Best Interest Rate on a Savings Account for Amounts over $140k

shamalama on 23/08/2022 - 12:53
Last edited 23/08/2022 - 13:05

Hey all,

Trying to navigate the best interest rate for a savings account at the moment. I have an account with CBA which has a pretty uncompetitive rate and the westpac savers account which has a monthly increase and transaction requirement.

I want to consolidate all my cash in one place preferably with minimal requirements however, if it requires transactions thats fine.

Can anyone recommend one for me? Ubank and ING look like they have a cap of $50k for the 3% rate. Im looking for $150k +.

Thanks so much!

Financial

Comments

  • jm7 on 23/08/2022 - 13:01
    +8

    ubank is 2.35% for balances up to 250k (2.85% from 1 September)

  • Rescue 26 on 23/08/2022 - 13:31

    Macquarie is 3.1% for first 4 months, then 2.25%. Maximum $250k.

  • EightImmortals on 23/08/2022 - 13:39
    +2

    Are you open to a term deposit?

    • shamalama on 23/08/2022 - 16:42

      Not really as hoping to use it in the next 12 months

  • Ghost47 on 23/08/2022 - 13:43
    +3

    Open an account with Macquarie since you’re looking to create a new account anyway then move to UBank after the introductory bonus rate ends and stay with them forever.

  • Drakesy on 23/08/2022 - 13:47
    +1

    Ubank, least amount of hoops.

    • coffeeinmyveins on 23/08/2022 - 13:58

      Macquarie bank has zero hoops.

      Albeit only the first 4 months.

      • Nalar on 23/08/2022 - 15:53
        +2

        So it has 1 massive hoop.

        • coffeeinmyveins on 23/08/2022 - 17:27
          +1

          Ubank over 4 months: Deposit $200 each month (4 "hoops")
          MBank over 4 months: At end of term transfer money to another account (1 "hoop")

          There, did the math for you.

      • Drakesy on 23/08/2022 - 17:25
        +1

        Albeit only the first 4 months.

        that's a hoop

        • coffeeinmyveins on 23/08/2022 - 17:28

          see above comment

          • Drakesy on 23/08/2022 - 17:30
            +1

            @coffeeinmyveins: Then close account and find another provider because you'll now be earning less than ubank?
            Thats a hoop in my books.

            • coffeeinmyveins on 23/08/2022 - 17:31

              @Drakesy: Yes, that's why I had it as a single hoop to do that. And by the end of the 4 months you'll have done three less hoops, and earnt an extra 0.7%

  • souths123 on 23/08/2022 - 14:10

    also depends on your age….there are various institutions that have better rates for U35 or U30 etc

  • xdigger on 23/08/2022 - 14:21
    +2

    ANZ Plus 2.7% no hoops. Its a Neobank of ANZ though so not sure if they will drop interest rates quicker than the more established banks.

  • mreddie on 23/08/2022 - 14:28

    Ubank has been great, phone app is awesome and the desktop login was launched this week…. been very happy so far.

  • cashless on 23/08/2022 - 16:17

    Same question gets asked every week
    Just do a little searching in the financial forums
    https://www.ozbargain.com.au/node/713521

  • dtc on 23/08/2022 - 16:21

    AMP is 2.6%, deposit $250 or more a month

  • rickb on 06/09/2022 - 20:00

    UBank going to 3.35% on 1 October

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