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2.9% Interest on Savings with an S10 Bonus Saver Account at Move Bank (Was Railways Credit Union)

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2.9% Interest on Savings with an S10 Bonus Saver Account at Move Bank (Was Railways Credit Union)
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SomeGuyOnOzB on 19/12/2018 - 09:45 movebank.com.au (322 clicks)
Last edited 26/12/2018 - 12:40

Railways Credit Union (established in 1968) is now Move Bank (since 7 May 2018).

According to the APRA list of ADIs for the Australian Government Guarantee, Move Bank is it's own ADI (search for "railway").

Their S10 Bonus Saver Account currently
- pays 2.9% if you meet the bonus criteria (1.7% otherwise)
- requires $200 monthly deposit and no withdrawals for bonus
- no monthly fee and no online transaction fees
- ??? seems there is no upper limit for the bonus interest rate. I didn't find it and telephone staff also said there is no upper limit.

Unfortunately
- transfer limit is set to around $2000; which if you request One Time Passwords can be increased but only to $5000. More is possible but you have to ring up to arrange it and pay a fee ($2.50?); I'm hoping they soon increase these limits to match other banks (eg $20,000)

I'm not associated with them. I'm not too familiar with them. But being covered by the government guarantee and all, maybe it'll be helpful to other OzBargainers too.

Some things I found:
Set up on a PC was easy

They give you an internal account number, which is what they give you when you create the account.
There is a BSB tab, giving you the BSB and Account numbers that you need for inter-bank deposits.

Looks like there is no online chat.

The phone service is 8:30am to 5pm QUEENSLAND time.
When you ring up, press zero to speak with an operator.
When I first rang up, that wasn't a menu option I was given and I was hung up on, after just one reading of the menu options.

Financial Bank Account Move Bank Railways Credit Union Savings Account

Related Stores

MOVE Bank
MOVE Bank

closed Comments

  • jv on 19/12/2018 - 09:48

    at Move Bank

    Where are their locations ?

  • knobbs on 19/12/2018 - 09:49
    +2

    2.9% interest and I get Samsung's new unreleased phone! What a ripper

    • coolsteps on 19/12/2018 - 14:27

      ref " I get Samsung's new unreleased phone!" how care to explain?

      • knobbs on 19/12/2018 - 14:31

        OP said you get a bonus S10 :P

  • 8200 on 19/12/2018 - 09:56

    HSBC 3.10% no monthly deposit nonsense

    • Cyb3rGlitch on 19/12/2018 - 09:59
      +1

      Only for the first 4 months.

      • 8200 on 19/12/2018 - 10:13
        +1

        Yes, but out for 90 days grace, then back in again, allowed.

        OR have a 2nd account in wifeys name, and switch every 4 months

        More loopholes, more i find solutions!

        • FuRyZ on 19/12/2018 - 10:55
          +1

          Yeah but you are locked in with no withdrawals. I much prefer a flexible account where I don't have to keep a portion of my savings separate in case I need them or risk losing my bonus interest. The Ubank 2.87% Ultra Savings acct is better in my opinion due to that flexibility.

        • jackofspade on 19/12/2018 - 11:10

          Are you sure the bonus interest applies if you open a new account after 90 days grace?

        • Yola on 19/12/2018 - 11:26

          I rang HSBC and although my account has been inactive for years they refused to allow me the introductory rate. Also they are the most incredibly bureaucratic bank ever. Always believed this and could not get out soon enough but needed a foreign currency account.

          • SomeGuyOnOzB on 20/12/2018 - 09:23

            @Yola: Response to 8200, not Yola

            PROS of HSBC
            - no need to deposit each month

            PROS of Move
            - higher interest because
            * Move pays compound interest (so effective rate is actually 3.045% simple interest vs HSBC 3.10% simple interest)
            * each time you move money between banks, you lose 2 or more days of interest
            * the interest lost is greater than the difference between the rates
            - not as bureacratic as HSBC (I had to go into a branch for an interview, just to get an account with them)
            - no need to spend time and effort, chasing promotional interest rates

            • Yola on 20/12/2018 - 11:11

              @SomeGuyOnOzB: I rarely loose even 1 days interest when moving funds. I still use bank account numbers and transfer before each Bank's cut off time. Arrives in next bank usually around 10 pm. but at least before midnight. I keep a record of all my transfers with times to ensure funds arrive, and they do same day in 99% of cases. Sometimes the first payment takes an extra day.

            • Yola on 20/12/2018 - 11:20

              @SomeGuyOnOzB: From T&C
              HSBC Introductory offer will only be applied to the first Serious Saver…. Maximum one Serious Saver Account per customer. Both introductory and standard rate subject to change at any time….Interest is calculated daily and paid monthly.

              • SomeGuyOnOzB on 20/12/2018 - 15:11

                @Yola: Ah: Most or all of my transfers are delayed.

                Also, I errored: Compound interest for Move is only 1.2942% approx per year

            • Yola on 20/12/2018 - 12:10

              @SomeGuyOnOzB: Thanks. Did not know this. Opened 2 more MOVE accounts.

            • F1Maniac on 08/01/2019 - 12:15

              @SomeGuyOnOzB: where do you see its compounded? its calculated daily and paid just like every other account?

  • Swankenstein on 19/12/2018 - 10:02
    +4

    Ubank 2.87% no limit on withdrawals and isn't a 4 month introductory rate like HSBC.

    • 8200 on 19/12/2018 - 10:14

      see above! :-)

    • FuRyZ on 19/12/2018 - 10:57

      Agreed, Ubank is a much better deal, not worth the extra 0.03% with Movebank in my opinion.

    • Yola on 19/12/2018 - 11:27

      Move is good if you have funds you do not need to use. The set up was very easy.

      • FuRyZ on 19/12/2018 - 12:21

        Ubank's set up was pretty easy as well, banks rarely make opening accounts difficult, they want your money after all.

        The difference in interest is 25cents on a $10,000 balance per month. I have better flexibility and no ATM or international transaction fees. Movebank charge $5 for overseas ATM withdrawals and a 2% fee.

        • Yola on 19/12/2018 - 19:05

          Do not disagree. UBank is better for transactions. ING is even better for ATM's as it will not charge for use and also refund any charge by ATM owner. But has more onerous qualifying requirements.

      • SomeGuyOnOzB on 20/12/2018 - 09:25
        +1

        Depends on a person's situation.

        Like Yola said, if you have funds that you can put aside and don't need to use, then you can get higher interest on that, and also have UBank for transactions.

    • Donaldhump on 19/01/2019 - 21:44

      Government garuntee is no good for UBank, as owned by nab, and has 400 billion in deposits.
      Garuntee only covers 5% capped at 20 billion

      Correct me if wrong

      This new bail in crap is worrying

      • SomeGuyOnOzB on 19/01/2019 - 21:49

        I didn't know the government guarantee was limited to 20 billion

        • Donaldhump on 19/01/2019 - 21:54

          Per institution,

          So seems your better off in these small banks,

          If I am wrong keen to know, all seems iffy to me

          Seems pretty useless

  • HappyXD on 19/12/2018 - 10:11
    +2

    For those under 25, Greater Bank has the 3% savings account.

  • wortho on 19/12/2018 - 11:39

    I wonder if I can link a Movebank account with my Citibank account as I need to transfer money out of Citi before the 4 months intro rate is up! I have been unsuccesful linking my RAM's accounts to Citibank for example.

    • Yola on 20/12/2018 - 11:41
      +1

      Citibank Online Saver rate can be received again if you open another O/S account. I have opened 4 of these. Each one has received the introductory rate. If you call they will tell that this not the case.
      There are comments from other people here
      https://forums.whirlpool.net.au/archive/2558805
      If your O/S is linked with your Citibank Plus (It can only be linked with only one account) You can set up MOVE as a payee. I think you could also do a save payee with RAMS as process for linking is different. If you do open multiple O/S account it will be easier to transact through the Plus account.

      • wortho on 20/12/2018 - 19:53

        Thanks, I was told by Citi rep that only the first account gets the bonus interest but you are correct that many on WP seem to get it when they open more accounts. Trouble is I have just under the max and stand to lose around $500 if the bonus was not paid so pretty risky. Sounds like I need to open a Citi Plus but still limited to 100k a day transfers it seems.

        • Yola on 21/12/2018 - 17:55

          Yes I and other people have also been told that. Citibank lies but its to our benefit for a change. $100k per day is not bad compared to some. Yes I would not take a risk but as soon as expired move the funds to say UBank (2.87%). If more than $200k transfer to MOVE Bank (2.90%) and/or RAMS (2.80%) and transfer back to Citibank on 1 February. On 20 January open new Citibank O/S. All assuming Citibank maintains this rate. Have you had the HSBC introductory rate of 3.10% ?

  • jacktator on 19/12/2018 - 13:01
    +2

    Customer of Citi, HSBC, UBank, Move and many more.

    I'm using Citi to hold reserve cash for trading. 3.1% with no withdraw limitation. Churning intro rates interchangebly with HSBC. Once account allowed per person, in & withdraw ok.

    I'm using UBank as a companion to AMEX and other credit card auto payments. Maxing the interest while making sure I have enough cash to pay the full balance whenever due. One account per individual, excluding joint accounts. In & withdraw ok.

    I'm using MOVEBank as my main saver. MOVE allows you to open as many as 3 bonus savings accounts. As long as you meet the criteria for all 3, bonus interest applies on all 3. Good for keep saving balances & goals separate. No withdraw.
    Only downside: Can't integrate with MoneyBrilliant or other third party personal finance apps for tracking.

    Also good to mention: RAMS Savings, $200 a month in and no withdraw gets you 2.85%.

    • CVonC on 19/12/2018 - 13:28

      ME Bank also 2.85%, no deposit, withdrawals allowed but you need to tap and go once a week.

      • jacktator on 19/12/2018 - 13:58
        +1

        True. Personally, I never use debit card, me's weekly tap kills it.
        However, Me's PINK card is pretty . Haha.

      • Yola on 20/12/2018 - 10:51
        +1

        ME Bank is a nightmare. I have spoken to them and their verbal advice and written instructions on how they define weekly for the taps are contradictory. You also have to remember every week. ING Saving Maximiser is much better as you can do 5 anytime during the month. Deposit $1000 Only .05% lower. ING is also best for overseas travel.

        • CVonC on 20/12/2018 - 14:07

          It's just

          Week 1: 01-07
          Week 2: 08-14
          Week 3: 15-21
          Week 4: 22-end

          Not that hard. Not even that hard to do one tap and go each actual week though.

          Isn't Citibank still the best for overseas travel?

          • Yola on 20/12/2018 - 14:59
            +1

            @CVonC: Citibank does not charge for overseas ATM withdrawals. ING also does not charge but additionally it rebates any charge from the owner of the ATM.
            In some countries you can readily find ATM's that do not charge a fee but not in others.
            https://whirlpool.net.au/wiki/citibank_plus_transaction_acco…
            Additionally Citibank is renowned for blocking cards when travelling overseas.
            This feature is also useful in Australia as you do not have to look out for the right machine. ATM's in Pubs, for example, charge fees.

          • SomeGuyOnOzB on 20/12/2018 - 15:16
            +1

            @CVonC: I was told, by the same person:
            (1) do what you listed above
            (2) also, there cannot be more than 7 days between your transactions :S

            • Yola on 21/12/2018 - 15:06
              +1

              @SomeGuyOnOzB: Yes exactly these 2 things are contradictory.

    • Yabadabadoo on 19/12/2018 - 20:12
      +2

      Rams is actually only 2.80% not 2.85% (it dropped from 3% around 2. Months ago)

      • jacktator on 19/12/2018 - 20:58

        You're right, my bad. :D

    • Yola on 20/12/2018 - 10:46

      jacktator are you referring to Citi Online Saver introductory rate (which can be renewed by opening another account) of 3.05% or is there another account.

    • Yola on 20/12/2018 - 11:00

      Jacktator - Yes I follow similar strategy. Agree that UBank is best for transactions/daily banking. What rate are you getting from HSBC they have refused me the introductory rate and all others are too low. Is there a reason why you use MOVE as main saver when Citi rate is higher. They are both covered under the Government Guarantee. I try to keep up to $250k in each institution.

  • 8200 on 19/12/2018 - 13:23
    -1

    N.B. ##WARNING##

    Please note the following, your funds are NOT safe under the Australian GovCo. i don't see these 3 going under, but you are on your own, be warned!

    FCS WEBSITE:
    Note that 'Bank of China Ltd', 'Citibank, N.A.' and 'ING Bank N.V.' are branches of foreign banks and these institutions are not covered by the FCS.

  • jackofspade on 21/12/2018 - 11:25

    What's the transfer limit? Looks like $5000 which is ridiculous

    • Yola on 21/12/2018 - 18:02

      That would be ridiculous. Usually you can increase online or ring for an increase for a certain amount of time. One institution required that you manually fill out a form, scan it, email it to them, then they would consider it and let you know when approved. I was glad when their interest rate dropped.

  • freemoneyhunter on 26/12/2018 - 11:24

    Thank you OP, 2.90% is a good rate, .03% more than Ubank. Requirement of no withdrawals is not worth the percentage difference compared to Ubank for me personally. Ratesetter is not good now with the monthly market now at 2.6% I'm moving my returns back into Ubank.

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