Are Bonus Bonds being discontinued?
ANZ is winding up investments in the 50-year-old Bonus Bonds scheme because low interest rates are reducing the prize pool – and could fall even further. More than $3 billion is invested in Bonus Bonds which is managed by ANZ Investment Services, a subsidiary of ANZ bank.
What is happening to Bonus Bonds?
50 years after being created Bonus Bonds are to be closed down. Bonus Bond investors who held on to their bonds will get $1.10 for each of them, ANZ Investment Services says. ANZ announced the closure of the giant Bonus Bonds trust in August but withdrawals were suspended in October.
Are Bonus Bonds safe?
It’s heavily regulated, but there are risks nevertheless Despite your money sitting with banks and the government, Bonus Bonds is not without its risks. Key risks include: The risk of no return – you may not win a prize and therefore won’t receive a return on your investment.
Who owns Bonus Bonds NZ?
The New Zealand government launched Bonus Bonds under the Unit Trusts Act 1960 through the Post Office Savings Bank with the goal of encouraging New Zealanders to save money. It is the country’s largest retail unit trust, with around one third of New Zealanders owning bonds.
Are Bonus Bonds Government guaranteed?
But Bonus Bonds attracts people who don’t like making decisions about their money.” ANZ has invested the Bonus Bonds funds in low-risk assets. The programme has a AAA credit rating, but it’s not protected by the government’s guarantee scheme.
How do I claim my Bonus Bonds ANZ?
Simply get in touch by calling the Bonus Bonds Wind-up Contact Centre, on 0800 266 374 between 8am and 6pm, Monday to Friday. Please note, you don’t need to come into an ANZ branch – when you call they will let you know how to provide the details of your bank account.
How long does it take to cash in bonds?
When you cash your bonds online, the cash generally transfers to your checking or savings account within two business days of the request.
What are New Zealand Bonus Bonds?
Bonus Bonds is a New Zealand unit trust founded in 1970 with a reward scheme based on cash prizes. The New Zealand government launched Bonus Bonds under the Unit Trusts Act 1960 through the Post Office Savings Bank with the goal of encouraging New Zealanders to save money.
How do I redeem Bonus Bonds?
Online via MyBonusBonds, or at any ANZ branch. If you have an active MyBonusBonds account, log in and select ‘Cash in My Bonds’ from the left hand menu. Otherwise, you can register for MyBonusBonds at bonusbonds.co.nz.
What is a bonus bond unit worth?
You can invest or withdraw without penalty, and each bonus bond is worth $1. A bonus bond will not increase or decrease in value, so if you invest $1,000, you buy 1,000 bonds, and will receive $1,000 when you withdraw your investment. Each $1 bond has the same chance of winning a prize.
Can I cash savings bonds at any bank?
You can cash up to $1,000 worth of savings bonds at any bank.
What happens if I cash in my bonus bond?
And if some Bonus Bond-holders cash up before the wind-up process starts in October, the remaining holders will still get all the $56m. So if, say, half the bonus bonds were cashed up before October, the reserve fund payout for the remaining holders could be double, 3.6 per cent.
When does the New Zealand bonus bond scheme wind up?
ANZ Investment Services (New Zealand) Limited, the Manager and Trustees Executors Limited, the Supervisor, confirm that wind-up of the Scheme commenced from 9pm on 31 October 2020 and the money from bondholders is now locked in to be distributed as part of the wind-up.
Is the bonus bond scheme being wound up?
Trustworthy, accurate and reliable news stories are more important now than ever. Support our newsrooms by making a contribution. Bonus Bonds have been around for a long time but the scheme is now being wound up. OPINION: The announcement that Bonus Bonds is being wound up comes as no surprise.
Where to get financial statements for Bonus Bonds?
Printed copies of the financial statements and disclosure information are available free of charge on request by calling 0800 266 374 or emailing [email protected]. Need to get in touch? If you have read our FAQs and still have an enquiry and would like to hear from one of our team please get in touch in one of the following ways: