From 1 December 2020, we’re changing the way we charge interest on ANZ Overdrafts, Flexible Home Loans, and personal Everyday and Savings accounts.
For the products and accounts set out below, we currently charge interest on amounts you owe (under an agreed credit limit or where you’ve overdrawn your account) on the last business day of the month.
From 1 December 2020, if the last business day isn’t also the last calendar day of the month, we’ll now charge interest for any remaining calendar days in that month on the last business day of the following month.
For example, when we charge you interest on Friday 29 January 2021, it includes interest from 1-29 January. Because of this change, we’ll now charge you interest for 30-31 January on the last business day of the following month, which will be Friday 26 February 2021.
We’ll also calculate interest for those remaining calendar days using the balance owing on the last business day of that month we’re charging interest for. The balance we’ll use will include any interest charged on that day.
What products does this affect?
This change affects the following products and accounts from 1 December 2020:
- Agri Personal Current account
- Benefits account
- Flexible Home Loan
- Freedom account
- Go account
- Jumpstart account
- Loan administration account
- Online account
- Personal Overdraft
- Premium account
- Private Current account
- Private Reserve account
- Select account
- Serious Saver account
We’ll publish the updated Personal and Jumpstart Overdraft sample agreements, and the updated ANZ General Terms and Conditions and ANZ Flexible Home Loan Terms and Conditions on 1 December 2020, at anz.co.nz/termsandconditions .