Dropping to 2.55% (0.75% + 1.8% bonus) on 17/6/19
Banks are reducing rates now by 0.25% (eg BOQ Fast Track Saver 3% down to 2.75%)
So check latest rates.
Best Australian Savings Account for 2019 » All Comments
Keen to here what is the best savings account post this rate apocalypse.
Considering another 0.25% drop in rates predicted in near future…
Moving $500k (am managing estate funds being released in a few days) into Term Deposits currently @2.65 & 2.7% in the short term (6-9 months). Will later be used towards buying house. Otherwise may put into Super but need to investigate that.Rams still 2.8%
ING has dropped to 2.30%
Now 1.95% !
Suggested Suncorp Growth Saver (2.05%)Suncorp Growth Saver.
Requires $200 per month deposit and no more than one withdrawal per month to earn 2.60%.
The best feature here (against its competitors) is that there is no upper limit on account balance.
Suggested UBank USaver (2.1%)UBank USaver (2.87%)
Requires a linked UBank Ultra account.
Still the one with the least restrictive conditions ($200/mth deposit), and max flexibility (withdrawal anytime).
The sweep function enables you to keep all your money in the USaver earning interest while sweeping funds automatically to the Transaction Ultra to pay for automatic debits and ATM withdrawals. The Ultra can be tweaked to have 0 balance.
How so? I only managed to get it down to $200.
@maiuspala: Down is the wrong way - the solution is to set it higher than you would expect to have in the account.
If you go to "My Money" > "Managing" > "Accounts" > "Manage Sweeps", then set the sweeps as as such:
So, what's the MAX amount of cash you need on hand every day?
If you get an influx of cash that takes you above this amount, we'll automatically send the surplus to your Savings account to earn big interest. In your transaction history, this will be called "Sweep to".From account: Transaction Account
If balance exceeds: $200,000.00
To: USaver
Check: DailyAnd what's the MIN amount of cash you need to have available?
Any time you drop below this amount, we'll send some cash over from your Savings account to top you back up. In your transaction history, this will be called "Sweep from".From account: USaver
Maintain balance of: $200,000.00
To: Transaction Account
Check: DailyNow theoretically if I hit $200,000 in the account, it will move all of that to the transaction account - but in that case I'd just set it higher again.
@seanti: Has anyone figured out how to access full site on android phone? I have ticked "desktop site" in chrome, but its still showing me the stripped down page.
@maiuspala: I think the site UBank shows you (full site vs. mobile site) is determined by the size of the browser window when you press the LOG IN from the ubank home page. If you resize a window on your desktop to be very small, then click the LOG IN button, you can get UBank to show you the mobile site. I'm not sure how you could do the reverse..
For the $200 a month criteria, does transferring to another bank and back qualify for the bonus?
Yes
Ubank dropping to 2.6% Friday
Thanks for the heads up! Source/link?
UBank told me over the phone and others have confirmed
https://forums.whirlpool.net.au/thread/90kv06m3?p=153#r59326…
Effective 17/7/19, savings and term deposits rates will reduce. To balance customer needs, they will not reduce by more than 0.19% p.a.
From a banner in the UBank Android app.
Just ticked over midnight.
UBank now showing as 2.41% (1.35 base, 1.06 bonus).
Any suggestions for a savings account suitable for a kid (less than 10 yo?)
CUA have kids accounts with good interest
I don’t see “Best Kids Savings Account” listed anywhere…
Suggested CUA eSaver ExtraThere hasn't been any mention of CUA eSaver Extra
Probably because it is still a relatively new product (2.9%), so less well-known.
To get the bonus, will need $250 deposit and no withdrawal during the month.
Move bank s10 account
For those unaware the gov garuntee is capped at 20 billion per institution so ing, UBank all violate thisAre you referring to Move Bonus Saver which yields 2.9%?
If so, it is worth noting that this account is no longer available to anyone.^Bonus Saver account only available for shareholding members effective 15/02/2019. For shareholding eligibility criteria, click here.
Dam must have got one in time.
Could buy one share
The mattress has really move up in the ranks lately with all the cuts to savings account rates.
- Suggested mebank Online Savings Account (2.2%)
ME Bank offers 2.85% as long as you meet their conditions (1 tap a week) for the month. Also no fees at all
Did you mean: mebank Online Savings Account? What you typed in was a everyday account.
I hate ME Bank with a passion. They have told me 2 contradictory ways of meeting their one tap per week requirements. Many similar problems detailed on Whirlpool.
2.60% now without any notice, so moving away from them
Good on you.
- Suggested RAMS eSaver
RAMS eSaver?
- Suggested UBank Usaver Reach
UBank Usaver Reach
Me bank currently has the highest interest rate at 2.85%, just need to buy an item via pay wave each week and the account is fee free.
already suggested. Please put your vote towards 'mebank Online Savings Account'.
Ah right, thanks scrimshaw. Will do.
Ubank Usaver is higher isn't it?
Oh yeah, just checked and UBank Ultra is 2.87%.
Bank of Queensland is 3.00% since 20 March.
- Suggested BOQ Fast Track Starter Account (3.5% for 14-24y/o + balance <10k)
Love this!
Suggested Greater Bank Life Saver (2.35% for under 25's y/o)https://www.greater.com.au/personal/savings-accounts/life-sa…
Limited to ages under 25…3% is a good start for your kids or early savings.
Boqs offering is 4pct
- Suggested QUDOS Bank Bonus Saver (1.65%)
No account keeping fees
No minimum balance
Interest calculated daily / paid monthly.
0.05% pa base rate on all balances, make no withdrawals in any month receive an additional 2.35% pa. So possibly not for everyone. 
What happens when someone wins the lotto? I see most of these have a maximum amount around 100k.
Actually quite a few have maximum above 100K.
Cua Esaver Extra 750K
Rams 250K
ME Bank 250K
Ubank 200K
Suncorp (Growth Saver) - No LimitBut frankly, however much/little savings there is, IMO, it is still good to diversify it across different banks - for reasons as mundane as sometimes their internet banking fail, and still want to be able to access funds. To unlikely events, such as something happening to the bank. Even with Government Guarantee, pretty sure it takes time for things to get sorted out.
are you …. "asking for a friend" ? ;P
Just signed up for Ubank and damn its so confusing
Suggested Up Saver (2.5%)Up Saver (0.75%, bonus 2.00%, total 2.75%, eligibility 5 card transactions/mo + balance <50k)
https://up.com.au/pricing/#savers-sectionEffective from now, it's changed to 0.50% base rate with the bonus unchanged at 2.00%.
Have been taking a break the last few months but thanks for posting the updated rate here.
They added BPAY now so a pretty good option now.
- Suggested Bank of Queensland Fast Track Saver (2.15%)
Bank of Queensland Fast Track Saver has 3% interest up to $250k.
0.5% base, 2.5% bonus.
Conditions: $1 000 into linked Day2Day (transaction) account. WIthdrawals allowed, so you can just transfer $1 000 in and out immediately. No NPPA yet, so you should transfer in earlier in the day to leave some buffer before the 4pm transfer cut off.You have to be over 25. If you're 14-24, they will open a Fast Track Starter (4%, but only up to $10k).
When you apply, they will open a Day2Day transaction and the suitable Fast Track savings account for your age. You don't get to choose.
They will also give you your account number and internet banking details via phone (very antiquated). The internet banking interface is mediocre and doesn't even show the current interest rate of your account (so you have no idea of knowing if you've fulfilled the bonus conditions until the month afterwards when the interest is credited).
When you first open the account, it will be at the base interest rate (0.5%). You have to fulfil the bonus conditions for the first month (i.e. transfer $1 000 in and out) and you will get 3% in your 2nd month.
https://www.boq.com.au/personal/banking/savings-and-term-dep…
Thanks. Few conditions - have signed up to give them a try.
Forgot to add: Internet banking may be mediocre, but mobile banking is straight out shit.
https://play.google.com/store/apps/details?id=com.bankofquee…
https://play.google.com/store/apps/details?id=com.bankofquee…Them having separate apps for phones and tablets is an immediate warning sign.
Last time I tried it, my password manager wouldn't recognise the fields, so I had to copy paste manually. No fingerprint login, no "remember session for x minutes" like in CommBank, so you have to manually copy and paste details everytime you exit the app.
You will receive your account details via phone. The person on the line will dictate it to you, so you better have pen + paper ready or Notepad open. They will refuse to send it via email, because they claim it's "insecure".
There's not a lot that's good with them apart from "at call" funds and interest rates. Make sure you know what you're getting into.
LOL, you are doing a good job if purpose is to deter people from signup :-)
On a more serious note, thanks for the warning. Yeah, interest rates and "at-call" the main reason for trialling them.I did call them up before sign-up - to gauge customer support (responsiveness etc). Customer service helpful and pleasant, answered all my queries.
They're apparently developing a new app if their AGM is anything to go by. But yes digital experience at the moment is really average.
Now 2.75%
now 2.5%
PSA to all BoQ Fast Track account holders who are just using it to park money and have no intention of using it as an everyday account: They're adding a 5 transactions per month condition for bonus interest. This is in addition to the already existing minimum deposit.
https://www.boq.com.au/microsites/savings-change
Well, that's it.
Unless they're also planning a tech upgrade to make their internet banking and mobile apps more tolerable for day to day use for those 5 transactions per month, there will probably be a lot of funds being transferred out and accounts closed, or angry customers when they find out they weren't more proactively notified (like via email) and lost an entire month's worth of interest on the 1st of March 2020.
Cash withdrawals and online payments also qualify as eligible transactions. Not that bad.
Volt Bank will be releasing a standalone savings account with 2.15% up to $245 000. That's the base rate, no conditions.
If they come out of beta around February/March 2020, there will probably be a mass exodus of BoQ customers who were just using it to park spare cash.
https://www.apra.gov.au/sites/default/files/banking_authoris…
Thanks for the PSA. Maybe they will start emailing customers later on in Jan or something about this. But if they don't, at least we hear from here first :-)
I received a physical letter via snail mail just yesterday.
Apparently they hate trees as well.
- Suggested MOVE Bank Bonus Saver
I still think UBank Ultra is the best, but I recently also opened the Bonus Saver with MOVE Bank.
Requires $200 deposit per month and pays out 2.90%, ongoing.What does it have that CUA eSaver Extra does not?
- Cap goes up to $750k instead of 250
- Is a credit union (if you care)
In exchange for
- $50 extra deposit per month ($250 vs 200)
- Bigger penalty for breaking bonus interest conditions (0.5 base vs 1.7)
Not huge downfalls, imo CUA eSaver Extra seems better.
BoQ's Fast Track Saver gives you 3% for a $1 000 deposit per month, cash "at call" (no "no withdrawal" condition) if you want pure interest rate at the cost of everything else.
MOVE is also a Credit Union not a bank - my bad.
As you say, for most people not much to choose between them, although I would like to be in a position to have $750 to invest ;)With both CUA eSaver Extra and MOVE if you withdraw during the month you lose the bonus. Unlike the BoQ's, as mentioned.
- Suggested HSBC Serious Saver (2.35%)
HSBC Serious Saver
Not for those who want to set and forget. But if your plan is to actively manage your savings then this is one of the best cash savings rates around.
If it is still the best rate after the four months is up, if applicable, why not move the money to your partner and have them set up an account?
Account was easy to open online, and transferred savings over from RAMS without any problems.
The CUA eSaver Extra account in the poll is no longer being offered anymore.
The CUA eSaver Reward + Everyday (bundle) that gives 2.6%, provided $1000 is deposited into the Everyday account, is the next highest rate offering from CUA now.now 2.25%
What would be the best stand alone account for small deposit savings. I have an account for my niece where I put 5 bucks a week and she can get a car at 18. I'm currently with ING but you only get the 2.8% on the primary savings account, so this one is a measly 1%. Given that I'll only be putting in 5/week, maybe 10 if i get some good raises in the coming years, what company delivers the best rate?
If the account is held by you, to put savings aside for your niece, I think Rabodirect 90 day Notice Saver is a good one, yielding 2.7%. If you need to withdraw, you have to give 90 days notice, not a big deal for a savings only account. You can add any amount to it at any time, or not add at all, its all up to you.
If you are opening the account in your niece's name, then there are purpose accounts for younger people. I don't know much about them. There are also tax implications if some limits are exceeded etc.
For young people's accounts, the poll mentions Greater Bank Life Saver (3%). Another one is CUA Youth eSaver - 4% for up to 5K only.
Hope this helps.
Gosh 4% is a damn good deal, the hard part is that I'm practically a guardian but not on paper and I don't want the mother to know or be able to access the account. Might have to keep it in mine for now.
Mebank reduced their interest from 2.85 to 2.60
Same as ING - effective from today (17th). Down to 2.55% now (from 2.80)
Banks are reducing rates now by 0.25% (eg BOQ Fast Track Saver 3% down to 2.75%)
Same with up saver, reduced down to 2.50%
ME Bank now 2.35% and ING 2.3%
Just a bit slow and not fully up to date. Why is our banks rate dropping? I am not very smart. Can someone explain to me please?
On 4 June, the Reserve Bank cut its official interest rate by 0.25 percentage points to a new record low of 1.25 per cent.
https://www.abc.net.au/news/2019-06-04/rba-cuts-interest-rat…Rates on bank savings accounts and variable home loans will usually follow.
A lot of interest rates are falling.
Looking at Term Deposit rates in comparison sites today… Most best rates had fallen 0.25% yesterday, or were about to fall.
One said if I could get to a branch (1500km away!), provide my documents, & open the account today, I would get .25% more than opening tomorrow…
Australian Unity told me yesterday their online rates were about to fall - now same as ING (from 2.8 to 2.55%).
Rams has just dropped their eSaver rates from 2.8% to 2.55% (0.25 bp drop). Email came through just now.
RAMS are still 2.55% and are looking like the highest rate at the moment
UBank drops to 2.6% from 2.87% from 27/6
so they dropped 0.27% :(
UBank is apparently dropping to 2.33% on 2 August.
Again? :(
Do you have a source? I was hoping they would drop it to no less than 2.4% :/
Its 2.41% now :(
I put some money into Rabo Direct (now Rabo Bank). They were giving 3.0% total (first 4 months if bonus terms met) for their High Interest Savings Account, but it just dropped to 2.85. Same as their 6month Term Deposit.
HSBC Serious Saver is ls also 2.85% (first 4 months if no withdrawal, up to $1M).
Rabo Bank High Interest Savings Account 2.75% and 6 months term deposit 2.05% and payable on maturity. As of just now.
https://www.rabobank.com.au/rates/personal-rates/#c6cc6ab94d…
What's everyone doing with savings rate dropping below inflation rate? Obviously the RBA wants us to use our savings to prop up the ASX but given the imminent recession but is that a wise decision if an Aussie stock market crash is a high possibility? Any suggestions of moving money to emerging markets like Vietnaem/SEA which will likely benefit from the trade war before the RBA moves to depreciate the AUD even further?
What's everyone doing with savings rate dropping below inflation rate?
Inflation is currently at 1.3%
UBank is paying 2.41%
ING is paying 2.3%Savings rates haven't dropped below inflation rate at all
Unfortunately if you consider the income after tax on this (37% for example for each $1 @ $90-$180k income) it's sitting at 1.51% on the UBank 2.41% offer…it's getting close to dropping below on the best products, but probably below for the majority of savers.
AUD tumbling down even further today. Any suggestions on how and where to move money out of Australia legally before the AUD crashes with the RBA continually slashing rates?
Australian dollar crushed to post-GFC low
https://www.macrobusiness.com.au/2019/08/australian-dollar-c…Chine PBC isn't expected to drop rates in the near future, unlike most western countries.
So consider buying CNY against any failing currency you think best. Maybe usd or nzd more than aud as it hasn't as far to drop.
NZD against AUD at < $1.04 is a pretty low risk trade long term, which should go well above $1.10 in future.
For conversion and holding, maybe try Citi, or Hsbc. Or to hedge without risk. If you as example sell CNY/AUD at IGMarkets (or cmc is cheaper i think), and buy the same at Citi, or Hsbc, you may, according to my quick brain workings, given IGM's non margined funds in a bank (ie < 1% p/a), you may make just over 3% without risk, just some margin maintenance. You might do better by lookihng around.
When rates were much higher, I got 13% without risk for about 16 months straight.
- Suggested AMP Saver (2.36%)
AMP Saver -
Rate is 2.75%, and is only a four month offer.
But has no requirements to Use Atms, Deposit $XXX p/m, or withdrawal conditions.
+Govt guarantee.I opened one last week it was instantaneous.
Sad to see them all dropping
Ubank 2.41%
ING 2.3%
RAMS 2.55%Non introductory offers listed above - does anyone know if any of them are due to drop further?
RAMS hasn't dropped after the last RBA cut yet but Ubank and ING have
We're writing to let you know that the RAMS Saver bonus rate will change to the new rate below, effective Friday 23 August 2019. The bonus rate is decreasing by 0.20% p.a. There is no change to the base rate.
The rate details of your RAMS Saver account will change from Friday 23 August 2019 – you'll earn a total variable rate of 2.35% p.a. (that's the variable base rate of 1.15% p.a. plus variable 1.20% p.a. bonus) when the bonus eligibility criteria are met.
2.35% including bonus rate for under $500,000
Account Balance Base Rate (variable) Bonus Rate (variable) Rate with bonus*
$0 - $500,000 1.15% p.a. 1.20% p.a. 2.35% p.a.
$500,000.01 - $5,000,000 1.15% p.a. 0.00% p.a. 1.15% p.a.
$5,000,000.01+ 0.00% p.a. 0.00% p.a. 0.00% p.a.
FYI, the last few interest rate adjustments for UBank (USaver & Ultra)
- (Wed 17/07/2019) Interest rate dropped by 0.19% to 2.41% (1.35% + bonus 1.06%)
- (Thu 27/06/2019) Interest rate dropped by 0.27% to 2.60% (1.54% + bonus 1.06%)
- (Mon 08/08/2016) Interest rate dropped by 0.25% to 2.87% (1.81% + bonus 1.06%)
For a list of all rate adjustments since 2014, refer to the Whirlpool UBank wiki:
https://whirlpool.net.au/wiki/UBankAMP is safe to hold savings right?
So which is the best in August 2019 for people over 25?
BOQ offers 2.5% currently, compared to 2.41% of Ubank.
But their clause "For month 1 of account opening, the Base Rate applies, with eligibility assessed at the end of this month, and if met, Bonus Rate will apply from month 2" means the lost interest of that month will not make up for the gained interest that year.
You can open the account, and satisfy the eligibility criteria ($1000 deposit), but don't move in the bulk of your money till next month. You can withdraw the $1000 immediately after deposit, if you wish. Alternatively, deposit the $1000 close to the end of month.
The $1000 deposit each month isn't the problem. The problem is they only provide 0.35% interest for the first month.
Ubank/ING is the same, say you met the criteria this month you only earn the bonus interest in the following month
RAMS at 2.55% (unless they are just about to drop it, who knows!)
also min deposit of $200pm compared to $1000 with BOQ to get the "bonus" interest, if that matters to youFor anyone interested, it is worth taking into consideration the following:
- with RAMS, to earn the bonus rate, no withdrawals are allowed during the month. Unlike BOQ, you can have as many withdrawals as you like.
- RAMS is at 2.55% because it had not cut rates after the 2nd RBA rate cut. What is unclear is whether this matching rate cut is still in the works, and will happen soon; or whether it will stay at this rate.
- Suggested MyStateBank Bonus Saver Account
MyState 2.5% (5 Transactions and $20 month deposit)
https://www.mystate.com.au/personal/bank-accounts/bonus-save…
I opened this account on 11 July and have been able to deposit funds. However I have not received the debit card and am unable to make transactions required to receive the bonus interest. So if you considering this account it's important to open it ASAP.
With the $20 a month deposit condition, could you deposit the $20, but withdraw more than $20 from the account during the month. Do you know if this would still fulfil the criteria?
As long as $20 goes into bonus saver (+ 5 card trans), irrelevant how much or how many times you withdraw.
Thank you!
Any idea if AMP savings rate lure @ 2.75% is actually risky.
Amp has a bad business situation at the moment. They've dropped their dividend I believe. And their share price has plummeted.
Although they are covered by the govt deposit gaurantee, is putting your life savings actually risky (aka dumb)?I'm sure your money will be safe for 4 months, after which the rate is a measly 1.65%
Is the RBA slashing interest rates to zero and likely negative a push to moms and pops investors to move their life savings deposits out of the safety of banks to prop up the bubble-ish property and shares market?
I've been following Clime MD John Abernethy (https://www.clime.com.au/john-abernethy/) who suggests buying shares in emerging or developing economies but the AUD is now sub 0.7 USD and dropping, so we won't get bang for buck there.
Any other suggestions?
So many headwinds in global economy, i’d suggest to hold cash for now. If you really want to invest, perhaps look into ETFs which are less volatile
what platform would you suggest for ETF investment ?
Personally I’m looking into this too - so far I only know CommSec pocket but they only offer 7 ETFs. I’m really puzzled by why only 7 and how they selected these 7 ETFs..
@Gelato: Started using Pocket app + Commsec app (for ASX shares).
Pocket app brokerage is cheaper if your buy/sell transactions are lower than $14,975 - it is always 0.20%.Via Commsec app you can also buy/sell any EFTs (including those 7 on Pocket app), however brokerage fee is more expensive than 0.20% per order if you spend less than $14,975.
If you settle your trade to a CDIA (Direct Investment Account), fee is:
$10.00 (Up to and including $1,000) -> 1.00-100%
$19.95 (Over $1,000 up to $10,000 (inclusive)) -> 0.50-1.00%
$29.95 (Over $10,000 up to $14,975 (inclusive)) -> 0.20-0.30%
$29.95 (Over $14,975 up to $25,000 (inclusive)) -> 0.12-0.20%
0.12% (Over $25,000)@Gelato: Hey mate,
Which ETFs do you know are lower volatile range?
Looking to add into ETFs too and pour a large part of my savings into ETF thats near low risk for holding short term.
Cheers,
David@postform: hey David, how short are you thinking? id say ETFs are for mid-long term, doing it for short term may have similar return as putting it in high saving accounts ~2%.
dont take my words for ETFs, im still researching. i'm down to below 3 choices in commsec pocket app, i basically picked something i know. I'm familiar with ASX and work in tech industry
Aussie Top 200 – iShares Core S&P/ASX 200 ETF – IOZ
Aussie Dividends – SPDR MSCI Australia High Dividend Yield Fund – SYI
Tech Savvy – BetaShares NASDAQ 100 – NDQ
RAMS Saver now dropping to 2.3 % effective as of tomorrow (23/08/2019). Just got the email.
Im shopping around for the best rates. This is what I've found
HSBC 2.15%
St George Bank 2.20%
Rabobank 2.75%
Ubank 2.41%
RAMS 2.35%
ING 2.30%Bank of Queensland 2.5%
RAMS and Ubank still near top of the list. Rabo 2.75% is just introductory rate
AMP Saver also 2.75% introductory rate. Citibank 2.40% introductory rate but you can open them over and over. I am on my 5th one. Both 4 months.
Re citibank, that is very good to know. Is the rate the account is on, displayed somewhere when it is open? For monitoring, just in case they decide to change the rules? Thanks.
@bluesky: Yes that is a possibility, and it is a problem that when you open one you cannot see the rate anywhere. I go on the online chat and ask them the rate as soon as I open it and keep a copy of the chat. Later you can check the rate on the monthly statements. It is not that they could change the rules as the rule is that you cannot get the rate again and if you call them that is what they tell you. I suspect that their system cannot tell that you had an account previously.
With Citibank Online Saver the linked bank account during signup when does it appear so you can transfer out? Can you put money straight away after application?
@dingdong3000: It's best to link it with a Citibank Plus account. That way you can save payees there and when/if you open a new O/S you can continue using the Plus account. You can deposit funds direct into the O/S as soon as you have the account number.
I didn't get the email. But it was long overdue, and good on RAMS to maintain the rate up for as long as they have.
Useful thanks
Just received an email from 86 400 bank. In which they say:
Earn our full variable rate of 2.50% p.a. on your Save account when you put $1,000+ each month into either of your 86 400 accounts, paid on balances up to $100,000 (includes a bonus rate of 2.10% p.a. on top of the base rate of 0.40% p.a.).That means they seem to have the best interest rate on the market atm.
Early access cant signup for anyone it seems
Oh, sorry, i didnt realize it was a targeted offer
I have a unique invitation code for early access. Would you like it?
Pm thanks
86400 bank just sent me an invitation code. their saving rate right now is 2.5%, if you deposit 1k every month and that is it. Seem pretty good for me. Even higher than UBank
Does it qualify for the Bank guarantee?
In their FAQs
Is 86 400 a bank?
Yes, we’re an entire bank built for your smartphone. We were granted our full banking licence on 18 July 2019, allowing us to operate as an authorised deposit-taking institution. This means all our deposits are guaranteed up to $250,000 per customer by the Australian Government’s Financial Claims Scheme.
Note if you still hold funds in the CUA Esaver Extra account, the account which some of us initially signed up to, because it offered 2.9%. (This is the account where you cannot withdraw and must increase funds by $250pm to get the bonus rate).
Since 01/08/19, interest rate has gone down to 2.15% (0.2% + 1.95% bonus). I only found out from the interest credited yesterday.
They do not inform account holders about interest rate changes. On 05/07/19, the rate was reduced to 2.35%, which was still higher than CUA Esaver Rewards rate of 2.25% - so it was still reasonable. CUA Esaver Rewards is the on-call, less restrictive account.
I never thought they would reduce it below the CUA Esaver Rewards rate, but they have. And it may not be obvious to an account holder.
I also notice that the CUA bonus interest is consistently short by 1-2c, while the base interest is always precise, when checked against calculation. This applies to all types of accounts, every month. In the scheme of things, this is small, but would be nice if they can just make it precise, like some other banks.
Umm you'll find it dropped on 17th July to 2.15%
https://forums.whirlpool.net.au/thread/360w8x43?p=142#r64705…
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…
Aah, I see - turns out dropping to 2.35% on 05/07/19, for my account yields the exact same interest as dropping to 2.15% on 17/07/19. (Was a calculated guess based on RBA first drop of 0.25%). I remember looking around but did not find the CUA page with closed accounts – possibly not thorough enough.
Well, your links are useful, thanks - will be keeping a closer eye on whirlpool and the spreadsheet. Easier to verify, knowing the exact changes, than guessing what/when changes took place.
Just noticed this on the ME Bank website:
"Online Savings Account (OSA) variable bonus interest terms and conditions, valid from 1 October 2019.
To receive bonus interest on your OSA for any calendar month you must have a ME Everyday Transaction Account (ETA) and during that month you make at least four tap & go™ purchases with your ETA debit Mastercard® which are settled by us with the relevant merchant….."….4 transactions a month instead of 1 a week to be eligible :)
Well-spotted :-) Having to paypass every week is the main gripe of this account just to earn the bonus interest. Many just can't be bothered. They finally wised up to this, a good thing.
I was one of them….. have been with ME for a long while, and just happened to be lucky that I got the bonus interest for 2+years without tapping until they suddenly cut it off and I went with a term deposit.
I’ll take my money out of the term deposit when it matures and go for this again. Although for the tap&go, milk at Woolworths now costs $2.39 not $2.00. I don’t like losing credit card points….or missing out on gift card discounts.
I usually get the angel hair pasta - which costs $1. If you don't mind a bit of extra hassle, you can split the payment into many, say 39c using this card, then $2 using your credit/gift card.
My main gripe is when traveling and not convenient to paypass every week. So bound to miss a week or two and the bonus.
Me too and so split the transactions into 10c each. Can only be done a woolworths.
They even gave me a definition of one week was that was contradicted by a definition they wrote in an email.
Yes, not totally clear - can go by 7-day periods from the start of the month, or each Mon-Sun etc.
@bluesky: Yes and I believe these are contradictory and if you follow the wrong one you can miss out on the bonus. I worked it out when I had the account but was so disappointed with all this malarkey I withdrew all my funds. New requirement much better but 2.35% bit low. They used to have more competitive rates. My State Bonus Saver has similar requirement of 5 card transactions and $20 deposit but 2.5% interest rate.
@Yola: Hey, this is a great rate! And looks like you can withdraw funds for use if needed. Is that correct? Thanks.
@bluesky: Up Bank (subsidary of Bendigo and Adelaide Bank) Saver Account also offers 2.5% ongoing and 5 transaction per month for up to $50k. Only available on Smart Phone. Also can withdraw.
Only available on Smart Phone.
This is the part which makes it less attractive to me. I have this account, one day the app gave the message something is wrong, and I could not use it. Probably due to updates and stuff. Finally, had to delete and reinstall the app to get it to work again. I will feel better if it can be accessed from PC/Desktop as well.
@Yola: with My State, you have to pay a Monthly account keeping fee $6.00 unless you deposit > $2,000 per month or you are aged <= 23
@alexshel: Your comment prompted me to check. Seems like you are referring to the Everyday Transaction account, but there is also an account called Glide and that is fee-free. It can be linked with the Bonus Saver.
@alexshel: Turns out if you open the Bonus Saver, it will automatically open the Glide account as well.
ING dropped to 2.2%
Incorrect. As per their site, the savings maximiser is 2.30% p.a. variable rate, (incl. 1.80% p.a. additional variable rate).The standard variable rate is 0.50% p.a.
Lol I don't know why you're saying that's incorrect - they sent me an email yesterday?
https://files.ozbargain.com.au/upload/103062/72657/screensho…
Yea mate, only just saw the email too. When I looked on the site last night, it was where I copied and pasted from. Soz! They've dropped from 2.8% down to 2.2% now. Ratesetter is seeming to be a higher risk but better return option for me. But I'm not sure about the security of it.
@lordra: You and me both!
I'm not sure I can justify the extra risk but my savings interest is going down the drain :(
Rate change takes effect on 18 Sep 2017.
A drop of 0.1% to the bonus rate.
So two years ago?
Lol. They updated the site today.
2.20%(incl. 1.70% p.a. additional variable rate)
The standard variable rate is 0.50% p.a.You got me :-)
Time to switch banks.
Good time to highlight term deposits.
A site comparison site can help like https://cashwerkz.com.au/
Not necessarily the best rate per se. But hopefully helpful to someone out there
Suggested 86 400 (Up to 2.25%)The new neo bank 86 400 seem to give upto 2.5%
Earn 2.50% p.a. on Save account balances (up to $100,000) when you deposit $1,000+ per month into any of your 86 400 accounts. This variable rate is made up of 0.40% p.a. base plus 2.10% p.a. bonus.
Very easy to open.
Up also offers 2.50% p.a. for deposits up to $50,000 (0.50% base + 2.00% bonus) when you make at least 5 purchases in a month. I find this criterion is easier to meet than the $1000 deposit required by 86 400.
I don't use either of these banks for everyday shopping. So I found 86400 easier. Just turn on monthly recurring deposit directly to the Save account (not pay account) from my CommBank account to $1000+ amount and forget it. You will always get bonus interest rate.
Also I don't like the part where you gotta stress yourself for remembering and doing 5 transactions every month. What if I am overseas for 2 months. What if I forget to do it.
If ING and Up remove this 5 transaction condition, I might switch.
RAMS down to 2.25% from tomorrow :(
I'm out. Bye RAMS.
Yes too bad I like RAMS 10 accounts. Please come back soon RAMS with a competitive interest rate. You used to lead the pack.
Which one are you moving your savings to now? I'm looking for a place to park a small lump sum and leave it alone for a rainy day, like what the barefoot investor advised.
Bank of Queensland, 86400 and Up Bank. All 2.5%. Check requirements carefully.
Is ubank still offering 2.41% and free overseas ATM withdrawal?
Yes 2.41%, and free overseas ATM withdrawals. But ING better for overseas travel as it also reimburses fees charged by the ATM owner. UBank better as a transaction and saving account.
For ING debit card with 5 transactions per month. Does it work with Google Pay or it has to be card tap?
Anything, Apple Pay is also fine.
86400 is amazing. Its app only. I opened an account in less than 5 mins. No physical ID verification needed. App is just amazing. Less features but fast.
Opened Ubank also, but verification is to be physically at Aus Post, they ask for 100 points ID. Website and app just average.
Is there a point of a savings account being "fast"?
You get more interest faster.
Good news (/sarcasm)
ME Bank stealth dropped their rates by 0.15% to 2.20%. Whirlpool hasn't noticed yet.
ING dropped to 1.95% lol =/
Your new rates from 9 October 2019
Is now 1.95 (1.7+0.25)%.
Woe is us!
By cutting interest rates, the RBA is forcing everyday moms and dads and pensioners into dumping their savings into riskier investments like the ASX and property where the bubbles are already forming. It is highly irresponsible of a central bank to indirectly use retirees savings to prop up ailing stocks with lopsided PEs and a precarious property market. Whats going to happen to these average Australians when the global recession hits and the bubble finally pops?
+1000
We're not even at a real crisis yet. The rates are already too low already.
Central banks have the idea that rate cuts stimulate spending. However its my opinion that most discretionary spending is done by baby boomers and retirees who theoretically have little or no debt. Cutting rates for these people that rely on their savings will make them also stop spending.
The only spending that ultra low rates accelerate is investments in assets (hence you mentioned asset bubble). But hey what do I know i’m not on $1 million per year like Gov Lowe is.
wtf BOQ down from 2.5% to 2.15%
Wow that is a bit disgusting considering that they were the stingiest bank in Australia during the most recent cut (passing on only 0.10% of the rate cut for home loans - and waiting until the end of the month to pass it on as well). Fast Track starter is also down 0.35% to 3.15%
- The latest interest rate drop for UBank (USaver & Ultra)
-
Fri 11/10/2019: Interest rate dropped from 2.41%, by 0.31% to 2.10% (1.04% + bonus 1.06%)
For a list of all rate adjustments since 2014, refer to the Whirlpool UBank wiki:
https://whirlpool.net.au/wiki/UBank86400 dropped their savings rate to 2.25% p.a.
same with up bank
dropping like hot cakes.
where to park spare cash now?
Give it to me, I'll look after it. Just send me a message when you need to use some :)
With ING, just bear in mind that Once you meet the criteria you will be eligible for the promotion the following month and the higher interest rate is applicable on one Savings Maximiser account for balances up to $100,000.
There has been such instability in the interest rates that Whirlpool haven't updated their spreadsheets in weeks.
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…
regarding ubank usaver ultra,
should i deposit 200 dollars per month from ultra transaction to usaver account only? i am confused. so i will two accounts to qualify, one savings account and one daily account?https://www.ubank.com.au/campaigns/savings-and-transaction-accounts?cid=ser|cpc|pad|dr|ggl|5336634|sav|brd|22559330|savings&ef_id=Cj0KCQjwoqDtBRD-ARIsAL4pviAbg7ioElPqgOW4btz1K2XMF1-7Egl7vwlVn3cnZzv4ghpnyuZD0RoaAqHIEALw_wcB:G:s&s_kwcid=AL!8569!3!309498732623!e!!g!!ubank%20usaver%20ultra&gclid=Cj0KCQjwoqDtBRD-ARIsAL4pviAbg7ioElPqgOW4btz1K2XMF1-7Egl7vwlVn3cnZzv4ghpnyuZD0RoaAqHIEALw_wcB
Yes you need both accounts to qualify, and $200 deposit must be from a non ubank account i.e different bank.
mebank is down to 2.2% now
So much instability that I don't bother moving money around anymore as once you do the rates are gonna get cut again.
Rams Saver now 2%. Banks not getting my money any longer, I only keep enough in for general living expenses. I now funnel my excess funds into Super…still making some nice gains there. I can retire in 5 years so can go without for a while.
Rams is comparatively now worthless. If you go with rams, then you are basically locking your money up (no withdrawals) for inferior rates.
Supers looking pretty good as an alternative, but only if you're an old fart or close to being an old fart.
Gee you are calling a lot of people old farts.
you put your savings to your superannuation account? how does it work?
What do you mean how does that work? You just make your own contributions….
Pre tax salary sacrifice. Talk to your payroll or CA about it. Only 15% tax instead of your normal tax rate.
Interest rates updated today. Actually /u/Scalebearer has been helping me keep the figures up to date (massive kudos) however just bear in mind the rates may change at anytime… and they also change quite frequently: meaning a lot of times, the data goes out of date.
In future WSIB's I will be leaving out the % figures entirely and it's up to the person opening bank accounts to do their research thoroughly before signing up.
- Suggested Macquarie Savings Account (2.65% first 4 months)
What about macquarie bank?
Not great for savings - rate is only 0.35% up to 25K. And then step up to 1.35%.
Fair enough, but for first 4 months it is 2.65%.
That's a good rate.
have you tried creating a new account and transferring those mone to the new account — hoping they also give the bonus interest on the new account number? Anyone tried this
@Yola: Will it work in macqiarie and rabo?
I ask hsbc and they said they dont allow to open new account and get another promo rate@atlinus: It is unlikely based on what is written.
Where you have not held a Macquarie Savings Account before, the welcome variable rate applies for four months from account opening, for the first $250,000 you deposit.
Rabo HISA - only allows one HISA to be opened; if you close it, you can only reopen it.
Intro rate - Can I reopen my closed account? If so will I get the variable bonus rate?
You can reopen an existing closed account, however, the introductory rate offer is only available for new customers.
@bluesky: The same is written for Citibank and they also tell you you cannot get the rate again but I have done it several times. But always check statements to make sure. I think its some sort of a glitch. I may try with Macquarie when the one I have ends but there is no guarantee.
@Yola: I agree, sometimes conditions are not strictly enforced. Macquarie intro rate is good, certainly worth a try! :-) Good Luck.
@Yola: How are you managing the accounts? Are you…
- Opening a new account before closing the old one?
- Closing the old account and then opening a new one?
- Opening another account and keeping both open?
Also how are you closing the accounts (if so). Are you emailing, calling or sending a form in?
Thanks :)
Does anyone with experience with Judo Bank? They are offering 2.1% for 6 months term deposit.
Is rabo bank good giving 2.50% for the first 4 months.
Im wondering what is i open a new savings account once the last expires and move over to the new account - will it qualify for another 4mnths of bonus interest?Best savings and transaction account for a new worker.
I want to start a proper savings account.
So I will be starting from zero and realistically depositing maybe $200 fortnightly into a savings account at the start.
I am with Westpac Choice Concession Account for now and have an esaver account that is about it.
Will be aiming to deposit more as I get more work (casual atm so pay is unpredictable) or another job maybe but for now it is just $200 every 2 weeks or $400 per month.
Thanks for the story. :)
If you are still on the Westpac eSaver bonus rate (1.65%) for first five months, that is not too bad. But after that, the standard rate is miniscule (0.1%). Some other better options to consider are:
If you could not be bothered with using the card to qualify for bonus rate, the
Ubank Trans + Savings is still better. You get 2.1% when you deposit $200 per month, and even if you don't, you still get 1.04%.If you don't mind using PayPass on your card 4 times a month, then ME Bank Online Savings gives you 2.2%, or 0.5%, if you do not do the PayPass.
Thanks for the detailed answers I'll check them out.
I am thinking maybe I should limit my bank for now to maybe 2 or 3 max otherwise my wallet will hate me and I want to start using NFC on my phone just need to upgrade to a phone with that capability and research more on the dangers and pitfalls of having my phone with that functionality as I know my card is safe in a RFID shield so hackers and skimmers can't steal from it when it is on my bag or pocket wallet.
ME Bank Online Savings rate has dropped to 2.05% - as of Friday 15/11/19.
Looking for advice on stashing money into high interest bearings savings accounts since I just sold my property in Sydney and I'm going to hold out until the (IMO) looming recession hits before I buy another property. At this stage, holding cash in a high interest bearing savings account seems to be the best option and the HSBC Serious Savers account appears to be the best option given its relatively large deposit limit of $1M and their rather competitive interest rates. The amount I need to deposit is $2M so I think the best option is to open an account in both my and my wife's name.
The only issue is that their intro rate is only 4 months. Has anyone had any luck getting this extended or do I need to shovel the money into another bank? Can I close this account then reopen it to get the intro rate again?
Are there any other accounts that people are aware of which offer decent interest rates with large maximum deposits?
Thanks in advance for any advice.
Two options that might work in your situation are the RAMS Saver (2%) or Suncorp Growth Saver (1.95%).
RAMS Saver: You can open up to 10 accounts; each can have a limit of up to 500K to still qualify for the bonus rate. You need to increase the balance of each account by $200 per month and have no withdrawal.
Suncorp Growth Saver: As far as I know, there is no $ limit before the bonus becomes ineligible. As long as you increase the balance by $200 per month, and you are even allowed one withdrawal per month.
Please verify that this info is accurate and up-to-date if you decide to embark on any of these options.
Thanks mate. I've done some investigating regarding the HSBC Serious Saver account and reports indicate that HSBC won't allow you to reopen the account to take advantage of the intro interest rates. What I might do is use that account for 4 months and move my money to RAMS if they allow accumulation on multiple accounts above and beyond their $500K limit. Thanks again for your advice!
Edit: RAMs will allow deposits up to $5M using the accumulated total from 10 accounts with a maximum balance of $500K
Me bank will give you a slightly higher interest rate, each account is limited to 250k but you don't need to meet deposit requirements.
You only need transaction on the debit card they issue.
@spaceflight: Thanks mate! I think I'll start off with HSBC for 4 months @ 2.35%, then move to Bankwest for 4 months @ 2.25% and if I'm parking the money any longer than that I'll move again :)
If you have a large bank balance, have you tried negotiating with your current bank to offer you a better rate?
Diversify across multiple institutions in you and your wifes name to get the Aus Gov guarantee on deposits up to $250k per person per institution. That way if the bank does go under during the recession you wont lose everything.
But also need to consider if one of you is in a lower tax bracket or pays no tax.
Almost worth listing Bankwest Qantas transaction account now…
144% Qantas points PA, essentially 1.73% at 1.2c/point. Potentially untaxed too*.
*Not an accountant. Don't use this as professional advice.
The points earned are untaxed. I've never had to declare them in my tax. How would you tax something that isn't classed as "bank interest"?
Suggested Rabobank High Interest Savings Account 2.5%Rabobank
4 month intro rate.
Can ypu open a new account after 4months?
You can with Citibank. No one on here or Whirlpool has reported on this re Rabobank. With Citibank if you ask them about it, as I have, they will tell you that you cannot but I have been doing it for 2 years.
@abc: I used to move the funds out but not close the account. Now I do not even do that and just open the new one a few days before the current one expires.
86400 has higher interest rate
Under 2% holycrap is that all the bank is offering?
The latest interest rate drop for UBank (USaver & Ultra)
- Mon 09/03/2020: Interest rate dropped by 0.25% to 1.85% (0.79% + bonus 1.06%)
For a list of all rate adjustments since 2014, refer to the Whirlpool UBank wiki:
https://whirlpool.net.au/wiki/UBankThe latest interest rate drop for UBank (USaver & Ultra)
- Thu 09/04/2020: Interest rate dropped by 0.25% to 1.60% (0.54% + bonus 1.06%)
For a list of all rate adjustments since 2014, refer to the Whirlpool UBank wiki:
https://whirlpool.net.au/wiki/UBank
ING Savings Maximiser. Interest rate of 2.8% when bonus conditions are met - 5 transactions with debit card and deposit of $1000+ per month.