For those of you that haven’t picked up on it ‘Bonus Bonds’ are about to be consigned to the dustbin of history … victim of low interest rates. You can read the announcement at https://www.anz.co.nz/about-us/our-company/anz-new-zealand/brands/bonus-bonds/bonus-bonds-announcement/
Investors are being given two options #1 to redeem their investment now at face value or #2 to wait until the scheme is finally wound up (expected to take 12 months +/-) when they will (hopefully) receive their money back plus a share of the scheme’s reserves (if any).
The chances of an investor winning the one million dollar big prize in the monthly draw was somewhat less than the odds being offered by Lotto but at least you got to keep your ‘investment’. A no risk flutter.
Bonds Bonds … soon to be a distant memory.
No Minister 
You’d have to be the sort of person who believes Biden will win on November the third to think there might be any reserves.
Adolf … I have been an ANZ customer since Adam was a cowboy. Mrs Veteran and I also have substantial bonus bonds holdings. Will be cashing them into pronto. I expect the ANZ to load all manner of fees and charges against the reserve funds in winding up the scheme. Hold back and you’re effectively giving the ANZ free use of your investment for a year with no/little return.
But all this is symptomatic of a far greater problem with the OCR poised to enter negative territory. Begs the question … who would want to invest their savings in a bank for zero return. That’s a major reason for the surge in the share market. New investors paying top dollars for penny shares. Reminds me of the saying attributed to JDR on the eve of the 1929 crash … ‘when the bellhop in your hotel offers you share tips then its time to exit the market’. Scary stuff. What’s left … second tier finance companies … yep, you may be able to get 4% … but you pays your money and you take your chance. And that girls and boys is why the property market is holding firm. Supply and demand and right now demand exceeds supply and it ain’t going to change much anytime soon. Kiwibuild/flop bites yet again.
Bloody banks! They have alot to answer for.
EM … banks are there to make money for their shareholders …. end of story. Everything else fall from that and Kiwibank is no exception. They’re not there to provide a social service no matter how they dress up.
What I have found annoying is that as a bond holder I have received no official notification of the closure. Only heard of it by a friend sending me an email with a link to a news article. if you to the website then there is a note at the top of the screen, but how often do bond holders go to the website, unless buying, redeeming or checking prizes.