

If your query isn’t urgent you may wish to complete your request via ANZ goMoney or Internet Banking, or call back at another time.

So if you are not set up for digital banking we strongly encourage you to take the opportunity to do so now.

I have heard that fraudsters are scamming people by pretending to be from organisations like ANZ?

We’re aware of reports of fraudsters impersonating organisations and sending emails with attachments or links that claim to contain updated virus advice, when they really lead to the download of malicious software.

If you are unsure about an email you receive, call the organisation to check if it is legitimate.

Remember to never share your banking PINs, passwords or security codes with anyone including your bank or the Police.

Visit anz.co.nz/secure for further information on protecting yourself from scams, and what to do if you think you’ve been the victim of a scammer.

 Stewart Taylor is ANZ NZ’s Chief Financial Officer.

You can find more information and the latest updates from ANZ on Coronavirus:

Coronavirus  (COVID-19) latest updates