4.51% p.a. Term Deposit for 3 Months from UBank - Highest in the Market

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National Australia Bank Group (NAB)

• 

  PcisT on 13/05/2009 - 07:34

  0.01% higher than already existing RaboPlus. UBank should put in a bit more effort!

  • 

    Associatedggschenkel @ National Australia Bank Group (NAB) on 13/05/2009 - 07:44

    -1

    Hello there "PcisT".

    I know this is a bargain site, but don't forget to take into account factors other than price, as well, such as: telephone service levels, or the amount of time it takes to set up the account (you can miss out on quite a bundle if your money is sitting around waiting for paperwork to clear).

    And, UBank customers rolling over to this rate get the additional loyalty bonus so earn a total of 4.61%.

  • 

    [Deactivated] on 13/05/2009 - 08:44

    Maybe Raboplus should be the ones putting in a little more effort - that way we have some real competition.

    • 

      PcisT on 13/05/2009 - 12:36

      I think RaboPlus were the first to offer 4.5% for 3 months. Outstanding compared to what was and is on the market. Can't expect them to be competing with themselves.

• 

  M27 on 13/05/2009 - 10:17

  -1

  Open Smart eSaver account in BankWest, dont make withdraw for 3 months, you'll get better rate.

  • 

    Associatedggschenkel @ National Australia Bank Group (NAB) on 13/05/2009 - 21:41

    "M27": just be aware though, that rate is variable (ie can go down) and only applies if you make no withdrawals

• 

  user27 on 13/05/2009 - 11:39

  -1

  Bankwest eSaver 4.75% without having ur money locked away for 3 months, flexibility to withdraw anytime.

  • 

    Associatedggschenkel @ National Australia Bank Group (NAB) on 13/05/2009 - 21:42

    With that product, if you make any withdrawals in a month, the rate is 3% p.a.

• 

  BargainHunterV on 13/05/2009 - 11:52

  As above - not highest in the market

• 

  applebyte on 13/05/2009 - 13:18

  lol, not another one from you from ubank… and coz you randomly neg my deal, this gets a neg too, because it isn't anything special

• 

  raboplus on 13/05/2009 - 13:49

  +3

  A 0.01% difference in rates between RaboPlus and UBank is worth 25 cents on a deposit of $10,000.
  And yes, RaboPlus has a Customer Contact Centre staffed by real people. We are the only AAA-rated Authorised Deposit Institution in Australia. And you can manage your accounts online which are protected with our Digipass token system. Just thought you should know the full story.

  • 

    anthony on 13/05/2009 - 14:55

    You are really raboplus?
    I'm impressed that someone from the bank bothered to make an account here.

    I do have a raboplus account, but i dont favour the digipass.
    I would do without it if i could, especially as it is one more thing to carry when travelling.

    • 

      raboplus on 13/05/2009 - 15:50

      +1

      Anthony, a lot of banks rely on using passwords and PIN's that don't change to regulate access to their online banking sites. This is known an one-factor authentication and has been proven to be vulnerable to keystroke logging and phishing scams. Because the log-in details hardly ever change, if it all, they can phished or captured.

      The RaboPlus Digipass token is based on two-factor authentication, ie, based on something you physically have (your Digipass) and something you know (your Customer Number and your Digipass PIN code). The Digipass provides a unique code that expires after a specified period and is used to log in to your account and also to authorise transactions. It takes less than 10 seconds to use. If someone steals your Digipass it's worthless without the PIN code and your Customer Number. If someone knows your Customer Number and Digipass code they are useless without the physical token.

      We have implemented this level of security because we are very aware of the threats and scams that are out there. Put it another way, if a fraudster accessed your account and withdrew funds or used your personal information to steal your identity you would probably ask - why didn't my bank have better online security? But then it would be a bit late…
      We know that some people would prefer not us use a Digipass but the vsat majority of our customers are happy to use it because they value a bit more protection.

      • 

        anthony on 13/05/2009 - 15:55

        Oh i fully understand that..

        Just takes a little extra to get used to when you are used to having a pin/password only

        :)

    • 

      scotty on 13/05/2009 - 21:54

      I also have a RaboPlus account, and I see that Digipass thing a necessary evil… Would be good if there ain't that many key loggers, virus, spywares around…

      • 

        anthony on 21/05/2009 - 18:12

        You know, someone i know opened a bendigo bank account.
        For them to get the bendigo bank 'digipass' they must pay for it.

        There are two to choose from
        One is $20
        The other is $99

        The $99 bendigo bank one is the SAME as the raboplus one which raboplus give out for FREE!

        $99 for a digipass is ridiculous, im sure they dont even cost $10 to have made..

• 

  froberts2 on 13/05/2009 - 14:48

  Pity raboplus's > 3 months rates suck. uBank is 4.01% for 6 to 12 months. Rabo is 3.1%.

  That's a little more than 25 cents on $10k

  (And before anyone asks why you'd go for a 4.01% rate over a 4.51% rate, the former will probably work out better in the long run, depending on what the official interest rates do over the next 3/6/12 months)

  • 

    raboplus on 13/05/2009 - 15:39

    We were specifically comparing the 3 month term rate offered by RaboPlus and UBank, ie, the term that is mentioned in the title of this thread.

    Effective May 14th our term deposit rates are:
    1 month 3.50%
    3 month 4.50%
    6 month 3.10%
    1 Year 3.20%

    2 Year 4.00%
    3 Year 5.10%
    4 Year 5.60%
    5 Year 6.00%

    The ongoing on-call rate is 4.0% pa.

• 

  anthony on 13/05/2009 - 14:52

  I am not too sure why you would bother with a term deposit.
  Interest rates are not going to fall any lower than they are now.

  Term deposits earn simple interest whereas a savings account earns compound interest

  The term deposit - simple interest
  4.51% p.a = 1.1275% quarterly (3 months)

  $10,000 in a 3 month 4.51% p.a term deposit matures to be worth $10,112.75

  A savings account - compound interest
  4% p.a = 1.00% quarterly (3 months).
  After 3 months your account will be worth $10,100.33

  You also have the freedom to add to this account over the 3 month period which will make the interest gap smaller.

  So you gain $12.42 by using the term deposit however have no access to your money.

  If you dont want to access the money use the bankwest deal and earn a higher compound rate of interest again!

  • 

    PcisT on 13/05/2009 - 23:41

    +1

    It's impossible to predict interest rates won't drop further with your savings account. Personally, diversing is the key. Have your eggs in both baskets. This is assuming you won't need to quickly access that money.

• 

  Associatedggschenkel @ National Australia Bank Group (NAB) on 22/05/2009 - 07:36

  Hello folks - our 4.51% p.a. is still the highest term deposit available in Australia. So if you're in the market for one, apply today and earn interest from tomorrow (if you transfer your money immediately via BPay). No waiting around for paperwork to clear - each day your money is sitting in a transaction account waiting for your application to be processed can cost you a bundle. Not so with our "UBank Turbo" account opening process.

  Speak soon,

  Gerd Schenkel

  PS - Self Managed Super Funds get the same high rate.

  PPS - Your money is guranteed by the Australian government (up to $1 million across all your NAB-Group accounts).