Hey guys I plan on opening a new savings/transaction account cause commenwealth bank is giving me very bad rates and won't offer me more than the 2.0% pa. So me being petty I plan on jumping ship and joining UBank because they seem easy to use and offer a decent rate. Does anyone know of anything better? I'm only 15 but will just get my dad to open it up for me. Thanks in advance.
Edit I have 5-7 grand I plan to start saving. Also considering term deposits.
Help Me Find a Good High Interest Savings Account
Lockster on 18/11/2018 - 15:43
Last edited 18/11/2018 - 15:44
Last edited 18/11/2018 - 15:44
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Yeah I am depositing around $600 a month.
Thanks for that thread. Should I look into a term deposit or shares?Term deposit rates are around the same or lower in some instances, and lock up your funds, so personally a high-interest account is better. As for shares, if you want to dip your toes to learn about it, start with small amounts. Stick with blue chips.
Alright cheers mate. Defitenly gonna go with Ubank.
I would say term deposit. That leaves your money more liquid in case you decide you want to chase experiences like travel, driving school, uni etc.
To me, shares is more of a mid/long term investment and would take time to pay off.That is a very good point. I will need to buy a car so putting the minimum of the 5k in a term deposit won't actually work for me rn.
I personally use UBank.
Found this earlier in the year whilst I was doing my research. It's updated fairly frequently:
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…Did you get a debit mastercard with Ubank?
debit visa card
Cheers I will sign up tomorrow.
From my understanding I have to deposit $200 PM from a different bank account to get extra interest rate.
Yes, you have to open both accounts for the variable 2.87% interest rate. You don't have to use either, and can just deposit $200 each month into the USaver one for the conditions to be met. You're allowed to withdraw right after as well without any consequence, I've asked. They will provide you a Visa debit card for the Ultra Usaver account (day-to-day account)
I personally have my wages deposited into my Commonwealth Bank account and use that as my everyday transaction account and just transfer over to UBank every month. No real reason, just a personal preference thing I guess
I've been with UBank for many many years. Still the best =)
Term deposits are usually lower than the UBank rate with Ultra.
I can constantly add my weekly amount ie $150 to see my money increase.
Yes, that is the other benefit as you can keep adding small amounts and they accrue interest too
ING and RAMS also offer 2.8% at the moment, but they both have some restrictions.
Move Bank has a savings account offering 2.90% interest. It is a bonus saver account so to get that rate you have to deposit $200 a month and make no withdrawals. Similar to Ubank however they allow withdrawals and to keep the bonus. Move Bank has PayID so you can transfer money into the account much sooner. Deposits of 250k or less are protected under the FCS.
https://movebank.com.au/products/everyday-banking/bonus-save…
I read about this bank in the AFR in an 13th Nov article about investing. Indicated it was the bank with the highest interest rate.
https://www.afr.com/personal-finance/cash-quandaries-for-the…
Well apparently I have to put it completely in my parents name. So ubank is off the chart for now. Not sure what I am going to do now
You can join Move Bank, it's FAQ clearly states 12 years old and older can join. It's in their kids banking FAQ. https://movebank.com.au/support/faq/internet-banking-faqs/
Move Bank at 2.90% seems like a good choice for you compared to Ubank at 2.87%. Assuming you start off with a $5,000 deposit and deposit $200 every month, you will have saved $12,967 after you turn 18. Going with Ubank you would have $12,959 which is $8 less than Move Bank.
I'm gonna go with me Bank. Good idea or bad idea.
Edit: Gonna wait for move bank to respond.No it's not good, you have to use the debit card tap & go once a week to get the bonus, you don't want to have to do that every week.
Yes, go with that, 3.25% is an amazing rate.
@freemoneyhunter: With the no withdrawals does that mean I can't transfer money between bank accounts?
@freemoneyhunter: With a bit of clever moving you can minimise this no withdrawals effect.
eg Open an account with one of the no interest, if you withdraw, bank
on the first of the month if you want a withdrawal take ALL the money out and put in another bank. (less the amount you really wanted to take out)If that other bank also has no withdrawal penalty
Then on 1st of next month take it all out and redeposit it in the original bank
You may lose a few days interest with the transfers but its a lot less than losing the whole month, and you will have to wait until the first of the next month if you want to take money out.
@RockyRaccoon: I still use Ubank which allows me to withdraw, there is no other savings deals worth my time to switch over, I still do open up other banking accounts such as the BOM and CUA sign up bonus $50+ cashback deals which get posted here. Regardless my pay goes into an Orange everyday account and I transfer most of it into Ubank and leave a bit left in the account for myself to use per week, so I never need to make withdrawals from the online saver anyway.
@RockyRaccoon: https://www.defencebank.com.au/isaver
First 3 months you get 3.45%, that would be worthwhile to move over from Ubank for a time.
@RockyRaccoon: Hi @freemoneyhunter, im trying to do something similar for my sister. Who has gotten a bit of cash from the sale of her house (850k) and is sitting on it for while while property prices come down. I'm trying to figure out a way she can open a few high interest accounts, deposit $200 a month in all to obtain the bonus interest, also keeping the balance below the amounts allowed during the year and then withdraw on month 12 to basically pay for her rent every year. But I cant figure out a way in which she doesn't miss out on at least one of the months high interest on the month she withdraws. Any advice or tips would be appreciated.
+1 for UBank. Swapped because of what I read here on OzBargain and never looked back.
if your under 25, Greater Bank is a great choice with 3%
That is exactly what I am after and I can withdrawal money at any time.
Rip 18-25 only.
No account suggestions as I haven't looked for a while, but I would suggest if it is invested in your own name that you keep an eye on the amount of interest you are earning. If someone under 18 earns more than the threshold (around $420 or so), they get taxed at 67%.
$420 per annum?
Yeah sorry, $420 per financial year.
Should be right then. Thanks very much tho
@Lockster: Definitely ok at the moment, but if you are depositing $600 a month and getting 3%pa interest, it may start getting close to that in a year or so.
Another vote for Ubank.
Maybe consider putting your $5k on a bluechip stock with over 10% annual interest including franking which you'll get if your under $20k income.
Stocks may drop but dividends keep rolling in.
If interested Nab, Boq, Westpac are around 11% at the mo. Better than the lightweight 2.87% bank offering.
Best of luck.
One extra comment. I found it incredibly difficult to save my first $50k. After that it just grew easily.
How do I invest money into stocks? Keen to try but have zero idea
http://selfwealth.com.au/ is the cheapest I think. You pay $9.50 per buy or sell, and you actually own the shares, unlike many places. No cost to open accouunt or to deposit/withdraw your funds.
20 minute delayed asx data is free, or you can pay for live data.
The interface is plain and basic but fine to just buy and sell to keep the shares.
If say you want to buy $5000 of Wbc (wesstpac), you fill in three details in the buy form and click button.
Just ignore all the social/group trading crap on their site.
ASX is the lowest for a year or two, so not bad time to buy.
I use and like this place (selfwealth), and Igmarkets which you should avoid as it risky as.
Check ozbargain search for several threads about it.
I have a free commsec account with nothing in it, I use it to view live trades but I don't use it to trade.
@freemoneyhunter: Yeah I hoped that still worked. Not many options except Igmarkets which now charge an inactivity fee.
Anyone know anywhere else live ASX share data is available?
Before you actually invest some money in shares, I suggest that you learn as much as possible and get familiar with the Australian and US stock market. There are analysists and news reports stating that we're near the end of a bull market. So it is better to leave cash in the bank.
Since you're young I think you would enjoy these two channels. Both of them are Aussie guys in their early twenties focusing on the Australian and the US stock market. They also host a weekly podcast as well. So if podcast is your thing I suggest you give them a listen.
https://www.youtube.com/channel/UCODr9HUJ90xtWD-0Xoz4vPw
https://www.youtube.com/channel/UCvSXMi2LebwJEM1s4bz5IBAPPCIAN is an American guy that mainly talks about what stocks he is buying for dividends.
https://www.youtube.com/channel/UCXtrYuGksGkkyls50lPWvYQLastly, if you have an interest in Australia's financial market, Ausfiance on reddit is always good.
https://www.reddit.com/r/AusFinance/
Another option to consider for higher interest is www.ratesetter.com.au
No minimum amounts. Interest around 4% for 30 days to 9% 5 years.
You would still need a bank account for transactions.I just received my $100 sign up bonus for ratesetter. I lent some money for 1 year at 4.7%, I'm not comfortable lending for 3-5 years, some reason the 1 year market has been removed.
I prefer ING over Ubank, making 5 transactions isnt hard when you can split transactions in one go
ING's everyday youth account + savings maximisers?
The youth account is designed for 15-17 year old and its T&Cs say that "the additional variable rate can only apply when you also have an Orange Everyday Youth. The additional variable rate currently 1.80% p.a. (that is added to the Savings Maximiser standard variable rate) applies on one Savings Maximiser per customer for the next calendar month". This seems to suggests the requirements on minimum deposit and minimum number of card transactions are waived. However, I'd urge you to check with them before applying.
In any event, those requirements should not be hard to meet (provided that you retain your CBA account - which is a good idea anyway since ING doesn't have any physical branches and you might wanna switch bank when the rates change in the future).
Everything is waived according to the guy who I talked to onto the phone. I signed up and now just have to prove my identity at the post office. Thanks so much for this.
Wait also does this mean I'll get 2.80% every month?
Yes you will. And looks like you don't have to fulfill the conditions the normal account requires to get the 2.8% (5 trans and $1000 deposit) Added bonus :-)
You just need to have both the Orange Everyday Youth and the Savings Maximiser.
& make sure you keep your money in the savings maximiser, not the everyday youth account
RAMS - highest.
Not since they dropped their rates to 2.80%
Good to see a young person start to save. Have you had a look at this thread Poll: Best Australian Savings Accounts in 2018 for more ideas? Note that there had been updates since the thread was created to some of these accounts, so check the accuracy of info.
In my opinion, ubank is a good overall account for high-interest savings. Note: to get the 2.87%, you have to deposit $200pm, otherwise you get 1.81%. But you can withdraw.