Around 60,000 people have cashed in their Bonus Bonds so far. Photo / Kenny Rodger.
Around 60,000 people have cashed in their Bonus Bonds so far. Photo / Kenny Rodger.
Around 60,000 Kiwis have withdrawn a total of $766 million from Bonus Bonds since August 26 when ANZ announced it would stop taking new investments and wind up the scheme.
The average amount taken out so far is $12,767, but the vast majority of bond-holders remain in the scheme, whichis to begin winding up from the end of October.
There were 1.2m bondholders with $3.2 billion in Bonus Bonds when the bank declared it would end the investment product set up by the Government in 1970.
ANZ is winding up the scheme because low interest rates had reduced the shceme's investment returns, affecting the size of its prize pool.
It has also come under fire in recent years for its high levels of fees compared to payouts for investors.
He said the ANZ Investment Services Board intended to begin winding up the scheme no later than October 31, although that may be brought forward if redemptions exceeded the cash available to repay redemptions.
"If bondholders don't want to be part of the wind-up they need to redeem before this happens."
He said at this stage the bank was in a strong position to pay redemptions and all redemptions made before the scheme moved to wind up would be paid out.
The bank has said the wind-up could take up to a year.
• ANZ customers and non-customers can cash in their bonds online if they have an active mybonusbonds account by logging in and selecting the "cash in my bonds" option. They can either select an existing bank account number or add a new account to have the money deposited into.
• ANZ customers without an active mybonusbonds account need to complete a contact form on the Bonus Bonds website or call the contact centre 0800 266 374.
• Non-ANZ customers who do not have a mybonusbonds account must visit an ANZ branch (keeping in mind Covid restrictions) and present ID and proof of address.
