Savings Deposit Macquarie Bank or CommBank?

justanick on 29/03/2023 - 01:09

Hi,
I’ve been a loyal CommBank customer for decades until recently I found out they were not giving me a good rate of return on my NetBank saver or GoalSaver accounts. I did what most people would do switched to Macquarie Bank with all my savings to get their 4% deposit rate for new customers which was only for 4 months.

After 4 months Macquarie Bank offers 3.75% and Commbank 4.15%.

Sadly Macquarie Bank stopped caring for existing customers and Commbank wants their customers back.

Should I move back all my funds to Commbank? Good thing about Macquarie bank is there are no hoops best app and easy to use.
CommBank required GoalSaver account to grow each month and withdrawal means you lose bonus interest for the month.

These days there are no loyalty with Banks for existing customers so why should I be loyal to a particular bank.

What do you think move to CommBank again?

Financial Bank Account Savings Account

Related Stores

Commonwealth Bank
Commonwealth Bank
Macquarie Bank
Macquarie Bank

Comments

  • AngoraFish on 29/03/2023 - 01:30
    +4

    There are half a dozen banks, at least, that offer rates better than either CommBank or Macquarie. Nobody will give you a loyalty bonus.

    Look at Ing, Ubank, Great Southern Bank and the like. Ozbargin is full of better interest rates. https://www.ozbargain.com.au/cat/financial

  • justanick on 29/03/2023 - 01:36
    +1

    Thanks a lot. My issue is I’m planning to buy a property and having a history with one or two bank would help. Let’s say I transfer everything to UBank than I don’t get the history right away.

    Also, I heard Macquarie bank gives 4% to ongoing customers but when I look into my savings maximiser it shows 3.75%. Can anyone please comment on this?

    • AngoraFish on 29/03/2023 - 01:45
      +14

      A history with any particular bank makes sod all difference, in the scheme of things. At best all it's worth is that it might save you from submitting a bit of extra paperwork because they already have that on file. If not, you'll be asked to submit your last two or three most recent bank statements and problem solved.

      These things are not assessed by bank managers based on whether they think you're a nice guy. They're assessed by computer algorithms, with (at best) an eye run over your claimed monthly expenses to make sure that you're not completely making things up.

      Either way, you don't want a mortgage from either CommBank or Macquarie for the same reason that you don't want to have an investment account with them.

    • kerfuffle on 29/03/2023 - 06:08
      +2

      savings maximiser

      Maybe because you’re seeing an ING account? There’s no product at Macquarie called Savings Maximiser.

    • p1 ama on 29/03/2023 - 10:09
      +2

      My issue is I’m planning to buy a property and having a history with one or two bank would help.

      Why does it help?

      This isn't the 1980s where a person looks at your application and makes a decision.

      These days, basically someone punches your details, income, expenses, assets, liabilities into a credit risk model which will make a decision.

  • payless69 on 29/03/2023 - 04:34

    Just take the 5% from Rabo.
    Every cent you get extra helps in the end..

  • SF3 on 29/03/2023 - 08:08
    +2

    caring
    loyalty

    It seems only a bank would even market think of themselves that way. Correlation ain't causation.

  • cupcake on 29/03/2023 - 09:16
    +2

    Banks don't care about customer loyalty at all.
    Once they have you, you don't get any loyalty concessions.
    It's up to you to always find a better rate, research comparable products, then ask them to do better, and/or make the switch.
    It's such a hassle but can save you thousands.
    It really sucks when they don't budge and you pay 2% more than everyone else in a home loan.

  • Seraphin7 on 29/03/2023 - 09:23
    +1

    Take the best rate you can find, so long as the extra interest is worth all the hassle of opening and closing various accounts.

  • boomramada on 29/03/2023 - 10:28
    +1

    Banks don't discriminate, as long as you got a job to fund your loan, yes please for home loan. Bigger then borrowing, more they loves you ;)

  • Drakesy on 29/03/2023 - 11:30
    +5

    UBank.

  • Baysew on 29/03/2023 - 15:56
    +1

    ANZ Plus 4.25% no hoops, might be worth a look at.

  • Hugh G Rection on 29/03/2023 - 17:33

    both suck. great for checking, but you can find higher interest with other banks. im with BOQ

  • justanick on 30/03/2023 - 03:13

    Thank you some really good advice.
    I got a silly question all that work for 1% more on interest rate doesn’t taxman deducts more on your savings interest?

    • cupcake on 30/03/2023 - 09:20

      The interest you receive on your savings is considered income and the ATO will know about it.

    • AngoraFish on 30/03/2023 - 10:15

      Bank interest is taxable, yeah, at your marginal rate. The extra 1% interest will be taxed the same as the other 4%.

      Either way it's more money than you had originally.

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