If you paid for insurance on a current or former ANZ credit card or personal loan, you could be eligible to participate in the law firm's class action to get your premiums back.

The allegations date back to 2010, and potentially affected customers can see if they are eligible, and register their interest, through the Slater & Gordon website.

Earlier in 2020, the Federal Court approved a $49.5 million settlement with NAB and MLC Limited in a similar case.

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest non-introductory interest rates on the market.

Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
0.10% p.a.
Bonus rate of 5.00%
Conditions apply.
5.10% p.a.
Featured No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
0.55% p.a.
Bonus rate of 4.95%
Conditions apply.
5.50% p.a.
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

Slater & Gordon's class action alleges that the respondents:

  • Caused customers to make payments as a result of a mistaken belief their policy was compulsory or provided value to them;
  • Engaged in misleading or deceptive conduct in relation to the sale of the policies to customers;
  • Engaged in unconscionable conduct in relation to the sale and issue of the policies to customers by, among other things, selling or issuing policies with no or little value;
  • and respect of ANZ only, unlawfully provided personal advice to some customers who purchased the policies in a bank branch or over the phone.

Forms of insurance sold through credit cards have been put under the microscope recently, as many consumers cancelling their travels in the wake of the COVID-19 pandemic have run into hurdles trying to make a claim.

In late October, the financial regulator secured $10 million in remediation from Allianz after it mis-sold travel insurance sold through credit cards and other platforms.

There are two popular forms of insurance sold through credit cards: Price protection, and travel insurance.

For travel insurance, in particular, credit card users have been caught out by policies that differ to an insurer's retail policy.

Generally speaking, a travel insurance policy issued through a credit card could have more exclusions than an equivalent retail policy, as well as feature a higher excess to make a claim, and/or only cover the cardholder and not dependents. 

Photo by Bill Oxford on Unsplash

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