Okay so to qualify for the bonus 0.5% savings one would need to set up an automatic deposit into the account of $200 or more a month.
I was wondering, it's possible to deposit that $200 a month and then the next day or whatever transfer that $200 back to the original account.
Wow that's a lot of bank accounts…. xD
Thanks for the info, I'll get on to opening that UBank account as soon as possible then.
I was wondering, it's possible to deposit that $200 a month and then the next day or whatever transfer that $200 back to the original account.
it takes about a week to clear, but after that you are free to do what you want with the money.
I also forgot the 'feebate' from HSBC, if you deposit 2k into their account each month, you will be given a feebate of $10, simply put 2k in and then take it out the next day. 2k is 36 cents in interest each day, likely you will lose 72cents for the round trip back into your Ubank account, but you will be making $9.28 in profit. http://www.youtube.com/watch?v=UKhxrVVI008 that link shows what the feebate is.
Have a look at this chapter from Robert Allen.
http://www.robertgallen.com/freechapter.php
It shows how important it is to have all your money earning as much interest as possible for you and all the freebies & bonuses help as well.
wow, you really live up to your screen name!!!
if you are really worried about the lost interest, just walk into australia post, deposit $2k into hsbc account and then withdraw $2k from an atm on hsbc network straight away.
thankyou finance.
Yes forgot to add for some reason Ubank puts a 4 day freeze on money that goes into Ubank, you still earn interest on it though at the time it hits the bank, you just can't do anything with it at that time.
Mmmm I wonder if it's possible to have an ASP set up with another UBank account? As in have two Ubank accounts with ASPs between the two, that way your money is always earning 6.01%pa?
sync it between the 15th of the month and the 1st but interest amount will be the same
To qualify for the bonus interest you do not have to set up an automatic savings plan - it is sufficient to make a "once off deposit" of more than $200 to qualify.
No need. In the FAQs, they state that if you if $200 total is put into one account, all your other accounts also receives the bonus interest. However, if you have a joint account, it needs to be $200 per person on the account.
Yes, all you need is to have the ASP setup and as long as $200 goes into the bank account you will get the bonus saver rate.
6.51% is the best any institution offers except for Virgin who does match it for the first 4 months at 6.51% which I am also using, they offer $50 bonus (or $100 if you signed up 2 months ago) for a ASP but it is a higher amount at $1,000.
$1000 at 6.51% is 18 cents per day in interest and $65 a year.
Make sure you also sign upto suncorp to get $50, stgeorge under irewards for $50 + $75 if also get the TDs. Also signup to ING to get the $40 bonus and see if you can find a referrer who will also get $30 if you use their code and instruct them to transfer $15 into your after making it $55, also some other savingsmaximizer is possible to get $100 as well but unsure how to get it.
I am looking to put my money overseas soon into a foriegn bank account perhaps into india, fiji, Philippines etc to avoid loss of value and loss of yield in the AUD when the RBA starts to cut rates, avoid all term deposits unless you plan to leave them early.
Best of luck, certainly get as much interest, freebies & bonuses from the banks as possible.