This was posted 16 years 9 months ago, and might be an out-dated deal.

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7.25% Internet Savings Account (St George Bank's version of ING Direct; Feb 2008)

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7.25% Internet Savings Account (St George Bank's version of ING Direct; Feb 2008)
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SomeGuyOnOzB on 22/02/2008 - 23:03 dragondirect.com.au (297 clicks)

7.25% interest. Looks like it works like the ING Direct accounts, but with St George Bank backing it. You can link it to accounts with other banks (ie you don't have to have other St George bank accounts).

Only briefly scanned the terms and conditions

Earn 7.25%p.a* and pay no bank fees.

Reach your personal savings goals sooner with a directsaver account from dragondirect.

  • High variable interest rate
  • No bank fees
  • No minimum balance
  • No minimum deposit
  • No fixed term
  • Interest calculated daily
  • Add directsaver to your existing banking
  • Unlimited fee-free phone and Internet banking
  • Automatic Savings Plan
  • Open multiple directsaver accounts, one for each savings goal
  • Security for your Savings
  • Opening Deposits available

The linked account does not have to be with St George Bank. But if you do, then you get instantaneous transfers of funds (vs the overnight deal we get with other arrangements).

  • Rate is variable and applies from 11 February 2008 until 30 June 2008
  • For new personal directsaver and DIY Super directsaver accounts opened with new funds between 6 January 2008 and 31 March 2008.
  • Excludes existing customers who held a directsaver or DIY Super directsaver account at any time between 1 June 2007 and 5 January 2008

*** INVESTMENT STRATEGY DANGER ***

Thanks to OzPete
OzPete pointed out that his St George account was charged an inactive fee, after he went on holidays.
If you do pick up one of these accounts, close it immediately when you have finished using it,
to avoid "inactive account" fees.

Also, check what the terms and conditions consider to be inactive

Financial Online Banking St George

Related Stores

dragondirect.com.au
dragondirect.com.au

closed Comments

  • M27 on 22/02/2008 - 23:06

    "Rate is variable and applies from 11 February 2008 until 30 June 2008 for new personal directsaver and DIY Super directsaver accounts opened with new funds between 6 January 2008 and 31 March 2008. "

  • SomeGuyOnOzB on 22/02/2008 - 23:11

    Hi M27,

    I'm confused by your negative vote. What do you mean it's cheaper elsewhere? There aren't any fees on the account … ?

    • [Deactivated] on 23/02/2008 - 09:31

      I think M27 is pointing out that it's a teaser rate - it reverts back to 6.5% after 30/6/2008 This is just like BankWest and AMP.

      So like all these to maximise your rates you may need to switch between banks when the rate drops back to the standard rate.

      This is not mentioned in foundit's post. Bargain4U voted negative and pointed this out. I think many who vote negative - as I have experienced - dont realise that you can enter your own comments, they just use the nearest canned version.

      Maybe Scotty needs to address this by forcing a comment to be made rather than providing canned versions that can end up confusing us all. Also it makes it harder to just click and move on, you need to think and be determined to make the negative vote

      It was hard not to make a negative vote myself as i absolutely detest StG. No they are not like the other banks. When I returned from overseas, I found my account was being charged $6 a month because it was an inactive account. Now fees to offset costs like using tellers etc they maybe able to justify, but fees on an account not being used, taking up a few bytes in their computer and paying very poor interest to boot, you have to wonder at their greed.

      When I was to make a sizable deposit from the sale of my overseas home, they offered to waive the fee - nothing like money to excite a Bank!! needless to say I had the most pleasure in telling the manager to stick his fees and his bank - what a pity I never meet one of their managers at a BBQ like in their ads. He wouln't be so relieved after I had a go at him…

      • scotty on 23/02/2008 - 09:49

        Maybe Scotty needs to address this by forcing a comment to be made rather than providing canned versions that can end up confusing us all. Also it makes it harder to just click and move on, you need to think and be determined to make the negative vote.

        Like, detecting whether you have already commented on the thread before you can vote negative?

        Well I voted positive because I got friends working in St George :) Otherwise this deal is completely useless to me :)

        • HueyData on 23/02/2008 - 11:44

          Like, detecting whether you have already commented on the thread before you can vote negative?

          That sounds good (if it's easy to code). Then you could remove the negative vote drop-down options and have it function just like the positive vote button, provided the person has commented.

          • [Deactivated] on 23/02/2008 - 12:17

            @HueyData: Yea whatever can be done, so that voting negative really needs to be tied to giving some sort of explanation. Negative votes will then be constructive which is the real intent. Thanks Scotty - heres hoping that coding brain works

          • scotty on 23/02/2008 - 13:41

            @HueyData: Yeah. Should be easy, and a good idea as well. Busy this weekend but that will be there early next week.

      • SomeGuyOnOzB on 25/02/2008 - 15:12

        Ah, sorry to hear that but thanks for sharing.

        I'd only heard people who thought St George was supposed to be good to their customers.

        How long were you overseas?

        Actually, I know for a fact, there is at least one of the big 4 banks that have that in their terms and conditions. The fee for inactive accounts. Unfortunately no, that doesn't make them different to the other banks …

        It seems it's the same for just about every institution. There are people who have had good experiences and there are people who have had bad experiences.

        I've heard people talking happily about institute A, when someone else pipes up to condemn it and praise institute B, which the first group abhor.

        Part of it though, seems to be about the individual you are talking to at the moment and the mood they are in. It could also be the way the particular branch is run.

        But yeah, I'm sorry to hear they enacted the inactive fee on you. Did you know it was in the terms and conditions before they activated it?

        • SomeGuyOnOzB on 25/02/2008 - 15:13

          Hmmm … anyone remember if the inactive fee is mentioned for other institutes?
          Bankwest, Raboplus, ING ?

    • M27 on 23/02/2008 - 15:05

      Basically it is only for new member and for 4 months only. I would go for RaboPlus (7.15%) instead.
      Wont bother to switch between two funds for 0.1% difference(if i have $10,000: 10000(7.25%-7.15%)/12(months)4(months March -> June) = $3.2). Dont think it worths the effort.

      • Bargain4U on 23/02/2008 - 16:36

        I agree! :)

  • kingwang on 22/02/2008 - 23:22

    This account is the same as the ING account. It works the same way.

    Link your savings account to it and then transfer however much or little you want in the interest account. This money is then earning interest on a daily rate at 6.xx% p/a or 7.xx% p/a for new members

    There is no fees or charges linked to it. You can use the money whenever you want and with no penalties.

  • SomeGuyOnOzB on 24/02/2008 - 18:19

    Thanks for the clarification M27.

    Could you redo the calculations for someone else?
    They are only prepared to bank with Australian banks and have $100,000.00 earning 4.2%

    What could they get?

    I didn't realise the offer expired then. I am trying to update the offer. Can someone give me the links or places where it says that? About it being for new money only and about when it expires?

    Also, someone said there are higher rates elsewhere. Which places and what rates are you thinking of?

      • SomeGuyOnOzB on 25/02/2008 - 12:22

        Hi Skippy,

        thanks, I suspected that was who you meant.

        It's not the highest offer, but some people can't get the highest offers.

        Reasons people won't bank with various institutes:
        - bad experiences
        - heard bad stories
        - read bad news
        - disagree with investment guidelines
        - want their financial institute to be guided by the RBA or Australian practice
        - unfamiliar with the institute
        - etc

        This means some people won't bank with:
        - Bankwest
        - Raboplus
        - ING
        - HSBC
        - Citibank
        - name pretty much any institute offering high interest

        So there are many people for whom, this is the highest offer available. An Australian bank, which may to them have a relatively good reputation. (Based on what people have told me)

        This then, might be the only high interest account they can get.

        Response to the negatives for this.

        M27
        It's not a bargain for you, but it is for other people.
        Change your figures for someone else, and you'll see.

        Bargain4U
        Same as for M27

        If we all voted negative because we weren't going to personally benefit from a deal the site might be filled with bargains that were -700 vs +2.

        It'd put people off reading bargains they might have benefitted from.

        Actually, it'd be off putting on the whole, for both posters and anyone visiting the site.

        Intro offer
        We've had other intro offers

        Posters and commenters will draw attention to the expiry date of the offer.

        We haven't voted negative before, just because something is time limitted. It's pretty harsh.

        Some people can and will benefit from the offer for a few months. It is a bargain.

        Not the highest rate
        Covered at the start

        Scotty, any chance you could remove the negative votes?

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