Hey folks.
I'm looking to open a NetBank savers account to earn some money for not spending my money over the next few months. It'd just be up to the 5 months "bonus interest rate" is up (I'm intending on opening an Account with another bank when I turn 18, not really wanting to do that right now).
Mainly just here to see whether:
There's a better option within the Commonwealth bank
There are any hidden "gotchas".
Thanks.
We're pleading the fifth.
They told me I had the wrong number. Weird experience.
whats the bonus interest rate
2.55% for 5 months.
Is that behind inflation?
Google what the inflation rate is and let us know!
Probably not over the 5 months it's a thing.
The 0.5% on the other hand is pretty definitely behind it.
No hidden gotchas as far as I know when I used them. I think that's probably your best option with CB then look at swapping to somewhere like UBank or ING.
+1 UBank
can confirm - rates there are good and no fees too assuming you can achieve a monthly deposit of $200.
Thanks.
Will have to look into Ubank. Have seen great stuff about ING.
Why not just go with the higher rate upfront….
Ubank 2.87%
ING 2.80%
Commbank 2.55% (Drops back to 0.50% after 5months WTF)
ING Yahhhhhhh
Make sure you link a TFN to the account, otherwise the gotcha is that the bank will keep about half the interest you earn. They say they are holding it for the government…
Thanks for making check 👍
Actually the bank will send half the interest you earn to the ATO and they will keep it. But you then get to claim it back when you submit your tax return, so in the end, you get it. Still… just give them your TFN.
Are you actually a ninja warrior
Only in games xD
HSBC bank 3%
The AMP Saver is the best online account at present.
Pays 2.55% for 1st 4 months then 2.1% ongoing.
Plus you can organise direct debit payments from this account as well (Not BPay)
Very hard to beat!
https://www.amp.com.au/personal/banking/products/savings-acc…
Definitely choose an online bank like uBank or ING etc. They have less overheads and therefore usually have a better rate. Quick to setup too.
Is that a million dollars account? I’m sure they do better rate, call them up.
HSBC offers a 4 month introductory rate of 3.1% PA as long as during those four months you make no withdrawals. Treat it as a short term deposit and you will probably be alright.
https://www.hsbc.com.au/accounts/products/serious-saver/
He's/ she's not 18 yet.
Sorry but HSBC is NOT very good at all.
Drops to just 1.4% after the 4 mths and you have the withdrawal restrictions too!
AMP Saver is much better in the long run.
High ongoing interest and no restrictions.
In fact you can schedule direct debit paymenst right from the account so no need to be shuffling money around.
What did "Commenwealth" Bank say when you asked them?