High Interest Savings Account
Earn a fresh 2.60% p.a. on your savings*
*Current 4 month introductory variable rate for new personal customers on deposits up to $250,000.
Bonus introductory variable rate for the first 4 months
Just saw this and it is better than the hoops from ING. Not sure if ING has increased theirs
Thanks. I open and close so many bank accounts I have no idea when I closed my Rabobank account.
Get real.
?
"Then 1.10% p.a.".
This is so annoying, I moved from amp 1.35% to Citibank 2.1% to ing 2.6% and now this is even better Rabobank which I have to open to put the rest of my money which seems the most convenient or I might wait . These banks keep putting it up bit by bit interest rates so annoying .
Why go through all this effort for 2.6% for 4 months?
Ing have 2.6% up to 110,000 - and you shouldn't really be keeping that kind of cash in a bank account anyway
Why?
Normally i’d agree with mahdoo that if you have that much cash, you should invest it elsewhere because 2.6% isn’t even keeping pace with inflation. But there are two good reasons right now to hold that much cash (or more). Your personal circumstances warrant significant cash reserves, or you think that shares/property have further to fall and want to hold cash for a while.
You raise a good point. People saving for their first home don't have many options to hold their savings in short term. The Share market is seen by many as too volatile at the moment and extra super contributions aren't always available for redraw.
Medium house price in Australia is around $750,000. So you will need to save/hold $150,000 plus an extra $10,000 for fees to buy your first 'average' house.
Not sure why people seem to think there is no reason to hold cash. Not everyone is comfortable (or confident) to risk their life savings in the Share market in the current climate while saving for their first home.
Some people may have maxed out their Super holdings, have no mortgage and need to keep a cash reserve.
How do you get interest on that that extra 10k? is there a quirk or hack I am missing?
Nope, I just got the max wrong. It's 100k
What extra 100k? This is for $250k. If you have more you need to put it somewhere else maybe ING?
@mahdoo: Yes you are correct you were talking about ING. All your questions will be answered here:
https://www.ozbargain.com.au/node/710971?page=2#comment-1239…
Increased 0.5% to 3.1% now!
Variable rates increase as of 11 August 2022
On 11 August 2022, the variable interest rates on our Personal and Joint savings accounts, including introductory variable rates, will be increased by up to 0.50% p.a.*
What about Citibank, why haven’t they put their interest rate up?
For those like me wondering what constitutes a new customer… found this:
Not available where you have closed a Rabobank Online Savings account within the previous 3 years.