Help Me Find a Savings Account

realfancyman on 22/10/2017 - 16:04

Hi guys.

I currently have an ANZ Online Saver which is paying me 1% interest on my cash. I really didn't put much thought into this account, it just appeared when I signed up for my Access Advantage so I used it. But, the amount in there is building up and I'd like to find something that offers a bit more.

I have had a look, but so many of the accounts I've looked at require you to not make any withdrawals. This is not what I want, I already have money locked up in long-term investments that are paying good interest, if I wasn't going to touch this money I'd just put it in with that. I want to be able to access this money without penalty.

Also, I do not want one like ME Bank where you have to use paywave to get the extra interest. I used to have this account and I just forgot to do the paywave and missed out on the interest. I don't mind one where I have to deposit money every month or so, I can just transfer it between other accounts.

P.S: I'm under 18 so any accounts that require you to be over 18 I can't use. However, I don't want a kids account because then I'll have to change it once I'm an adult.

Thanks in advance guys.

Financial

Comments

    • realfancyman on 22/10/2017 - 17:31

      Have to be 18 for that one unfortunately. Does anyone know why the bank's actually have this rule? It seems insane to me that banks would actually turn customers away simply because of their age.

      • [Deactivated] on 22/10/2017 - 18:22

        get mummy or daddy to open the account for you.

      • bdl on 22/10/2017 - 18:37
        +3

        How long until you are 18? You may as well make the most of your under-18-ness and just use a "kids" account until you turn 18 and then transfer to an "adults-only" 18+ account… to open an account and transfer the funds would take a week at most.

        • realfancyman on 22/10/2017 - 18:51

          @RowdyAlpha Want the account to be in my own name, otherwise it creates problems when you need to call the bank or go into a branch.

          @bdl I'm 14 so 4 years. What's a good kid's account that doesn't bombard you with all that "savings is fun" bullshit like dollarmites? Also, I want one that I can easily apply for. CUA needed me to get all my ID certified and then actually post it to them. Ended up just not doing it. And Macquarie for whatever reason wanted me to get a letter from the principal at my school with my attendance details. Never had a bank ask me for that before.

        • Diji1 on 22/10/2017 - 19:05
          +1

          @realfancyman: >And Macquarie for whatever reason wanted me to get a letter from the principal at my school with my attendance details

          Da fak? Are they going to refuse you a savings account based on your school attendance record??

        • bdl on 22/10/2017 - 19:11

          @realfancyman:

          https://www.finder.com.au/kids-bank-accounts - from that, maybe the Bankwest (https://www.finder.com.au/bankwest-childrens-savings-account) one?

          a bit of info:
          https://www.choice.com.au/money/banking/savings-options/arti… - from that looks like interest on child's account is capped to $416 to stop parents from putting funds into a child's bank account

        • realfancyman on 22/10/2017 - 19:11

          @Diji1: It was something to do with verifying my identity I believe. Offered them my Student ID, even sent them my report which has attendance on it, but no they wanted it from the principal…

        • realfancyman on 22/10/2017 - 19:17

          @bdl: That Bankwest one sounds perfect when you look at it on Finder, but looking into it further, I'd only get 0.75% interest due to the tiered interest system, and the max age is 15 so I'd have to get rid of it next year.

        • bdl on 22/10/2017 - 19:26

          @realfancyman: I haven't done the calculations but perhaps it's to keep the interest amount low to avoid the tax?

        • realfancyman on 22/10/2017 - 19:30

          @bdl: You don't need to pay tax under 16 anyway though.

          Edit: had a look into this more - you do need to pay tax, but only if your earning more than $420 from them, so no problem for me

  • barbarella on 22/10/2017 - 17:31
    +1

    Leave 'an amount' in your Online Saver that you may want to use for withdrawals or payments etc.
    Funnel the rest of it into an ANZ Progress Saver (no withdrawals and one only deposit of $10 per month needed to get the bonus interest).

    • realfancyman on 22/10/2017 - 17:34

      I thought of doing this, but it's not worth the effort just to get 0.81% interest more.

      • barbarella on 22/10/2017 - 17:35
        +1

        no effort…just transfer through your ANZ Money app

        • realfancyman on 22/10/2017 - 17:38

          Yeah I suppose it's an option. If I was going to go down this route though, I probably wouldn't stick with ANZ considering there's much better options elsewhere.

          Are there any accounts that do what I want?

        • realfancyman on 22/10/2017 - 17:49
          +1

          Also, question. If I do withdraw money from this account, how long does it take for my interest to go back to normal?

        • barbarella on 22/10/2017 - 19:30
          +1

          @realfancyman: it returns to normal the following month eg. interest is calculated on the last day of each month

        • realfancyman on 22/10/2017 - 19:32

          @barbarella: OK that's not too bad. So interest is calculated based on calendar month, or when you sign up? Because if it's when you sign up I've got no hope of remembering that haha

        • realfancyman on 22/10/2017 - 19:34

          @barbarella: Also, just found this: https://www.anz.com.au/promo/personal/bank-accounts/saving-w…. $100 in gift cards sounds alright

        • barbarella on 23/10/2017 - 08:42

          @realfancyman: Good find! I'll be in that! :)

  • Donaldhump on 22/10/2017 - 18:25

    Amp Bett3r

    • realfancyman on 22/10/2017 - 18:52

      I actually tried to apply for that today, same problem, need to be 18. Very frustrating.

      • Donaldhump on 22/10/2017 - 19:17
        +4

        Weird, I never had money before 18, still don't at forty haha

        • realfancyman on 22/10/2017 - 19:19

          Haha good on ya mate. I'm always trying to earn money

  • virhlpool on 22/10/2017 - 20:48

    Why not ING Direct Savings Maximiser?

    • realfancyman on 22/10/2017 - 21:00

      Not bad. Still only 0.5% better than what I'm getting now though because you need to be 18 for the Everyday acc. I think I might just get one of those no withdrawal accounts and try avoid any withdrawals.

  • realfancyman on 22/10/2017 - 21:27

    Update

    I've decided I'm probably better off getting a bonus interest account, the interest rates are just so much better and there's a lot more of these accounts. But I'm losing about $6 every time I withdraw money, so I'm going to need to minimise this. I don't actually do it much, but it's good to be able to move my money around without penalty.

    Any recommendations for these accounts? Do not want it to require any deposits, or if it does low ones.

    Edit: The Westpac Bump account sounds pretty good, 1.5% base rate an extra 0.80% if you grow your balance.

  • Meho2026 on 23/10/2017 - 07:56

    What about this one, you cant get the visa debit card on the account until youre 16 but its got a good bonus interest rate of 3.25% if you make a deposit of any amount and make no withdrawals.
    https://www.creditunionsa.com.au/accounts/childrens-accounts…

    • realfancyman on 23/10/2017 - 08:43

      That sounds really good mate. Might do that one

  • BigBirdy on 23/10/2017 - 08:27

    ANZ Online Saver with Bonus Interest.
    I have an ANZ Online Saver (& UBank Ultra). Every 3 months, for the past 2 years or so, I ask ANZ to renew my bonus offer. Every time they have. Last renewal was a bonus 1.4%, giving a total interest rate of around 2.5%. It lasts 3 months, so I use my calendar to notify me when it comes due.

    • realfancyman on 23/10/2017 - 08:42

      Oh ok that's a good idea. I'll give them a call and ask them to do that. Cheers

    • barbarella on 23/10/2017 - 08:45

      yep….I have been doing that too…its easy - just ask :)

      • realfancyman on 25/10/2017 - 17:57
        +1

        Gave them a call today, got a bonus 1.50%pa so that's 2.50%pa with no conditions. Will keep calling back every 3 months and if it stops, I'll swith to the Credit Union SA account. Thanks all for your help, it's much appreciated.

        • barbarella on 25/10/2017 - 19:27
          +1

          You're welcome :)

  • eggles01 on 23/10/2017 - 14:10

    G'day,you may have already done this but I "Googled " "BANK ACCOUNTS FOR UNDER 18 YEAR OLD" and a quite a few contacts came up,I would have a look through them starting with SunCorp at the top and any other the odd accounts I looked at were paying around 1.60% upwards,good luck,cheers

  • realfancyman on 23/10/2017 - 20:54

    OK, so right now it's a toss up between the Credit Union SA Children's Saver Account, or the Westpac Bump Savings Account.

    Here are the details of each account, let me know what you think I should do.

    Credit Union SA Westpac
    Interest Rate 0.25% pa 1.50% pa
    Bonus Interest 3.00% pa 0.80% pa
    Bonus Interest Conditions Deposit any amount and have no withdrawals Keep your balance higher than the month before
    Total Interest Rate 3.25% pa 2.30% pa
    Interest in Month With No Withdrawals (Balance $2300) $6.23 $4.41
    Interest in Month With Withdrawals (Balance $2300) $0.48 $4.41

    I added it up, and I'd have to withdraw in four months to have the Westpac account make me more money.

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