Best Savings Account for Home Deposit

G0thamsghost on 28/05/2017 - 14:52

Hey All,
Just after some advise from some of the knowledgeable members of OzBargain.
I see you guys helping out on the forums and thought I'd try my luck at popping a question.

My partner and I have been renting for years, we have an 9 month old baby, and between the two of us, earn 95-100k a year when she starts back full time in June.
Thanks to family we have been given a great opportunity to save money (all the money we used to pay for rent) for a house deposit, and we are working from ground zero at this point.
We currently use an ING everyday account for our everyday banking, which is great from the rebates and the no atm fees, however we wish to open a savings account, for the soul purpose of saving a house deposit.
We would ideally like it with another institution, ING are awesome and we love them, but we would both like it to be completely separate from our everyday accounts and not an account we can "in a flash" transfer money out of a savings.
Can you please recommend a good savings account for this, From a trusted bank?
Any information would be greatly appreciated to steer us in a direction.

Thanks heaps in advance, I really look forward to hearing from you all!

Financial

Comments

  • jessegrace on 28/05/2017 - 15:27

    https://www.finder.com.au/savings-accounts/high-interest-sav…
    ING maximiser is the highest. If you find higher check it is not just for a promotional period like 4.5 months.

    • G0thamsghost on 28/05/2017 - 19:37

      Thanks very much, yeah I assumed ING would be the beast.

  • enzioFirenze on 28/05/2017 - 17:55

    yeah ING maximiser is pretty much the best, two months back, I moved all my deposits into a TD @ ME bank and it pays a shit rate of 2.8, still better than the 1.8 I had with CBA GoalSaver but if only ING offered this rate back then duh!

    • G0thamsghost on 28/05/2017 - 19:37

      Thanks very much, yeah I assumed ING would be the best.

  • thetrain on 28/05/2017 - 18:20

    If you want to separate from ING, I recommend UBank.

    2.87% which is slightly lower than ING. Need to deposit at least $200 per month for that rate.

    https://www.ubank.com.au/banking-overview/transaction-accoun…

    • G0thamsghost on 28/05/2017 - 19:37

      Thanks for the help, yeah I saw Ubank a while ago, ill add it to the list of ones to check out, thanks for the work!

  • [Deactivated] on 28/05/2017 - 20:40

    Open another bank account for everyday banking but keep ING for savings. The savings you earn from ING compared to other banks will (most likely) exceed any money you pay for ATM usage. This obviously depends on the number of times you use ATM. personally, I can always find the ATM of the bank I am with, so ATM fees are not a problem.

  • G0thamsghost on 29/05/2017 - 09:41

    I hadn't thought of it that way, this is a really good idea.
    Thanks heaps

  • JuryWheel on 29/05/2017 - 12:34

    Maybe a dumb question, but with the NAB rewards saver, can a 'deposit' mean a transfer from another NAB account (if i have my pay go into another nbab account, but 'tranfer' the funds via internet banking each time that is fine right? doesnt need to be some sort of external deposit right?

    • nushydude on 29/05/2017 - 14:10

      Yes, it can simply be your own NAB classic banking account or any other NAB account for that matter. For example, my salary comes to the NAB classic banking account and I transfer money from it to the Rewards Saver account and I get the bonus interest.

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