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Save the Change can help you get your savings started or achieve bigger savings goals. And once you’re set up, it’ll all happen automatically. Simply use your EFTPOS card or pay for something electronically, and the difference is rounded up and tucked away into the ASB savings account(s) you choose. Save a few cents here, or a couple of dollars there, and you’ll be surprised just how fast it adds up!
How does Save the Change work?
- Set up Save the Change on any eligible ASB transaction account.
- Choose the types of electronic transactions you want to round up:
- Option 1: EFTPOS (includes all purchases you make on your EFTPOS and Visa Debit cards in New Zealand).
- Option 2: EFTPOS + Other Electronic Transactions (EFTPOS and Visa Debit in New Zealand, plus automatic payments, bill payments, direct debits, FastCheque and FastPhone bill payments).
- Choose a rounding amount of $1, $2, $5 or $10.
- Choose up to 10 eligible ASB savings account(s) you’d like to transfer your Save the Change savings into, which can be your own account(s), someone else’s or a combination of both. You can even donate your savings straight to the ASB Christchurch Earthquake Support Fund. Find out more.
How much could I save?
It really depends on how often you use your EFTPOS card and make electronic transactions, how much you spend and which rounding amount you choose. But let’s say you saved an average of 50 cents on each transaction, and you made two transactions a day, you’d save $30 a month. So you can see how regularly saving small amounts can soon add up.
Show me how much I could save.
Save the Change is subject to ASB's account terms and conditions. ASB's current disclosure statement is available free of charge from any ASB branch.
What is 'rounding up'?
Save the Change rounds up EFTPOS and other electronic transactions you make to the nearest multiple of $1, $2, $5 or $10 as chosen by you. Here are some helpful examples to show how it all works for different amounts you spend:
| Example 1: a transaction of $1.50 will work in the following way: | | Example 2: a transaction of $6.00 will work in the following way: |
| | | |
| Rounding amount | Amount rounded to | Amount saved | | Rounding amount | Amount rounded to | Amount saved |
| $1.00 | $2.00 | $0.50 | | $1.00 | No rounding | $0.00 |
| $2.00 | $2.00 | $0.50 | | $2.00 | No rounding | $0.00 |
| $5.00 | $5.00 | $3.50 | | $5.00 | $10.00 | $4.00 |
| $10.00 | $10.00 | $8.50 | | $10.00 | $10.00 | $4.00 |
What happens to the money?
It gets saved. The rounded amounts from each transaction are tallied up at the end of each day and automatically transferred to your nominated ASB savings account(s) overnight. Save the Change shouldn’t affect your daily spending, or result in a ‘declined’ message on the EFTPOS zipzap, because it will not take you into unarranged overdraft.
For example, say you’ve chosen to round up to $1, and you buy a coffee for $3.50 when you’ve only got an available balance of $3.80 in your transaction account – your coffee purchase will still be accepted but we simply won’t apply Save the Change for that day – unless of course you top up your bank balance before the day is out.
Save the Change is subject to ASB's account terms and conditions. ASB's current disclosure statement is available free of charge from any ASB branch.
How do I set it up?
Setting up is easy, and you have 3 ways to do it.
To set up you’ll need:
- An eligible ASB transaction account (Streamline, Omni, Unlimited, Tertiary, Headstart, Graduate, Orbit, Orbit FastTrack).
- An eligible ASB savings account (FastSaver, PrizeSaver, Headstart, ASB Cash Fund, Moneymaker, Accelerater, Flexisave).
- If you wish to save the money into someone else’s ASB savings account, you’ll need their account name and number.
If you don’t already have an ASB transaction or savings account, you can open one online through FastNet Classic, by calling 0800 803 804 or at your nearest ASB branch. Once you’re set up, you can switch Save the Change on or off at any time. You can also change your nominated savings account(s), switch between different rounding amounts and the two types of transactions you want rounded up – how’s that for control?
Through FastNet Classic you can do all this and keep track of how much you’re saving each month. If you’re not already a FastNet Classic user, you can sign up by calling 0800 803 804 or visit any ASB branch.
Terms and conditions: ASB's terms and conditions, current disclosure statement, and the ASB Cash Fund Investment Statement are available free of charge from any ASB branch or online at asb.co.nz. The ASB Cash Fund is a unit trust issued by ASB Group Investments Limited. ASB Bank Limited guarantees ASB Cash Fund account balances and returns at the prevailing rate (before tax and fees). The guarantee is unsecured. Investments in the ASB Cash Fund are not deposits with ASB Bank Limited.
