Hi Everybody,
Looking to open a savings account with an institution that will pay the highest rate without any conditions.
Ie, no requirement for weekly/monthly transactions, deposits, or restrictions on withdrawals.
What do you recommend?
PS. I've looked into each account mentioned on the below link, but they all have conditions to receive the 2-3% interest.
AMP Saver beats it hands down my friend
Does AMP also provide free overseas transactions and withdrawals?
This is a constant battle. They all have catches of one sort or another it seems … introductory rates only, need for deposits, need for transactions, no ability to withdraw without losing interest. I'd have thought a "no catches" product would bring the punters running?
Check out AMP Saver
But, again … restrictions!!!
Honeymoon rate only applicable for 4 months and limited to balances of $250k.
I have done a lot of resreach into this same topic
This is only ONE answer!
AMP Saver is an online savings account that currently pays 3% for first 4 months then 2.1% ongoing. It beats every other savings account hands down.
See here:
https://www.amp.com.au/personal/banking/products/savings-acc…
There are no qualifications or restrictions whatsover and you can even organise direct debit payments directly from the account.
Unfortunately there is no BPay facility with this account but that can be done from any transaction account.
If you are 50 or over then its the CUA Over 50s account by a country mile but Im guessing OP is not over 50.
For those who are over 50 its pays 2.90% on balances over $50,000 and 1% on balances from $5,000 to $50,000.
So if are nearly retired and got some big bucks this is the best account
See here:
https://www.cua.com.au/everyday-banking/everyday-accounts/cu…
Anyone interested in this CUA offering pls be aware of the tiered nature of rates - i.e., you will only ever get 1% from the first 50K.
Interest is calculated daily on a stepped basis and paid monthly. Interest paid at 0.01%p.a. on balances under $5,000, at 1.00% p.a. on balances from $5,000 to $50,000, and at 2.90% p.a. on the portion of the balance over $50,000.
Contrast this to accounts where, if the balance is above a certain limit, the higher interest rate applies to the entire balance.
Spot the on.
If you had $250,000 deposited, then the effective interest rate is approximately 2.72% on the overall balance.
AMP Saver - Now A honeymoon 2.75% pa for 4 months then 1.65% pa happily ever after.
Another good overall account, with no restrictions, is the Ubank Usaver account, which polls as favourite savings account among OzBargainers. If you treat it as a no-restriction account, you will still get 1.81%. And during months you just happen to deposit $200 or more, you get 2.87% the next month. Just open the Ultra transaction account which is linked to it at the same time.
Some pros of this account had been mentioned in previous polls here and here before. One downside of Ubank accounts is there is still no NPP/OSKO support; but as a savings account, presumably this is not a priority.
Citibank online saver is normally 1.6% (not sure where that sits compared to others) but has an intro rate of 2.9%.
There’s probably others with a higher normal rate, but this one definitely has no conditions. I only ever use it when I need to store cash for a holiday.